Succession Planning: The Life Cycle of an Employee

Abstract

Veridian Consumer Services* provides consumers with prescription savings solutions, useful tools and decision support to close the gaps in prescription coverage for the insured, uninsured, and under-insured and their families. This project is Phase One in a study of Veridian’s internal processes and talent management system. The evaluation seeks to gauge Veridian leadership’s knowledge of the talent management life cycle; specifically, knowledge transfer and succession planning. Study results have shown that 83 percent of Veridian Directors and Executives feel the talent management practices at the company are effective. However, executive responses also show clear areas of improvement that are needed in order for the organization to adopt an effective succession planning process. Since this study only looked at one piece of the talent management life cycle, it has some limitations. With that in mind, a conceptual framework is presented for the talent management practices, as well as a process for creating a succession plan for key leadership positions at Veridian.