To effectively do succession planning in your organization, you must identify the organizationâs long-term goals. You must hire superior staff. You need to identify and understand the developmental needs of your employees. You must ensure that all key employees understand their career paths and the roles they are being developed to fill.
HAY-HERRÃ¡N TREATY. HAY-HERRÃ¡N TREATY was signed by Secretary of State John M. Hay and Dr. TomÃ¡s HerrÃ¡n, the Colombian minister, on 22 January 1903. It allowed the French-controlled New Panama Canal Company to sell its option on a canal route through Panama to the United States.
The Lesseps company offered its assets to the United States at a price of $40 million. The United States and the new state of Panama signed the Hay-Bunau-Varilla treaty, by which the United States guaranteed the independence of Panama and secured a perpetual lease on a 10-mile strip for the canal.