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.
In his new role, Bunau-Varilla negotiated the Hay-Bunau-Varilla Treaty of 1903, which provided the United States with a 10-mile wide strip of land for the canal, a one-time $10 million payment to Panama, and an annual annuity of $250,000. The United States also agreed to guarantee the independence of Panama. Completed in 1914, the Panama Canal symbolized U.S. technological prowess and economic power.