Succession Planning .

• Succession Planning

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Chief operating officer Current situation

1 Companies are becoming more deliberate about CEO succession

planning and will use the role to on-board and train successors


Corporate governance Responsibilities of the board of directors

1 Select, compensate, monitor and replace key executives and oversee succession planning.


Jack Welch CEO

1 There was a lengthy and well-publicized succession planning saga prior to his

retirement between James McNerney, Robert Nardelli, and Jeffrey Immelt, with Immelt eventually selected to succeed him as

chairman and CEO. Nardelli became the CEO of Home Depot until his resignation in early

2007, and until recently, was the CEO of Chrysler, while McNerney became CEO of 3M

until he left that post to serve in the same capacity at Boeing.


Industrial and organizational psychology - Definition

1 An Industrial/Organizational consultant helps clients and organizations improve

productivity and create an optimal working environment through human capital consulting and strategies. Areas of

consulting include but are not limited to selection and recruiting, training, leadership,

and development, compensation and benefits, employee relations, performance

management, succession planning, and executive coaching.


Stakeholder (corporate) - Examples of a company's stakeholders

1 Owner(s) profitability, longevity, market share, market standing,

succession planning, raising capital, growth, social goals.


Digital preservation - PLATTER

1 PLATTER is intended to be used as a complementary tool to DRAMBORA, NESTOR,

and TRAC. It is based on ten core principles for trusted repositories and defines nine Strategic

Objective Plans, covering such areas as acquisition, preservation and dissemination of content, finance, staffing, succession planning,

technical infrastructure, data and metadata specifications, and disaster planning. The tool enables repositories to develop and maintain

documentation required for an audit.:49


Human resource management

1 The function was initially dominated by transactional work, such as payroll and

employee benefits|benefits administration, but due to globalization, company

consolidation, technological advancement, and further research, HR now focuses on

strategic initiatives like mergers and acquisitions, talent management, succession planning, industrial relations|industrial and

labor relations, and multiculturalism|diversity and Inclusion (value and practice)|inclusion.


Planning - Types of planning

1 * Succession planning


Leadership development - Succession Planning

1 The development of high potentials to effectively take over the current leadership

when their time comes to exit their positions is known as succession planning.

This type of leadership development usually requires the extensive transfer of an individual between departments. In many multinationals, it usually requires international transfer and experience to

build a future leader.



1 Succession planning requires a sharp focus on organization's future and vision, in order to align leadership development with the

future the firm aspires to create. Thus successive leadership development is based not only on knowledge and history but also

on a dream. For such a plan to be successful, a screening of future leadership should be based not only on what we know

and have but also on what we aspire to become.



1 Persons involved in succession planning should be current leadership representing the vision and HR executives having to translate it all into a program. According to Meir Jacob

and Amit Cohen (1995) three critical dimensions should be considered: 1. Skills

and knowledge 2. Role perception and degree of acceptance of leading role 3. Self-efficacy (Albert Bandura). These three dimensions

should be a basis of any leadership succession programme.


Talent management - History

1 Those surveys indicated that activities within talent management

included succession planning, assessment, development and high

potential management


Learning management system - Purpose

1 Some LMS providers include performance management systems,

which encompass employee Performance appraisal|appraisals,

competency management, skills-gap analysis, succession planning, and multi-rater assessments (i.e., 360

degree reviews). Modern techniques now employ competency-based

learning to discover learning gaps and guide training material selection.


Non-executive director

1 * 'Performance:' Non-executive directors should scrutinise the

performance of management in meeting agreed goals and objectives and monitoring and where necessary removing senior management, and in

succession planning.


Non-executive director

1 *'People:' Non-executive directors are responsible for determining

appropriate levels of remuneration of executive directors and have a prime

role in appointing and where necessary removing senior

management, and in succession planning.


Chief human resources officer

1 CHROs may also be involved in board member selection and orientation,

executive compensation, and succession planning


Chief human resources officer - Talent

1 It also includes employee, management and executive development as well as succession

planning


Dodd–Frank Wall Street Reform and Consumer Protection Act - Authority

1 * Training and Workforce Development Plan that includes

training, leadership development and succession planning


Dodd–Frank Wall Street Reform and Consumer Protection Act - Temporary management reporting

1 ** Leadership development and

succession Planning


Financial planner

1 A 'financial planner' or 'personal financial planner' is a practicing

professional who prepares financial plans for people covering various aspects of personal finance which includes: cash flow management,

education planning, retirement planning, Investment management|investment planning, Financial risk management|risk management and insurance planning, Tax planning,

estate planning and business succession planning (for business

owners).


Campbell River, British Columbia - Economy

1 The existing small businesses including those in succession planning stage as well as new

business start-ups have significant potential for growth


Turnover (employment) - Internal versus external

1 Internal turnover might be moderated and controlled by typical HR mechanisms, such as an internal

recruitment policy or formal succession planning.


Allstate Insurance - Wealth Transfer

1 Estate Planning Products, Business Succession Planning Products, Fixed

Survivorship Life, and Variable Survivorship Life Family Protection Insurance, Term Life, Universal Life, Variable Universal Life, Long-Term

Care and Supplemental Health


Career development

1 *how organizations structure the career progress of their members, it

can also be tied into succession planning within most of the

organizations.


Family business - Succession

1 Arieu proposed a model in order to classify family firms into four

scenarios: political, openness, foreign management and natural succession

(See Succession planning).


Chartered Life Underwriter - Curriculum

1 *Master of Science in Financial Services (MSFS) - a Masters degree program that focuses on advanced financial planning topics, including

business succession planning, pensions, charitable giving and asset

management


HSBC - 2010 to 2013

1 HSBC's board of directors had reportedly been split over the

succession planning, and investors were alarmed that this row would

damage the company.


Partnership

1 Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and Succession

planning|succession, how success is evaluated and distributed, and often a variety of other factors must all be

negotiated


Korn/Ferry

1 The firm was founded in 1969 by Lester Korn and Richard Ferry. Gary Burnison, a former partner of KPMG, serves as the current CEO. Korn/Ferry

assists organizations in attracting, engaging, developing, and retaining

their people. Services range from executive recruitment to leadership development programs, enterprise learning, succession planning and

recruitment outsourcing.https://store.theartofservice.com/the-succession-planning-toolkit.html

Succession planning

1 Taken narrowly, replacement planning for key roles is the heart of succession planning


Succession planning

1 This report highlights research findings on succession planning

efforts in Best in Class organizations across multiple industries.


Succession planning

1 Succession planning is a process whereby an organization ensures that employees are recruited and

developed to fill each key role within the company. Through your

succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement

or promotion into ever more challenging roles.


Succession planning

1 Actively pursuing succession planning ensures that employees are

constantly developed to fill each needed role. As your organization

expands, loses key employees, provides promotional opportunities, and increases sales, your succession planning guarantees that you have

employees on hand ready and waiting to fill new roles.


Succession planning

1 The results are backed by a 2004 CIBC survey which suggests that

succession planning is increasingly becoming a critical issue


Succession planning

1 Research indicates many succession-planning initiatives fall short of their intent (Corporate Leadership Council,

1998). Bench strength, as it is commonly called, remains a stubborn

problem in many if not most companies. Studies indicate that

companies that report the greatest gains from succession planning

feature high ownership by the CEO and high degrees of engagement

among the larger leadership teamKesler, 2002


Succession planning

1 Companies that are well known for their succession planning and executive talent development

practices include: GE, Honeywell, IBM, Marriott International|Marriott,

Microsoft, Pepsi and Procter Gamble.


Succession planning

1 Research indicates that clear objectives are critical to establishing effective succession planning.Kesler,

2002 These objectives tend to be core to many or most companies that

have well-established practices:


Succession planning - Field of succession management

1 There is a substantial body of literature on the subject of succession planning


Succession planning - Family business

1 This is the case of a company controlled by a few families, few heirs who in turn have

identified among them a worthy successor, a strong name also is associated with the

adequacy enough to drive its growth, the ability to run the organization, understanding market and commitment which means only a part of

the family patrimony is also a source of value to society, other shareholders, customers, suppliers and even their own employees (stakeholders).this will help in improved

succession planning.


Succession planning - Process and practices

1 Jaques developed a persuasive case for measuring candidates' ability to manage complexity, formulating a

robust operational definition of business intelligence.Jaques, 1989 The Cognitive Process Profile (CPP)

psychometric is an example of a tool used in succession planning to measure candidates' ability to

manage complexity according to Jaques' definition.


Succession planning - Process and practices

1 According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, onboarding,

training, professional development, performance management, workforce planning, leadership

development, career development, cross-functional work assignments, succession planning, and the employee exit

process”.Downs, 2012 When managing internal talent, companies must “know whether the right people, are

moving at the right pace into the right jobs at the right time”.Cogner Fulmer, 2009 An effective succession

planning strategy, coupled with solid career development programs, will help paint a more promising future for

employees.


Workforce management

1 *Career and succession

planning / talent acquisition


Succession (disambiguation)

1 *Succession planning, in organizations, identifying and

developing individuals to succeed to senior positions in government,

business, organizations, etc.


Industrial psychology - Definition

1 Areas of consulting include but are not limited to selection and

recruiting, training, leadership, and development, compensation and

benefits, employee relations, performance management,

succession planning, and executive coaching.Block, P


Bob Nardelli - General Electric

1 When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga

ensued


Stephen A. Miles - Background

1 Upon receiving his MBA, Miles worked for about a year as a consultant at Anderson Consulting before he arrived at Heidrick

Struggles in 1999. After arriving at Heidrick Struggles as a research analyst,

Miles moved on to become a vice chairman and run Leadership Advisory Services

within the Leadership Consulting Practice, overseeing the firm’s worldwide executive assessment/succession planning activities.


Stephen A. Miles - Career

1 Miles and Stanford University Graduate School of Business Professor David Larcker have

collaborated on a Stanford Graduate School of Business case study on CEO succession planning, entitled

“Multimillionaire Matchmaker.” In a 2010 research study,


Stephen A. Miles - Career

1 Miles’ 2006 book, Riding Shotgun: The Role of the Chief Operating Officer, was featured

in the Harvard Business Review as one of the first in-depth studies of the COO’s role within

a corporation and how the role can successfully intersect with that of the CEO.

He is a regular contributor to the Management Blog at Bloomberg

Businessweek, and is quoted regularly about succession planning and leadership issues in

the press.


Stephen A. Miles - Bibliography

1 * Miles, Stephen A.; Bennett, Nathan (November 18, 2010).

[http://www.forbes.com/2009/11/18/succession-planning-sec-leadership-ceonetwork-search.html How The

SEC Just Changed Succession Planning: Part II]. Forbes.



1 * Miles, Stephen A.; Bennett, Nathan (November 17, 2010).

[http://www.forbes.com/2009/11/17/succession-planning-sec-leadership-ceonetwork-search.html How The

SEC Just Changed Succession Planning: Part I]. Forbes.



1 * Miles, Stephen A. (July 31, 2009). [http://www.forbes.com/2009/07/31/succession-planning-right-leadership-governance-ceos.html Succession

Planning: How To Do It Right]. Forbes



1 * Miles, Stephen A. (July 30, 2009). [http://www.forbes.com/2009/07/30/s

uccession-planning-failures-leadership-governance-ceos.html

Succession Planning: How Everyone Does It Wrong]. Forbes.


CEO succession

1 Succession planning responsibilities are redefined as “a key board

function” and “a significant policy (and governance) issue … so that a

company is not adversely affected by a vacancy in leadership.”

[http://charlesmore.com/cms/files/Examining_the_Impact_of_SEC_Guidance_Changes_on_CEO_Succession_P_ID

73041.pdf]https://store.theartofservice.com/the-succession-planning-toolkit.html

Competence (human resources) - Benefits of Competencies

1 In addition to recruitment and selection, a well sound Competency

Model will help with performance management, succession planning

and career development.



1 'Succession Planning:' Careful, methodical preparation focused on

retaining and growing the competency portfolios critical for the organization to survive and prosper



1 * Informs curriculum development for leadership development programs, a

necessary component for management succession planning


Competence (human resources) - Building a Competency Model

1 Many Human Resource professional are employing a competitive

competency model to strengthen nearly every faced of talent

management—from recruiting and performance management, to training and development, to succession planning and more


Competence (human resources) - Building a Competency Model

1 Once the competency model has been created, the final step involves communicating how the organization plans to use the competency model

to support initiatives such as recruiting, performance

management, career development, succession planning as well as other

HR business processes.


International Council of Management Consulting Institutes - ICMCI Organisation

1 A Nominations and Succession planning Committee (responsible for

the election of officers and identifying and nurturing potential future office-holders) reports to the

trustees as a whole.


Family office

1 Family offices often provide family management services, which includes family governance, financial and investor education

| investment education, philanthropy coordination, and succession planning.Beyer, Charlotte B., Family Offices in America - Why

the Bloom is off the Rose, The Journal of Private Portfolio Management, Fall 1999 A family office can cost over $1 million to

operate, so the family's net worth usually exceeds $100 million


National College for School Leadership - New models of school leadership

1 Schools choose to develop these new models in response to a range of

factors such as succession planning or securing partnerships across

schools and wider agencies, state schools and independent schools,

and between schools and local businesses and higher education

institutions


Competency-based management - Purpose

1 While competencies are not new to most organizations, what is new is their increased

application across varied human resource functions (i.e., recruitment/selection;

learning and development, performance management, career development and succession planning, human resource

planning). Organizations are looking for new ways to acquire, manage and retain the precious talent needed to achieve their

business goals.


One share, one vote - Responsibilities of the board of directors

1 * Select, compensate, monitor and replace key executives and oversee succession

planning.


Innovation leadership - Leader Attributes/Characteristics

1 Innovative leaders can be recruited and hired through professional

networks and referrals or alternatively found through

succession planning, which involves identifying innovative leaders who

are already working within the organization.


Chief Operations Officer - Current situation

1 * Companies are becoming more deliberate about CEO succession

planning and will use the role to on-board and train successors


Dorma

1 'DORMA' is a German company that produces door technology systems and

allied products. It was first founded as the Dörken Mankel KG in Ennepetal, Germany, in 1908. The family business is managed by

owner Karl-Rudolf Mankel in third generation. As part of succession planning, previous sole DORMA proprietor Karl-Rudolf

Mankel transferred the majority of his shareholding to his daughters Christine and

Stephanie in March 2009.https://store.theartofservice.com/the-succession-planning-toolkit.html

HARDI - Wholesaler members

1 -HR and succession planning


HARDI - Wholesaler members

1 -Disaster Succession planning


Identity formation - In business

1 The career development of an individual focuses on how individuals

manage their careers within and between organisations and how

organisations structure the career progress of their members, and can

be tied into succession planning within some organizations.


Hong Kong Civil Service - Training and development

1 Advisory services on Human Resources Development (HRD) and succession planning

are also provided


Hong Kong Civil Service - Performance management

1 succession planning), development (e.g


Executive development - Development

1 Some of the adjacent Talent Management activities that executive development

may have involvement with include the succession planning process (typically not

CEO or CEO -1, but below), executive onboarding (ideally both external hiring

and internal changes), structuring on the job developmental assignments, and working with alumni of development

programs, and alumni of the organization.


OPQ

1 The OPQ32 is used in selection, development, team building, succession planning and

organisational change. Independent reviews are available

online.[http://www.psychtesting.org.uk/test-registration-and-test-reviews/test-reviews.cfm?

page=summaryTest_ID=185 Psychtesting.org.uk][http://www.ashridge.org.uk/

Website/Content.nsf/wELNPSY/Psychometric+Instruments+-

+Occupational+Personality+Questionnaire+(OPQ)?opendocument Ashbridge.org.uk]


Cognitive Process Profile

1 It was developed by Dr S M Prinsloo, founder of Cognadev, and released in

1994. Since then it has been translated into several languages and applied internationally for the

purposes of leadership assessment, succession planning, selection and development, team compilation as

well as personal and team development within the corporate

environment.https://store.theartofservice.com/the-succession-planning-toolkit.html

Aspiration Management - Work life balance and employee engagement

1 The organization through its recruitment, career planning or the

succession planning process identifies the right fit (career

aspiration fitment) from within the organization or from the potential talent pool to help actualize the organizations aspirations (vision)


Aspiration Management - Succession planning

1 Expectancy theory, hierarchy of needs, and goal setting also have

relevance in the succession planning process


Aspiration Management - Succession planning

1 * Interest: Ensure that career aspiration fitment is integral to your succession planning

process.


Temasek Holdings - Temasek Board and Committees

1 * CEO appointment and succession planning


Michael Geoghegan - Appointed Group CEO of HSBC till retirement: 2006 - 2010

1 HSBC's board of directors had reportedly been split over the

succession planning, and investors were alarmed that this row would

damage the company.


FBI Special Advisor Program - Past responsibilities

1 * developing a leadership development strategy and succession planning model, and


West LegalEdCenter - Business Professional Programs

1 West LegalEdcenter offers business and professional skills courses designed to improve employee

performance throughout an organization, from business etiquette and basic time-management skills to advanced organizational finance and management succession planning.


Jumeirah (hotel chain) - Board of Directors

1 *In 2007, the Executive Chairman of Dubai Holding, His Excellency Mohammad Al

Gargawi, restructured the organisation by establishing separate Boards of Directors

for each of the entities, including Jumeirah Group,to enhance accountability. At the

same time, entity CEOs were appointed as Executive Chairmen, and new CEOs were appointed to ensure adequate succession

planning was underway.


Purdue University Press - Publishing

1 The journal welcomes article submissions in animal and crop production, risk management, risk aversion, animal welfare,

sustainability, precision farming, portfolio analysis, estate planning, succession planning, farmland values, land tenure and rental,

strategy, growth, budgeting, technology, efficiency and productivity, cost of capital, margin hedging, decision analysis,

liquidity, marketing, hedging, crop insurance, machinery, capital budgeting, optimal replacement, leasing, real options, derivatives,

farm finance, capital structure, on-farm experiments, forming expectations, contracting, agricultural policy, input markets,

managing inputs use, custom operations, organic farming, direct marketing, farmers’ markets, input and manure management, price

forecasting, benchmarking, financial forecasting, farm human resources, accounting and taxation, farm law, appraisal,

cooperatives, teaching farm management, farm management case studies, farm simulation modeling, and farm math programming

models.


Garda Síochána - New procedures and code of discipline

1 The advisers were also mandated to promote a culture of performance

management, succession planning, recruitment of non-officers with

specialist expertise, and improved training


Bethmann bank

1 Bethmann Bank focuses on management, advisory services and planning for major private

assets. It also supports clients in succession planning for family-owned companies and in

establishing charitable foundations. The bank's archive is today located in the Frankfurt City archive. Together with the Goethe University Frankfurt am Main and F.A.Z. Media Solutions, Bethmann Bank organised a discussion series

called Weltenwandler.tv, which addressed broad social issues.


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