Succession Planning: Why It's Important as the Economy Recovers
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Transcript of Succession Planning: Why It's Important as the Economy Recovers
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SUCCESSION PLANNING: What You Need to Know Now and
Why It’s Important as the Economy Recovers
Tony Kubica and Sara LaForest
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“The best succession planning is not when you do it when you’re ready to re;re in a week—it’s when you are s;ll commi?ed to an ac;ve role in the business,” said Mr. Wesley Card, Chief Execu;ve, Jones Apparel Group, Inc.
(Dodes and Zimmerman ‐ WSJ 2‐2‐10)
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What it is not… A means to an end (or worse—an exercise) to enable an organiza;on to survive aXer the exit of its leader and key execu;ves
What it is… An organiza;onal improvement ini;a;ve that enables businesses and organiza;ons to grow and thrive now and in the future
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A defini;on… A process of iden;fying, developing and transi;oning poten;al successors for the companies’ present and future key roles, aligned with the talent and ambi;on of its current employees and talent network
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Key Challenges • Not having a current job descrip;on to establish expecta;ons and role accountability
• Low or no talent pipeline (successor candidates, whether it’s due to low bench depth, shortages in professional ranks, aging workforce, low interest in management posi;ons due to nature of the work, genera;onal differences/preferences, compensa;on, etc.)
• No process or structure in place for iden;fying and developing high poten;al—”promising”—employees
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Common pain points without an effec;ve plan • Knee jerk placements, either unsuitable hires or “not ready for prime ;me” promo;ons that end poorly • Reten;on challenges—talent leaves to pursue growth and other opportuni;es as they do not sense its presence/pathway here • Unnecessary costs in recruitment and training • Disrup;on to the work culture/environment, meaning that a sense of urgency, stress, discord, compe;;on and posturing for posi;on manifests with a lack of clarity
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Benefits of … • Increases/promotes reten;on through developing and challenging growth and more ac;vely engaging employees • Posi;ons the organiza;on for smoother transi;ons and hence less disrup;ons and quicker integra;on • Reduces uncertainty and risk • Reduces the cost of opera;ons
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Succession planning for… 1. Suppor;ng an;cipated business growth 2. Dealing with talent shortages 3. Developing and nurturing new and exis;ng talent Let’s look at each and consider: • Why • How • Benefits
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1. Suppor;ng an;cipated business growth • The economy will recover and an organiza;on can only support and sustain growth if it has the talent to manage its growth
• Iden;fy growth areas (both in the current business and in projected new ini;a;ves), then iden;fy candidates (both internally and externally) and ac;vely manage your talent pool
• Your organiza;on will be posi;oned for growth
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2. Dealing with talent shortages • In certain industries (e.g. health care) the demand for talent exceeds the supply in certain professions • To avoid lengthy voids in leadership, some managers may be promoted before they are ready. It’s important to develop a proac;ve and suppor;ve process to support those managers and insure their success • Less service disrup;on and less cost of opera;ons
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3. Developing and nurturing new and exis;ng talent • Managers leave (for other jobs, illness, reloca;on of a spouse, re;rement)—some;mes it is sudden and clearly unan;cipated • Maintain con;nuity by iden;fying candidates for all key posi;ons within the organiza;on (mul;ple candidates if possible) and ac;vely prepare them for management • Less cost and less service disrup;on; More engaged employees; Promotes reten;on
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• Responsibility for success planning is assigned to the top execu;ve(s) (and becomes part of the evalua;on process)
• Iden;fy needs/key role(s) currently and in the future which reflects several levels deep (i.e., execs through to senior managers/department /division managers)
• Develop and use methods/tools/techniques for iden;fying employee competencies and aspira;ons (both in and outside of func;onal department areas)
• Implement a structure for developing poten;al successors
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• Implement a structure for transi;oning successors to and in new role(s) • Iden;fy an emergency or interim process to fulfill a role if for some reason the poten;al successor does not work out • Align your recruitment ini;a;ve to succession planning by forecas;ng key needs and interviewing for growth orienta;on and adaptability • Evaluate plan effec;veness and update the plan as required, at least annually
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• Crea;ng formal and informal educa;onal ini;a;ves for high poten;al candidates: • Targeted course work at a college or university • Advanced degree programs • Internal “residency” programs • “Sabba;cals” to other departments • Seminars • Conferences • Professional associa;on sponsored programs • E‐learning and virtual learning, coaching, mentoring
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• Giving assignments that demonstrate skills and enable the candidate to learn new skills and develop skills that will be required by managers in your organiza;on
• It is important that the candidate have the opportunity to “live” with the decisions made and ac;ons taken
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• Conduct at least semi‐annual reviews that focus on: • Skills learned • Skills demonstrated • Skills to be learned • What went well • What can be done be?er • Professional goals and aspira;ons
• Selec;vely include a 360
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• Development Opportuni;es • Personality and job performance assessments (indicators) to understand individual work strengths/assets, preferences, derailers and underlying career drivers (mo;vators)
• Coaching • Mentoring (internally)
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Tony Kubica Tony@KubicaLaforestConsul;ng.com
Sara LaForest Sara@KubicaLaForestConsul;ng.com
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