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Emerging Best Practices in Succession Planning

Emerging best Practices in Succession PlanningKaren N. Caruso, Groehler, Succession Planning as a critical business process Trends influencing Succession Planning Practices Emerging best Practices in Succession Planning best Practices in actionWhat is Succession Planning ? Succession PlanningSuccession Planning can be defined as a purposeful and systematic effort made by an organization to ensure leadership continuity, retain and develop knowledge and intellectual capital for the future, and encourage individual employee growth and development. Why is Succession Planning such a Hot Topic ? Board concerns and directives Increased costs associated with external searches Increased turnover People who had been regarded as successors for key positions left by surprise High performers are leaving Managers complain that they have no one ready to fill vacancies Employees complain that promotion decisions are made unfairly Insufficient numbers of women and/minorities at senior levelsTrends Impacting Succession Planning Shifting demographics Shortfall in the number of future leaders Increase in attrition in

Emerging Best Practices in Succession Planning Karen N. Caruso, Ph.D. Leah Groehler, Ph.D. viaPeople www.viapeople.com

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Transcription of Emerging Best Practices in Succession Planning

1 Emerging best Practices in Succession PlanningKaren N. Caruso, Groehler, Succession Planning as a critical business process Trends influencing Succession Planning Practices Emerging best Practices in Succession Planning best Practices in actionWhat is Succession Planning ? Succession PlanningSuccession Planning can be defined as a purposeful and systematic effort made by an organization to ensure leadership continuity, retain and develop knowledge and intellectual capital for the future, and encourage individual employee growth and development. Why is Succession Planning such a Hot Topic ? Board concerns and directives Increased costs associated with external searches Increased turnover People who had been regarded as successors for key positions left by surprise High performers are leaving Managers complain that they have no one ready to fill vacancies Employees complain that promotion decisions are made unfairly Insufficient numbers of women and/minorities at senior levelsTrends Impacting Succession Planning Shifting demographics Shortfall in the number of future leaders Increase in attrition in executive level positions Economic conditions resulting in massive downsizing and increasingly flat and dynamic organizational structures.

2 Reduced loyalty among employees despite focus on employee engagement and involvementTrends Impacting Succession Planning , contd. Recognition on the part of senior executives of the importance of values, competencies, intellectual capital, and leadership Increase in the complexity of executive positions Financial market and employee expectations Globalization TechnologyEmerging best Practices1. Top management involvement2. Targeted processes to focus on clearly defined, specific goals3. Comprehensive assessment programs based upon competencies4. Creation of talent databases incorporating performance, assessment, demographic, education, experience, and career interests5. Identification of future talent requirements6. Structured and individualized development programsBest Practice 1: Top Management Involvement Communicates importance of Planning for the future Allocation of adequate resources Modeling of effective coaching and development Key development resource to high potentialsBest Practice 2: Targeted Processes Evolutionary versus revolutionary Clearly defined set of goals Meaningful executive reviews Eliminate administrative burdens Using technology to facilitate data gathering, tracking and decision makingBest Practice 3.

3 Comprehensive Assessment of Talent Behaviorally defined competencies Learning agility and derailment factors Defining performance and potential Early identification of talent Multi-source methods On-going feedback processes Continuous re-assessment Test learning agility, development of competence and performanceBest Practice 4: Creation of Talent Databases Integration of data from multiple systems, including HRIS, CRMS, SFA systems Definition of missing talent data elements Collection of missing talent data Education, competencies, experiences, career interests, mobility Reporting to facilitate decision makingBest Practice 5: Identification of Future Talent Requirements Competency, skill and experience requirements for critical positions Profiling the development content of key jobs P & L accountability Forming/managing external alliances Detection of current and future talent gaps Targeted career pathing and development Sourcing and recruitment plans to secure new external talentBest Practice 6: Structured and Individualized Development Planning Formal, structured development plans Targeted, individual activities with emphasis on experience-based learning Transitional coaching during stretch assignments Reporting and tracking of progress and outcomes Accountability for performanceCase Example.

4 Board Directive for Succession Plan Selected critical positions and identified talent requirements Leadership competencies Technical skills and experiences Comprehensive assessment of current talent Customized online Talent Assessment of skills, experiences, overall future potential Identified successors and positions without internal successorsCase Example: Succession Linked to Career Pathing and Development Identified Current and Future Talent Requirements Identified critical positions and detailed requirements (skills and specific experiences) Created developmental paths for critical positions Employed On-going, Comprehensive Assessment Programs Annual leadership 360 assessment Structured quarterly assessment for all Development checkpoints Reward and recognition In-depth assessment for high-potentials Learning Agility.

5 Potential for DerailmentSample Sales Management Career PathArea DirectorSenior Regional DirectorRegional DirectorArea Training ManagerSenior Business A Division ManagerBusiness A Division ManagerSenior Business B Division ManagerBusiness B Division ManagerSenior Division ManagerDivision Manager Developed Robust Talent Database Online Talent Assessment to gather critical information Integrates data from multiple systems Updated regularly Real-time reporting Individualized Development Planning Linked to performance management Updated quarterly Targeted development resources Open Communication Internal BrandingCase Example: Succession Linked to Career Pathing and Development1 2 3 4 5 Performance as Measured by GID/DIR AssessmentPotential as Measured by Management Aptitude1 2 34 5 SanchezO TooleRivieraChungSmithJohnsonPerformance vs.

6 PotentialContinuing Challenges Ineffective balance between identification and development Identifying successors/hi-po s not in line with most organizational cultures Executive cloning Poor linkage to business strategy Overemphasis on replacement Planning Lack of top management support Poor business unit buy in Lack of organization-wide talent databaseFor More Information:Dr. Leah Karen


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