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Implementing an Effective Succession Plan
Succession Plan Defined
- A deliberate, systematic process of anticipating the need for talent and ensuring that the necessary employee competencies and experience are available when needed.
- A strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool and meeting the organization’s future needs.
Objectives and Benefits of Succession Planning
- Sustain the business through a systematic effort to ensure leadership continuity in key positions
- Attract, retain & develop high potentials [HiPos]
- Encourage HiPos development by:
- Identifying career paths.
- Conducting performance appraisals.
- Providing daily coaching.
- Creating Individualized Development Plans [IDPs].
- Holding Talent Review meetings
Overview of the webinar
Fortune 500 companies and small family businesses alike share a business need - insuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is insuring his/her business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.
Succession Planning is a:
- Deliberate, systematic process of anticipating the need for talent and ensuring that the necessary employee competencies and experience are available when needed in the future.
- A strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool and meeting its future needs.
Not having a Succession Plan can be costly and sometimes disastrous; it’s expensive to recruit, interview, select, on-board and train a new leader and significant opportunity costs are incurred when a key job is not being performed.
Who should attend?
- HR Professionals New to the Field - seeking a comprehensive view of the subject with multiple application initiatives
- Experienced HR Professionals - seeking a refresher
- Leaders and Managers - interested in understanding both how a Succession Plan benefits an organization and how to implement one
Why should you attend?
The primary objectives for and deliverables from a Succession Planning program are to:
- Sustain the business through a deliberate and systematic effort to anticipate and ensure leadership continuity in key positions
- Retain and develop the organization's high potentials [HiPos]
- Encourage individual development by:
- Identifying career paths
- Conducting formal performance appraisals
- Providing daily coaching
- Creating Individualized Development Plans [IDPs]
During Succession Planning Programs:
At the macro level the organization is proactively determining:
- The talent needed in the future
- The talent it has now
- Where there are talent gaps
- The initiatives necessary to close those gaps
At the micro level the organization is addressing - for each of its key positions - questions such as:
- What the organization would do if it had to fill the position tomorrow.
- Whether there is, at least, one successor who could immediately perform the duties of the position.
- If there is no successor ready now, what will need to be done to enable the best internal candidate to be ready and when can he/she be ready.
- Can the organization afford to wait or would it be better to recruit a successor, etc.
Experience has found the following two processes to be very effective in enabling organizations to have the talent they need, when it’s needed:
- Evaluate its employees’ current performance – based on documented, objective performance and achievements
- Assess its employees’ advancement potential
- Determine its employees’ current readiness for advancement
- Obtain from its employees self appraisals identifying their developmental needs and preferred career plans
- Meet its bench strength needs by initiating Individual Development Plans and experiences - at least, for its A Players and/or High Potentials - such as:
-
- Special or stretch projects.
- Assignments in other depts./job rotations.
- ‘Try-out/popcorn stand’ slots.
- Mentors.
- Formal training and development initiatives.
- Fast track programs with exposure to other functions.
- Intense coaching, etc.
- Track their A Players’ and High Potentials’ performance and advancement potential against a Performance-Potential Grid.
Talent Review Meetings – during which the executive team in a disciplined fashion:
- Asks each leader to report on the status of the Individual Development Plans for each of their A Players and High Potentials.
- Insure that each A Player and High Potential is receiving regular coaching and is actively involved in opportunities that will help retain them while accelerating their development.
- Drives the organization past ‘business as usual’ by insuring that its future needs for human capital are identified and will be satisfied when the time arrives – as it will.
Succession Planning initiatives also increase the levels of engagement and performance of your A Players and High Potentials – the talent your organization will most need in the future.
Faculty - Mr.Pete Tosh
Pete Tosh is the Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:
- Maximizing Leadership Effectiveness
- Implementing Strategic HR Initiatives
- Strategic Planning
- Enhancing Customer Loyalty
The Focus Group has provided these consulting & training services to manufacturing & service organizations across the U.S., Canada, Europe & the Middle East. Prior to founding The Focus Group 25 years ago, Pete had 15 years of corporate leadership experience including serving as the V.P. of Human Resources & Quality
Pete frequently facilitates a variety of leadership development programs. Employees from over 3,500 organizations have benefited from Pete’s experience and perspective. Pete is also co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth.
Pete holds a B.A. degree in Psychology from Emory and Henry College & Masters's degree in both Business Administration & Industrial Psychology from Virginia Commonwealth University.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.