Succession Planning - Building For The Future by Planning Today

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Succession Planning Building For the Future…:

Succession Planning Building For the Future… by planning in the present Presenter: JoAnn Corley Founder, CEO – The Human Sphere a strategic partner of Speakers You Need, LLC

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=>Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company . =>Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. _ D E F I NE _

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Why Does It Matter? Let’s do the numbers…

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Successions By The Numbers   A recent PricewaterhouseCoopers survey of more than 1,600 family-owned or managed businesses around the world found that 27 percent expect to change hands in the next five years.   But 47 percent of the companies had no succession plans in place; 34 percent of companies based in North America expect to bypass their families altogether for succession, according to the report…   There are more than 17 million family businesses in the United States, representing 64 percent of gross domestic product and employing 62 percent of the U.S. work force.   Thirty-five percent of the businesses that make up the S&P 500 are family controlled.  

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Successions Stats…   Family businesses are also more successful than non-family businesses, with an annual return on assets that’s 6.65 percent higher than the annual return on assets of non-family firms.   Unfortunately, only a little more than 30 percent of family businesses survive into the second generation.   66 percent of the 78 million Baby Boomers are currently employed full-time–many in leadership or management roles.   40 percent of the workforce will most likely be retiring in the next 5 years. That means that 40 percent of the most experienced leaders and workers will be gone in the mid-term.   (Source: Chavez, The Case for Succession Planning, 2011)

In the News:

In the News Name 2 popular succession stories in the news in the past year…

The “Big Apple”:

The “Big Apple” An influential investor advisory group has added its support to an Apple shareholder proposal that calls on the company to disclose a succession plan for CEO Steve Jobs. Institutional Shareholder Services has endorsed a proposal for such a plan offered by the Central Laborers' Pension Fund, an Apple investor that holds about 11,500 shares, or about a thousandth of 1 percent of outstanding shares. The proposal calls for Apple's board of directors to report each year on the state of its succession plan . "There's a lot of indication that Apple is set up for the future," Display Search analyst Richard Shim previously told CNET's Erica Ogg . "They have a lot of talented personalities. The problem is that all these talented people report to one of the most charismatic and influential guys in technology."

3 Stage Process Overview :

3 Stage Process Overview Build the Big Picture Identify Candidates & Assess Leadership & Performance Integration

P o w e r Tips:

P o w e r Tips Expand your view of “succession planning” across your organization and leadership levels The key…the sooner, the better Let’s start with you…

Holistic Talent Management: Life Cycle of An Employee:

BEST HIRE | BEST FIT -behavioral interviewing -emotional intelligence interviewing -behavior competency based -assessments -search | pipeline ONBOARDING Ramp up Training -job competency training -core competencies training * -cultural integration -mentors -establishing performance management framework - manager rapport, team integration Holistic Talent Management: Life Cycle of An Employee Attention to Retention Role, skill, knowledge evolution and/or title change Coach-out SUCCESSION PLANNING -competency development -mentoring -behavioral assessments -coaching -360 -advanced leadership development PROMOTION - management/leadership competency development * -additional competency development -pre-succession targeting -mentoring -training -behavioral assessments -coaching -360 What’s in your Talent Management Toolkit to execute these map? TALENT DEVELOPMENT - management/leadership competency development* -professional development plans (PDP) -career development |creative career pathing -skills / capabilities expansion -behavioral competency development -pre-promotion planning -identifying high-potentials -mentoring | training | coaching -behavioral assessments -complete 360 feedback -cross training | job shadowing Coach- up Sourcing Candidates Coach growth and continued engagement

Start with reimagining your role…:

Start with reimagining your role… You’re not just a manager… You are a “ talent manager”

Talent Management defined: Talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time. :

Talent Management defined: Talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time.

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Rather than a one-time event, talent management is a continuous process that plans talent needs, which includes the following : builds an image to attract the very best (being “preferred employer”) ensures that new hires are immediately productive helps to retain the very best facilitates the continuous movement of talent to where it can have the most impact within the organization Talent Management is…

4 Key Factors: approaching managing employees from a talent management mindset that is unique and profitable :

4 Key F actors: approaching managing employees from a talent management mindset that is unique and profitable It takes an integrated approach within HR It integrates people processes into standard business processes. It shifts responsibility to managers for executing people management It measures success with productivity that impacts profits.

This implies 4 key business practices::

This implies 4 key business practices: Key leadership is involved in what is otherwise considered “HR functions”. The HR Team is seen and treated as a leadership collaborator regarding business strategy. Managers have an enhanced roll and collaborate more closely with HR HR plays a closer role in support management functions

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to increase overall workforce productivity through the improved attraction , retention , and utilization (managing) of talent The goal of talent management…

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What is the monetary impact? Cost? vs. ROI ?

GOAL =>“Best hire is best fit.”:

GOAL => “Best hire is best fit.” What does that mean to you?

Common hiring practice – one dimensional:

Common hiring practice – one dimensional Only matching resume to job description

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Natural Behavior Preferences BEST HIRE Our culture Job Functions Fit Experience/ Context   Personal Make-up Key areas to consider…

What’s a competency?:

What’s a competency? Consider the “hand in glove” metaphor

When you’ve had performance challenges with an employee, what’s been the main issue(s)?:

When you’ve had performance challenges with an employee, what’s been the main issue(s)?

4 Areas – Capabilities of EQ:

4 Areas – Capabilities of EQ 1 2 3 4

High need to direct:

High need to direct Low need to direct Low need to connect 6 5 4 3 2 1 6 5 4 3 2 1 S E L F High Need To Connect Sample: SELF Profile http:// www.nationalseminarstraining.com / eself / br /

The Science of Talent Management Validated Assessments :

The Science of Talent Management Validated Assessments

Assessments:

Assessments Roughly 18% of companies currently use personality assessments in the hiring process, according to a survey conducted by the Society for Human Resource Management. Since the cost of a bad hire is widely estimated to be at least one year’s pay, there are huge incentives for organizations to get hiring right. http:// blogs.hbr.org /2013/09/how-to-use-psychometric- testin /

Assessments:

Assessments Knowledge, Aptitudes, Thinking capabilities Personality Behavioral Preferences | Psychometric & Validated These assessments are more complex in design and therefore offer more dimension in the results. They tend to be more scientifically based. Psychometric defined: The branch of psychology that deals with the design, administration, and interpretation of quantitative tests for the measurement of psychological variables such as intelligence, aptitude, and personality traits. In Talent Management = > Looking to assess behavior competencies

The Benefit of Data – Comparative Reporting!:

The Benefit of Data – Comparative Reporting!

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Sometimes seeing it can help make a better decision.

The Cost of a Bad Hire - The Future Foundation Study:

The Cost of a Bad Hire - The Future Foundation Study

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As you listen to the U.S. findings, note some of the key themes. Here’s what I observed: Mismatch - best fit Ramp-up time Demoralizes other team members Time wasted - best use of leadership’s time Measuring cost Replacement cost / C ost of turnover

Your Hiring Toolkit:

Your Hiring Toolkit Foundation=> Clear on what is “best hire” for the role

Replace Yourself!:

Replace Yourself!

Replace Yourself – Identify Ideal Elements:

Replace Yourself – Identify Ideal Elements

Replace Yourself – Get feedback from other stakeholders:

Replace Yourself – Get feedback from other stakeholders

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Assess your current talent: C reate a team map

Talent Development:

Talent Development Coaching is key….why ?

“Good is the enemy of great.” Jim Collins:

“Good is the enemy of great.” Jim Collins

Continue The Learning!:

Download the app : The 1% Edge Portable Coach Bring a workshop to your company: www.thehumansphere.com Consider enrolling in The Management Intensive™ www.themanagementintensive.com Subscribe to the management blog: use link above Continue The Learning!

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