Succession Planning: Preparing for the Perfect Labor Storm

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ERE Webinar from 8/9/11, presented by Ira Wolfe.

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Succession Planning: Preparing for the Perfect Labor Storm

  1. 1. ROUGH ROADAHEAD Succession Planning Preparing  for  the  Perfect  Labor  Storm   Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  2. 2. Agenda 1   Trends  that  should  be  keeping   execu>ves  awake  at  night   2   The  New  "Normal":  the  state  of   talent  management  2011   3   Emerging  Best  Prac>ces:  from   metrics  to  social  media    4   Ques>ons?     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or   reproduc>on  prohibited  without   permission.  
  3. 3. What is the Perfect Labor Storm?Convergence  of  demographic,   socio-­‐economic  and   technologic  trends  that  are   working  together  to  produce   true  disrup9ons  in  the   workplace.   Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  4. 4. WHAT SHOULD BE KEEPING EXECUTIVES AWAKE AT NIGHT?Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  5. 5. Mega-Trends•   Aging  But  Ac>ve  Popula>on  •   Smart  Technology  •   Data  Deluge  •    Superstructured  Organiza>ons  •   New  Media  •   Globaliza>on      Source:  Ins>tute  for  the  Future   Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  6. 6. Demographic Trends•     Graying  of  America  (and  developed  world)  •   5  (or  more)  Genera>ons  Living  •   Diversity  Up  •   Birth  Rate  Down  •   Breadwinners  Flipped     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  7. 7. Societal Trends•   Economic  vola>lity  up  •   Educa>on  failing  •   Defini>on  of   marriage  changing  •   Defini>on  of   work  changing  •   Defini>on  of   career  changing     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  8. 8. Effect On The Workplace How  can  we  a]ract   How  can  we  keep   skilled  workers?   the  talent  we  have?   How  can  we  develop   How  can  we  a]ract   compe>>ve  enterprise   and/or  develop   wide  bench  strength?   leaders?   Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  9. 9. STATE OF TALENTMANAGEMENT 2011-2012 Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without   permission.  
  10. 10. Lots of Lip ServiceCopyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  11. 11. Engagement Down•   32  percent  of  American  workers  are  considering  leaving  their  organiza>on  -­‐  a  40  %  increase  since  2005;  •   Another  21  percent  says  they  are  not  looking  to  leave  but  are  dissa>sfied;    •   That  means  that  more  than  half  of  all  employees  (53  percent)  have  mentally  checked  out  of  work.      Source:  Mercer  Consul>ng;  similar  results  from  Blessing  White  survey  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  12. 12. Skill Gaps•   51  %  report  that  growth  could  be  impacted  by  the  loss  of  talent  in  key  skill  areas;  (Towers  Watson)    •   38  %  cite  an  inability  to  a]ract  necessary  talent;  (Towers  Watson)    •   52  %  of  U.S.  employers  are  repor>ng  difficulty  filling  mission  cri>cal  posi>ons  within  their  organiza>ons,  up  from  14  percent  in  2010.  (Manpower)       Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  13. 13. Heidrick & Struggles/Stanford University• Over  50%  of  US  and  Canadian  companies  can  not  name  a  successor  in  their  organiza>on s  chief  execu>ve  officer.  • 39%  of  the  respondents  have  no  viable  internal  candidates.  • Only  50%  have  any  wri]en  documenta>on  detailing  skills  required  for  the  next  CEO.    • Only  19%  have  well  established  benchmarks  to  measure  internal  candidate  skills.  • Only  50%  of  companies  provide  onboarding  or  transi>on  support  for  newly  named  CEOs.  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  14. 14. Korn / Ferry•   98  percent  of  companies  believe  a  CEO  succession  plan  to  be  important  BUT…  • …Only  35  percent  currently  have  one  in  place.  • 49  percent  haven t  had  one  in  place  for  the  last  three  years.  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  15. 15. Reasons Why Succession Planning Fails …•   Successors  leave;  •   Incumbent  doesn t  leave;  •   Successor  doesn t  perform;  •   Succession  planning  is  considered  an  HR  func>on,  not  a  strategic  impera>ve.  •   Focus  on  current,  not  future,  skills.  •   No  measurement.  •   HR  &  MGT  make  it  too  (bleep)  complicated.   Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  16. 16. From  Metrics  to  Social  Media  EMERGING BESTPRACTICES Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without   permission.  
  17. 17. Definition Succession  planning  is  a  process  whereby   organiza>ons  ensure  that  employees  are   recruited  and/or  developed  to  fill  each   key  role  within  the  organiza>on.       The  objec>ve  of  succession  planning  is  to   ensure  that  the  organiza>on  (or  a  unit  of   the  organiza>on)  con>nues  to  operate   effec>vely  when  individuals  occupying   cri>cal  posi>ons  depart.       Source:  State  of  Iowa  Workforce  Planning  document      Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  18. 18. Succession Planning   •   Is  only  part  of  workforce  planning;   •   Focuses  on  tomorrow;  most  talent   management  efforts  focus  on  today;   •   Assures  appropriate  bench  strength;   •   Prepares  organiza>on  to  replace   depar>ng  staff  seamlessly  in  cri>cal   posi>ons;     •   Is  strategic;     •   Is  about  sustainability,  not  staffing.      Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  19. 19. Succession Planning Is NOT •   Just  an  HR  exercise;   •   About  staffing;   •   Just  focused  on  the  C-­‐level;   •   A  technique  to  plan  individual  career   advancement  opportuni>es  or  a  reward   for  high  performers;   •   A  one-­‐>me  event  or  even  an  annual   event;   •   Perfect.    Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  20. 20. Best Practices: 7 Steps•   Align  Succession  Planning/Talent  Management  with  business  strategy  •   Iden>fy  key  roles  necessary                                      to  execute  the  strategy.  •   Iden>fy  required  human  capital  skills  and  competencies.  •   Iden>fy  means  to  assess  current  skills,  gaps,  and  future  hires.  •   Iden>fy  sources  for  skilled  or  high-­‐poten>al  employees  (internal  and  external).  •   Implement  reten>on  strategies  to  retain  skills  and  high-­‐poten>al  employees.   olfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.   Copyright  2011.  Ira  S  W  
  21. 21. 3 Step Jump Start•   Align  Succession  Planning/Talent  Management  with  business  strategy  •   Iden.fy  key  roles  necessary                                      to  execute  the  strategy.  •   Iden.fy  required  human  capital  skills  and  competencies.  •   Iden.fy  means  to  assess  current  skills,  gaps,  and  future  hires.  •   Iden>fy  sources  for  skilled  or  high-­‐poten>al  employees  (internal  and  external).  •   Implement  reten>on  strategies  to  retain  skills  and  high-­‐poten>al  employees.     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  22. 22. #1 What Makes A Role Critical?•   Key  task  •   Specialized  leadership  •   Geographic  •   Poten>al  high  turnover  job  classes  What  are  the  key  roles  in  your  organiza>on  today?  What  will  be  the  key  roles  in  your  organiza>on  tomorrow?     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  23. 23. Typical Competency Model•   Decisive  Judgment  •   Driving  for  Results    • Championing  Change  •   Planning  and  Organizing  •   Integrity  •   Managing  Others  •   Coaching  Others  •   Rela>onship  Management  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  24. 24. #2 Future Competency Model• Dealing  with  ambiguity   • Computa>onal  • Dealing  with  paradox   Thinking  •   Innova>ve  thinking   • New  Media  Literacy  • Cri>cal  thinking   • Transdisciplinary   literacy    • Social  Intelligence   • Design  mindset  • Situa9onal  adaptability   • Cogni>ve  Load  • Cross-­‐cultural   Management  competency   • Virtual   Collabora>on   Sources:  Lominger  and  Ins>tute  for  the  Future  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  25. 25. #3 How Do You Assess Potential?1.  Personality  Tests  (5-­‐Factor)  2.  General  Mental  Abili>es  3.  Mo>vators  and  Values  4.  Behavioral  Style  5.  Mul>-­‐rater  (360)  6.  Past  Experience?  Future:  Gaming  simula>on,   virtual  reality  Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  26. 26. One Final Comment…Social  Media  is  changing  the  way  employers  will  recruit,  retain,  and  engage  employees  and  candidates.    If  you  are  not  integra>ng  social  media  into  your  marke>ng  and  branding,  no  amount  of  >me,  money,  and  resources  will  overcome  the  power  of  social  networking  –   word  of  mouth  on  steroids.    Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  
  27. 27. Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.   rian  Solis   Source:  B
  28. 28. SummarySuccession  planning  requires  a  vision  of  the  future,  a  strategy  to  get  you  there,  and  skilled  workers  and  leaders  to  execute.    Organiza>ons  are  crea>ng  succession  and  competency  models  based  on  yesterday s  func>ons,  not  skills  that  are  needed  now  and  in  the  future.    You  won t  succeed  by  hiring  and  promo>ng  today s  top  talent  but  those  individuals  with  the  poten>al  to  perform  tomorrow.     Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.    
  29. 29. Questions? More Information? Ira S Wolfe President , Success Performance Solutions QUESTIONS www.super-­‐solu>ons.com   iwolfe@super-­‐solu>ons.com   AHEAD Phone:  410-­‐941-­‐2345         Stay  current  with  hiring  and  workforce   trends.  Subscribe  to  one  of  my  blogs:   h]p://www.workforcetrends.com   h]p://blog.super-­‐solu>ons.com   h]p:// www.geeksgeezersgoogliza>on.com          Copyright  2011.  Ira  S  Wolfe.  Duplica>on  or  reproduc>on  prohibited  without  permission.  

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