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Succession Planning
 

Succession Planning

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    Succession Planning Succession Planning Presentation Transcript

    • Succession PlanningPlanning for tomorrows sustainabilityMiranda R. Dalton Succession Planning Planning for Tommorow’s Sustainabiliy
    • Agenda Presentation Approach 1 Defining Succession Planning 2 Developing the Business Case for Succession Planning✓ 3 Preparing a Succession Plan 4 Benefits of Succession Planning 5 The Role of Top Management in Succession Planning 6 The Role of the Board of Directors 7 A Process Not to be Ignored
    • Defining Succession Planning Knowledge Succession Sustainability Management Planning Planning for Tommorow’s Sustainabiliy
    • Defining Succession Planning Knowledge Management - “the development of tools, process, systems, structures and cultures explicitly to improve the creation, sharing, and use of knowledge critical for decision making” (Luthans, 2008). Succession Planning - “identification and development of potential successors for key positions in an organization, through a systematic evaluation process and training. It is largely predictive in judging an individual for a position he or she might never have been in” (Succession Planning). Planning for Tommorow’s Sustainabiliy
    • Developing the Business Case The argument establishes that succession plans maximize business performance based on having the right talent at the right time (Four Questions to Get it Right From the Start, 2012). If true, the odds of continued existence of the business or organization increases. Planning for Tommorow’s Sustainabiliy
    • Preparing A Succession Plan A Key Step to Consider What are the key positions that have the most impact?• Determining which positions are the most impactful will require careful analysis from the Executive Director and the Board of Directors.• The determination of positions will vary among nonprofits.• It is important to understand that what is key to one nonprofit may not be true for another when organizational structure is considered. Planning for Tommorow’s Sustainabiliy
    • Benefits of Succession Plans1. Long-term sustainability2. Establishing knowledge as a tangible asset3. Decrease in the learning curve4. Continued professional development of employees5. A highly motivated, engaged workforce (Creating a Succession Plan That Works, 2012)6. A developed talent pool that can be drawn upon at anytime for any reason (Creating a Succession Plan That Works, 2012) Planning for Tommorow’s Sustainabiliy
    • The Role of Top ManagementThe vision for succession planning and talent management must begin at the topand not be the sole responsibility of Human Resource Department. (Creating a Succession Plan That Works, 2012).When top management is engaged in the process, it becomes a priority of theorganization and the odds of implementation and success are increased.When top management is involved, every employee at every level will understandhis or her value to the organization (Creating a Succession Plan That Works, 2012). Planning for Tommorow’s Sustainabiliy
    • The Role of the Board of DirectorsThe relationship between the current Executive Director and the Board of Directors is critical tothe succession planning process.According to the CEO Snapshot Survey (sample size:83), from the CEO perspective, evengood relationships with the board begin to breakdown during the succession planning process. (The Real World of CEO and Board Relations, 2012).Many CEOs reported miscommunication with the board about selection decisions andresponsibilities was the most difficult part of the succession process. (The Real World of CEO and Board Relations, 2012)The majority of CEOs feel left out of the loop—76 percent of CEOs believe theyshould have been more involved in planning their own succession. (The Real World of CEO and Board Relations, 2012) Planning for Tommorow’s Sustainabiliy
    • The Role of the Board of DirectorsThe role of the current CEO or Executive Director is key in the training anddevelopment of his or her successor.There should be ongoing communications between the board and the currentExecutive Director to produce a smooth transition in leadership. Anything less would result in the potential loss of knowledge transference betweenthe current director and his/her successor. Planning for Tommorow’s Sustainabiliy
    • Conclusion Organizations put offsuccession planning because it doesn’t look like a value- adding task. There are oftenother, higher priority things, on which to spend Human Resource dollars especially when smaller nonprofits are considered. It takes effort to identify and develop employees for current and future leadership roles. Succession planning is a process that should not be ignored, but a process thatshould be embraced to ensure the sustainability of the organization moving forward. Planning for Tommorow’s Sustainabiliy
    • Works CitedCreating a Succession Plan That Works. (2012). Credit Union Management, 35 (5), 34-37.Four Questions to Get it Right From the Start. (2012). Chief LearningOfficer , 11 (6), Special Edition pg.1-3.Luthans, F. (2008). Organizational Behavior (Eleventh ed.). New York, NewYork: McGraw-Hill.Succession Planning. (n.d.). Retrieved June 30, 2012, fromBusinessDictionary.com:http://www.businessdictionary.com/definition/succession-planning.htmlThe Real World of CEO and Board Relations. (2012). 33 (194), 1-5.
    • THANK YOU! Succession PlanningMiranda R. Dalton Planning for Tommorow’s Sustainabiliy