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Succession Planning: Preparing for The Perfect Labor Storm
 

Succession Planning: Preparing for The Perfect Labor Storm

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Recorded ERE.net webinar. Only 1 in 3 companies have a succession plan. 4 in 10 employees rate their companies’ talent management as “fair” or “poor.”

Recorded ERE.net webinar. Only 1 in 3 companies have a succession plan. 4 in 10 employees rate their companies’ talent management as “fair” or “poor.”

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  • Dealing with ambiguity Dealing with paradox Critical thinking (Sense making: ability to determine the deeper meaning or significance of what is being expressed Social Intelligence ( Emotional Intelligence) ability to connect to others in a deep and direct way, to sense and stimulate reactions and desired interactions Situational adaptability: proficiency at thinking and coming up with solutions and responses beyond that which is rote or rule-based Cross-cultural competency: ability to operate in different cultural settings Computational Thinking : ability to translate vast amounts of data into abstract concepts and to understand data based reasoning (workers need to be aware of their limitations and not become paralyzed in the absence of data) New Media Literacy: ability to critically assess and develop content that uses new media forms, and to leverage these media for persuasive communication Transdisciplanary literacy : in and ability to understand concepts across multiple disciplines; capacity to converse in the language of a broader range of disciplines. This requires a sense of curiosity and a willingness to go on learning far beyond the years of formal education. Design mindset: ability to represent and develop tasks and work processes for desired outcome, making adjustments to their work environments to enhance ability Cognitive Load Management: ability to discriminate and filter information for importance, and to understand how to maximize cognitive functioning using a variety of tools and techniques Virtual Collaboration: ability to work productively, drive engagement, and demonstrate presence as a member of a virtual team.
  • Dealing with ambiguity Dealing with paradox Critical thinking (Sense making: ability to determine the deeper meaning or significance of what is being expressed Social Intelligence ( Emotional Intelligence) ability to connect to others in a deep and direct way, to sense and stimulate reactions and desired interactions Situational adaptability: proficiency at thinking and coming up with solutions and responses beyond that which is rote or rule-based Cross-cultural competency: ability to operate in different cultural settings Computational Thinking : ability to translate vast amounts of data into abstract concepts and to understand data based reasoning (workers need to be aware of their limitations and not become paralyzed in the absence of data) New Media Literacy: ability to critically assess and develop content that uses new media forms, and to leverage these media for persuasive communication Transdisciplanary literacy : in and ability to understand concepts across multiple disciplines; capacity to converse in the language of a broader range of disciplines. This requires a sense of curiosity and a willingness to go on learning far beyond the years of formal education. Design mindset: ability to represent and develop tasks and work processes for desired outcome, making adjustments to their work environments to enhance ability Cognitive Load Management: ability to discriminate and filter information for importance, and to understand how to maximize cognitive functioning using a variety of tools and techniques Virtual Collaboration: ability to work productively, drive engagement, and demonstrate presence as a member of a virtual team.
  • Key task - The position performs a critical task that would stop or hinder vital functions from being performed if it were left vacant Specialized leadership – The position requires specialized or unique expertise (skill sets) that is difficult to replace Geographic – The position is the only one of its kind in a particular location and it would be difficult for a similar position in another location to carry out its functions Potential high turnover job classes – Positions in the same job class or occupational group in danger of “knowledge drain” due to retirements or high turnover
  • Key task - The position performs a critical task that would stop or hinder vital functions from being performed if it were left vacant Specialized leadership – The position requires specialized or unique expertise (skill sets) that is difficult to replace Geographic – The position is the only one of its kind in a particular location and it would be difficult for a similar position in another location to carry out its functions Potential high turnover job classes – Positions in the same job class or occupational group in danger of “knowledge drain” due to retirements or high turnover
  • Dealing with ambiguity Dealing with paradox Critical thinking (Sense making: ability to determine the deeper meaning or significance of what is being expressed Social Intelligence ( Emotional Intelligence) ability to connect to others in a deep and direct way, to sense and stimulate reactions and desired interactions Situational adaptability: proficiency at thinking and coming up with solutions and responses beyond that which is rote or rule-based Cross-cultural competency: ability to operate in different cultural settings Computational Thinking : ability to translate vast amounts of data into abstract concepts and to understand data based reasoning (workers need to be aware of their limitations and not become paralyzed in the absence of data) New Media Literacy: ability to critically assess and develop content that uses new media forms, and to leverage these media for persuasive communication Transdisciplanary literacy : in and ability to understand concepts across multiple disciplines; capacity to converse in the language of a broader range of disciplines. This requires a sense of curiosity and a willingness to go on learning far beyond the years of formal education. Design mindset: ability to represent and develop tasks and work processes for desired outcome, making adjustments to their work environments to enhance ability Cognitive Load Management: ability to discriminate and filter information for importance, and to understand how to maximize cognitive functioning using a variety of tools and techniques Virtual Collaboration: ability to work productively, drive engagement, and demonstrate presence as a member of a virtual team.
  • Dealing with ambiguity Dealing with paradox Critical thinking (Sense making: ability to determine the deeper meaning or significance of what is being expressed Social Intelligence ( Emotional Intelligence) ability to connect to others in a deep and direct way, to sense and stimulate reactions and desired interactions Situational adaptability: proficiency at thinking and coming up with solutions and responses beyond that which is rote or rule-based Cross-cultural competency: ability to operate in different cultural settings Computational Thinking : ability to translate vast amounts of data into abstract concepts and to understand data based reasoning (workers need to be aware of their limitations and not become paralyzed in the absence of data) New Media Literacy: ability to critically assess and develop content that uses new media forms, and to leverage these media for persuasive communication Transdisciplanary literacy : in and ability to understand concepts across multiple disciplines; capacity to converse in the language of a broader range of disciplines. This requires a sense of curiosity and a willingness to go on learning far beyond the years of formal education. Design mindset: ability to represent and develop tasks and work processes for desired outcome, making adjustments to their work environments to enhance ability Cognitive Load Management: ability to discriminate and filter information for importance, and to understand how to maximize cognitive functioning using a variety of tools and techniques Virtual Collaboration: ability to work productively, drive engagement, and demonstrate presence as a member of a virtual team.

Succession Planning: Preparing for The Perfect Labor Storm Succession Planning: Preparing for The Perfect Labor Storm Presentation Transcript

  • Succession Planning Preparing for the Perfect Labor Storm Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. ROUGH ROAD AHEAD
    • Trends that should be keeping executives awake at night
    • The New "Normal": the state of talent management 2011
    • Emerging Best Practices: from metrics to social media
    • Questions?
    Agenda Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. 4 1 2 3
  • What is the Perfect Labor Storm?
    • Convergence of demographic, socio-economic and technologic trends that are working together to produce true disruptions in the workplace.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • WHAT SHOULD BE KEEPING EXECUTIVES AWAKE AT NIGHT? Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Mega-Trends
    • Aging But Active Population
    • Smart Technology
    • Data Deluge
    • “ Superstructured” Organizations
    • New Media
    • Globalization
    • Source: Institute for the Future
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Demographic Trends
    • Graying of America (and developed world)
    • 5 (or more) Generations Living
    • Diversity Up
    • Birth Rate Down
    • Breadwinners Flipped
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Societal Trends
    • Economic volatility up
    • Education failing
    • Definition of “marriage” changing
    • Definition of “work” changing
    • Definition of “career” changing
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Effect On The Workplace Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. How can we attract skilled workers? How can we keep the talent we have? How can we attract and/or develop leaders? How can we develop competitive enterprise wide bench strength?
  • STATE OF TALENT MANAGEMENT 2011-2012 Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Lots of Lip Service Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Engagement Down
    • 32 percent of American workers are considering leaving their organization - a 40 % increase since 2005;
    • Another 21 percent says they are not looking to leave but are dissatisfied;
    • That means that more than half of all employees (53 percent) have mentally checked out of work. Source: Mercer Consulting; similar results from Blessing White survey
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • 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 attract necessary talent; (Towers Watson)
    • 52 % of U.S. employers are reporting difficulty filling mission critical positions within their organizations, up from 14 percent in 2010. (Manpower)
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Heidrick & Struggles/ Stanford University
    • Over 50% of US and Canadian companies can not name a successor in their organization’s chief executive officer.
    • 39% of the respondents have no viable internal candidates.
    • Only 50% have any written documentation 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 transition support for newly named CEOs.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • 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. Duplication or reproduction prohibited without permission.
  • Reasons Why Succession Planning Fails …
    • Successors leave;
    • Incumbent doesn’t leave;
    • Successor doesn’t perform;
    • Succession planning is considered an HR function, not a strategic imperative.
    • Focus on current, not future, skills.
    • No measurement.
    • HR & MGT make it too (bleep) complicated .
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • EMERGING BEST PRACTICES
    • From Metrics to Social Media
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Definition
    • Succession planning is a process whereby organizations ensure that employees are recruited and/or developed to fill each key role within the organization.
    • The objective of succession planning is to ensure that the organization (or a unit of the organization) continues to operate effectively when individuals occupying critical positions depart.
    • Source: State of Iowa Workforce Planning document
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Succession Planning
    • Is only part of workforce planning;
    • Focuses on tomorrow; most talent management efforts focus on today;
    • Assures appropriate bench strength;
    • Prepares organization to replace departing staff seamlessly in critical positions;
    • Is strategic;
    • Is about sustainability, not staffing.
    • .
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Succession Planning Is NOT
    • Just an HR exercise;
    • About staffing;
    • Just focused on the C-level;
    • A technique to plan individual career advancement opportunities or a reward for high performers;
    • A one-time event or even an annual event;
    • Perfect .
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Best Practices: 6 Steps
    • Align Succession Planning/Talent Management with business strategy
    • Identify key roles necessary to execute the strategy.
    • Identify required human capital skills and competencies.
    • Identify means to assess current skills, gaps, and future hires.
    • Identify sources for skilled or high-potential employees (internal and external).
    • Implement retention strategies to retain skills and high-potential employees.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • 3 Step Jump Start
    • Align Succession Planning/Talent Management with business strategy
    • Identify key roles necessary to execute the strategy.
    • Identify required human capital skills and competencies.
    • Identify means to assess current skills, gaps, and future hires.
    • Identify sources for skilled or high-potential employees (internal and external).
    • Implement retention strategies to retain skills and high-potential employees.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • #1 What Makes A Role Critical?
    • Key task
    • Specialized leadership
    • Geographic
    • Potential high turnover job classes
    • What are the key roles in your organization today?
    • What will be the key roles in your organization tomorrow?
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Typical Compeatency Model
    • Decisive Judgment
    • Driving for Results
    • Championing Change
    • Planning and Organizing
    • Integrity
    • Managing Others
    • Coaching Others
    • Relationship Management
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • #2 Future Competency Model
    • Dealing with ambiguity
    • Dealing with paradox
    • Innovative thinking
    • Critical thinking
    • Social Intelligence
    • Situational adaptability
    • Cross-cultural competency
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
    • Computational Thinking
    • New Media Literacy
    • Transdisciplinary literacy
    • Design mindset
    • Cognitive Load Management
    • Virtual Collaboration
    Sources: Lominger and Institute for the Future
  • #3 How Do You Assess Potential?
    • Personality Tests (5-Factor)
    • General Mental Abilities
    • Motivators and Values
    • Behavioral Style
    • Multi-rater (360)
    • Past Experience?
    • Future: Gaming simulation, virtual reality
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • One Final Comment…
    • Social Media is changing the way employers will recruit, retain, and engage employees and candidates.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. If you are not integrating social media into your marketing and branding, no amount of time, money, and resources will overcome the power of social networking – “word of mouth on steroids.”
  • Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. Source: Brian Solis
  • Summary
    • Succession planning requires a vision of the future, a strategy to get you there, and skilled workers and leaders to execute.
    • Organizations are creating succession and competency models based on yesterday’s functions, not skills that are needed now and in the future.
    • You won’t succeed by hiring and promoting today’s top talent but those individuals with the potential to perform tomorrow.
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission.
  • Questions? More Information?
    • Ira S Wolfe
    • President , Success Performance Solutions
    • www.super-solutions.com
    • [email_address]
    • Phone: 410-941-2345
    • Stay current with hiring and workforce trends. Subscribe to one of my blogs:
    • http://www.workforcetrends.com
    • http://blog.super-solutions.com
    • http://www.geeksgeezersgooglization.com
    Copyright 2011. Ira S Wolfe. Duplication or reproduction prohibited without permission. QUESTIONS AHEAD