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Riding the Rapids of Succession Management: Managing succession in today’s perpetual white water world of work

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For many organizations today, managing an effective succession process is a bit like rafting the white water rapids. Replacement costs are high, the pace of leadership departures continues to increase, Boards are demanding robust planning and reporting, and many succession candidates simply aren’t ready to advance. Is your team prepared to effectively navigate the white water?

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Riding the Rapids of Succession Management: Managing succession in today’s perpetual white water world of work

  1. 1. well, it may take a little coaching on transformational change leadership. *VUCA: Volatile, Uncertain, Complex, Ambiguous RIDING THE RAPIDS OF SUCCESSION MANAGEMENT SUCCESSION MANAGEMENT IN TODAY’S PERPET UAL WHITE WATER WORLD OF WORK
  2. 2. © 2017 PeopleFirm LLC All Rights Reserved© 2017 PeopleFirm LLC All Rights Reserved Is your Succession Planning boat launched and in the water? If so, are you prepared for the white water?
  3. 3. © 2017 PeopleFirm LLC All Rights Reserved aging workforce and accelerated exits are increasing risks of knowledge loss traditional organizational boundaries are blurring complex organization models (e.g.: matrixed, agile) are driving non-linear, yet tightly- coupled interactions a big class of emerging leaders as a result of generational shifts evolving leadership roles are demanding new capabilities rapid and constant change creates on- going turbulence Why do we ask? Because successfully maintaining effective succession planning in today’s world of work is a lot like navigating fast moving water where hidden rocks and curves abound.
  4. 4. © 2017 PeopleFirm LLC All Rights Reserved And the costs of getting it wrong are high! Heidrick and Struggles 2010 Global Human Capital Trends 2015 & 2016 40% AVERAGE LOSS TO SHAREHOLDER VALUE WHEN LARGE PUBLIC COMPANIES SCRAMBLE TO FIND REPLACEMENTS FOR DEPARTING C-SUITES $1.8B OF NEWLY PLACED SUCCESSOR CEOs FAIL TO MEET PERFORMANCE EXPECTATIONS IN THE FIRST 18 MONTHS AVERAGE COST OF UNPLANNED SUCCESSION 10X SALARY FOR SENIOR LEADERSHIP, UP TO 100X SALARY FOR CEO DEPARTURE
  5. 5. © 2017 PeopleFirm LLC All Rights Reserved So what does it take to be prepared and safely read the river? Five tips to navigate the Succession Planning white water that will keep you from capsizing!
  6. 6. © 2017 PeopleFirm LLC All Rights Reserved ready your boat… avoid… “In times of turbulence, the biggest danger is to act with yesterday’s logic” - Peter Drucker TIP #1 ▪ focusing exclusively on executive ▪ limiting your pipeline to 1-to-1 ▪ thinking that status quo is good enough ▪ accepting that HR “owns” it ▪ thinking you’re okay because you’ve made it this far (without your boat capsizing) with no succession plan
  7. 7. © 2017 PeopleFirm LLC All Rights Reserved Tip#2 read the river…. the big picture shift from Succession PLANNING to Succession MANAGEMENT Succession MANAGEMENT is: Business-led… meaning your leaders are owning and driving the process Interconnected… with other talent practices and aligned with your business strategy Future-focused… roles and success profiles of the future are known and planned for Agile… talent pools of diverse and broad- based candidates © 2017 PeopleFirm LLC All Rights Reserved
  8. 8. © 2017 PeopleFirm LLC All Rights Reserved Tip #3 cast a wide net ▪ Create diverse talent co-horts where successor candidates can learn and grow together ▪ Look beyond employee capabilities to also consider aspirations and engagement ▪ Create successor talent pools from the less obvious areas of the business ▪ Reach into your STEM and millennial talent pools now, don’t wait
  9. 9. © 2017 PeopleFirm LLC All Rights Reserved Tip #4 outfit your rig Assessment tools that compliment your needs and culture. Assess for potential, cultural fit, capabilities, and aspirations. Critical role profiles that clarify what success looks like in terms of capabilities, experiences, and accountabilities of key roles. Use tools that give you a complete view of your talent inventory Talent profiles that provide visibility into your people on an individual and aggregate level across critical talent pools.
  10. 10. © 2017 PeopleFirm LLC All Rights Reserved Tip #5 respect the rapids Be transparent! Transfer development ownership to the individual Focus on collective, rather than individual leadership Recognize that mindset, resilience, and leading through complexity* will be required, not just desired, for white water leaders For Succession Management to deliver ready resources when you need them, we recommend building an environment where your people and leaders are equipped to thrive in today’s whitewater business world. Consider these ideas to create a culture of growth: Nothing about me without me! *Shameless Plug: Interested in growing your people in these areas? We work with teams all the time to do just that! Give us a call and let’s talk! Create a thriving growth culture
  11. 11. © 2017 PeopleFirm LLC All Rights Reserved Navigating the white water of the business word? Ready your boat, read the river and get going! 1. Ready your boat – avoid the “old school” pitfalls of traditional Succession Planning 2. Read the river – navigate the big picture shifts from Succession Planning to Succession Management 3. Cast a wide net – create diverse talent pools rather than 1:1 replacement plans 4. Outfit your rig – ensure you have the tools that give you a complete view of your talent and their development needs 5. Respect the rapids – create a Culture of Growth and build an environment where your people will thrive Like what you’ve read? Share it! (see that little arrow in the left corner?) Got it? Let’s review. Your people will thank you.
  12. 12. © 2017 PeopleFirm LLC All Rights Reserved your people = your success. © 2017 PeopleFirm LLC All Rights Reserved | www.peoplefirm.com need help putting these ideas into action? let’s talk PeopleFirm is a consulting firm dedicated to achieving that ultimate win-win: inspired people driving inspiring performance. We focus on effective tools, measurable, outcomes, real results, and getting your people out of their seats and engaged in your company’s growth. info@peoplefirm.com (206) 462-6462

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