Strategies to Improve Employee Retention in a Diverse Workforce Part Two: Succession Planning

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To accommodate career development and retention in today’s diverse work environment, it’s more important than ever to ensure you have key strategies in place that support the alignment of individual employee goals and development.

In part one of this webinar, we discussed engaging employees through goal and development plans. In part two, we will further explore key performance strategies through the creation and development of your organization’s leadership pipeline. Having a succession plan in place for your top employees will enable you to proactively assess, rate and manage development paths so that you may fully leverage your employees’ potential for the long haul.

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Strategies to Improve Employee Retention in a Diverse Workforce Part Two: Succession Planning

  1. 1. Strategies to Improve Employee Retention in aDiverse Workforce Part Two: Succession Planning Speaker: Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential Moderator: Daniel Margolis Managing Editor Talent Management magazine #TMwebinar
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  5. 5. Strategies to Improve Employee Retention in a Diverse Workforce Part Two: Succession Planning Daniel Margolis Managing Editor Talent Management magazine #TMwebinar
  6. 6. Strategies to Improve Employee Retention in a Diverse Workforce Part Two: Succession Planning Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential #TMwebinar
  7. 7. STRATEGIES  TO  IMPROVE   EMPLOYEE  RETENTION  IN  A   DIVERSE  WORKFORCE  PART  TWO:  SUCCESSION  PLANNING  
  8. 8.  “FROM  NOW  ON,  CHOOSING  MY   SUCCESSOR  IS  THE  MOST  IMPORTANT   DECISION  I’LL  MAKE.    IT  OCCUPIES  A  CONSIDERABLE  AMOUNT  OF  THOUGHT   ALMOST  EVERY  DAY.”    JACK  WELCH,   CEO  GENERAL  ELECTRIC,  1991  
  9. 9. ObjecAve  and  Approach    Objec&ve:  To  provide  you  with  key   strategies  to  support  and  align   individual  development  through  the   crea&on  and  development  of  your   organiza&on’s  leadership  pipeline.        Approach:  To  share  insights  and  successes   rela&ng  to  prac&cal,  real  world   solu&ons.    Share  different  perspec&ves.  
  10. 10. Succession:  Three  Approaches  Replacement  Planning   –  Narrow  focus,  upper  management,  insurance  policy,   secreNve  Succession  Planning   –  Broader  focus,  management  or  key  leaders,  may  be   interacNve  or  not,  retenNon  driven  Succession  Management     –  Right  people  in  the  right  jobs,  development  focus,   larger  talent  pools,  strategy  driven,  future  needs  not   just  replacement  needs  
  11. 11. Poll:  What  is  the  most  criAcal  succession   management  issue  facing  your  company  today?  •  PrevenNng  knowledge  loss  •  Improving  retenNon  •  Lack  of  bench  strength  in  key  posiNons  •  Replacement  planning  •  Enhancing  diversity  across  leadership  ranks  •  Build  breadth  and  depth  of  talent  needed  for   the  future  
  12. 12. IdenAfying  the  “Why”  Background  •  Direct  markeNng    •  700  people  •  Growing  organically  25%  a  year  •  Leaders  see  no  value  in  succession   management   –  Buy  vs.  Build  mentality  •  Employees  saw  no  room  for  growth  Business  Opportunity  •  Along  comes  an  acquisiNon  opportunity….  •  Let’s  Do  It!  •  Are  we  ready?   –  Do  we  have  the  right  people  to  be  successful?    
  13. 13. Undercover  Succession  Management  SWOT   –    Key  weakness:  Lack  of  bench  strength   –    Key  threat:    Current  business  decline  Outcome   –  We  didn’t  go  through  with  the  acquisiNon   –  Leaders  were  highly  disappointed  BUT  now  saw  the   need  for  succession  management   –  We  formed  a  Talent  Review  team  and  began  an   informal  succession  process      
  14. 14. Succession  Management  Components   •  Why  is  it  important  for  the  Company   •  SWOT  –  current  and  emerging  changes  Why?   •  Determine  the  philosophy/approach  
  15. 15. Determining  Key  PosiAons  and  KSAs  Talent  Review  Team  •  Cross  funcNonal  business  unit  leaders  •  Defined  key  posiNons     –  Focused  on  posiNons  and  not  people   –  Single  points  of  failure  (no  back  up,  long  learning   curve)  •  Defined  KSA’s  needed   –  Now  (opportunity  to  reevaluate  current  staff)   –  For  acquisiNon  or  other  business  strategy   –  3  years  from  now    
  16. 16. Succession  Management  Components   •  Why  is  it  important  for  the  Company   •  SWOT  –  current  and  emerging  changes   Why?   •  Determine  the  philosophy/approach   •  ID  key  posiNons  (SPF,  long  learning  curves,  industry  specific)   •  ID  KSA’s  needed  to  achieve  strategy  PosiNons  
  17. 17. Succession  Management  Components   •  Why  is  it  important  for  the  Company   •  SWOT  –  current  and  emerging  changes   Why?   •  ID  key  posiNons   •  ID  KSA’s  needed  to  achieve  strategy  PosiNons   •  Determine  how  to  assess  employees   •  Determine  who  shall  parNcipate   People   •  ID  current  KSA’s  
  18. 18. Who  to  review?    And  How  to  assess?  
  19. 19. 2010  Talent  Review  Assessment  Report  1.    PERFORMANCE:      To  what  degree  did  this  leader  achieve  his  or  her  performance  goals  this  year?  What  contributed  to  his  or  her  performance  (e.g.  skills,  behaviors,  challenges,  etc.)?              2.    MINDSET:      Mindset:  how  this  leader  goes  about  his/her  work  and  relaNonships,  especially  in  high  pressure  situaNons.        a.  To  what  degree  did  this  leader  live  out  Equity’s  10  Ways?    b.  To  what  degree  does  this  leader’s  aLtude  contribute  posi&vely  to  moving  your  group  forward?    c.  What  mindsets  could  this  leader  show  more  of?    What  mindsets  could  this  leader  show  less  of?  
  20. 20. 2010  Talent  Review  Assessment  Report  3.    SKILLSET:      Equity  has  two  criNcal  leverage  competencies  for  leaders:  Adaptable  to  Change  and  Learning  on  the  Fly.        Adaptable  to  Change:  The  ability  to  be  flexible  and  producNve  during  Nmes  of  change,  and  expects  and  welcomes  the  next  change  as  an  opportunity  to  improve  oneself  and  the  workplace.        To  what  extent  is  this  leader  Adaptable  to  Change?    What  are  some  specific  examples  of  how  is  leader  was  Adaptable  to  Change?      Learning  on  the  Fly:  Learns  quickly  when  faced  with  new  challenges  or  ways  of  doing  business      To  what  extent  did  this  leader  demonstrate  Learning  on  the  Fly?    What  are  some  specific  examples  of  how  this  leader  demonstrated  Learning  on  the  Fly?        4.    AREAS  OF  EXPERTISE:      To  what  degree  does  his  leader’s  func&onal  and  industry  exper&se  make  a  value-­‐added  contribu&on?        What  is  included  in  this  leader’s  toolset?  (e.g.  func&onal  and  industry  exper&se,  especially  with  processes,  use  of  systems  and  tools)    
  21. 21. 2010  Talent  Review  Assessment  Report  5.    LEADERSHIP:      The  overall  way  this  person  approaches  his/her  role  and  contribuNons  as  a  leader,  including:  •  Being  known  as  a  change  champion,  and  a  curious  and  conNnuous  learner  •  Sharing  their  funcNonal  knowledge  and  tools  generously  and  effecNvely  with  others  •  Having  a  reputaNon  as  a  role  model  for  the  Equity  way  of  doing  business      To  what  degree  is  this  person  demonstra&ng  leadership?    Provide  specific  details  of  what  type  of  leadership  this  person  is  demonstra&ng.          6.    PROMOTIONAL  CONSIDERATION:      A.  Is  this  leader  currently  prepared/ready  for  a  promo&on  this  year?  B.  What  tells  you  this  leader  is  ready  for  a  promo&on?  C.  Are  there  any  addi&onal  skillsets  or  aWributes  that  contribute  to  this  leader’s   success?  
  22. 22. !
  23. 23. Succession  Management  Components   •  Analyze  the  gaps  between  current  and  future  KSA  needs   •  PrioriNze  the  KSA  needs  GAPS  
  24. 24. How  Wide  is  Your  Chasm?  Gap  Analysis    •  Compared  needed  KSA’s  for  key  posiNons  for   ‘Now’,  ‘AcquisiNon’,  and  ‘Future’  with  current   KSA’s  based  on  performance  scores  and   personal  experiences   –  Green  –  Strong  KSA’s   –  Yellow  –  Missing  some  KSA’s     –  Red  –  Weak  KSA’s  •  Focused  on  reds  then  yellows    
  25. 25. Succession  Management  Components   •  Analyze  the  gaps  between  current  and  future  KSA  needs   GAPS   •  PrioriNze  the  KSA  needs   •  ID  development  acNviNes  AcNviNes   •  ID  how  to  integrate  with  other  key  processes  
  26. 26. Succession  Management  Components   •  Analyze  the  gaps  between  current  and  future  KSA  needs   Gaps   •  ID  development  acNviNes  AcNviNes   •  ID  how  to  integrate  with  other  key  processes   •  Determine  how  to  track,  manage,  hold  people  accountable  Manage   •  Determine  how  to  support  parNcipants  
  27. 27. Systems  and  Technology  •  Technology  will  magnify  the  process  –  make  a   good  process  beler  and  a  bad  process   glaringly  obvious  •  Technology  can  link  succession  development   acNviNes  to  other  employee  lifecycle  events  •  Technology  can  facilitate  the  process  and   automate  some  tasks  •  Technology  can  act  as  the  system  of  record  for   all  the  succession  management  acNviNes    
  28. 28. Technology  example  
  29. 29. Summary  •  Succession  Management  is  not  an  end  but  an   integral  part  of  the  strategic  planning  process  •  Succession  Management  is  as  much  about  art   as  it  is  science  –  no  single  “playbook”  •  Don’t  build  in  complexity;  keep  it  simple  to   make  it  sNck  •  Succession  Management  is  a  priority  for   successful  companies  
  30. 30. ADDITIONAL    RESOURCES    
  31. 31. Best  PracAces  in   Succession  Management  •  Make  the  succession  process  part  of  your  company  culture   –  Periodic  talent  reviews  as  a  part  of  the  talent  planning  process   –  Be  inclusive  and  develop  large  pools  of  talent  rather  than  focusing  on  one  or  two  •  Development  orientaNon   –  Management  owns  succession  planning/process  and  are  accountable  for  developing   employees   –  Encourage  and  reward  coaching  and  individual  growth  of  all  employees   –  Emphasize  on-­‐the-­‐job  development  and  not  just  classroom  training(Consider  job  rotaNons,   mentoring)   –  Create  progressive  assignments   –  Help  people  make  crucial  connecNons,  parNcularly  management  (40%  fail  in  18  months)  •  Keep  the  process  simple  –  don’t  let  the  process  dominate  the  discussions   –  Start  simple  –  don’t  bite  off  more  than  you  can  chew   –  Flexibility  -­‐ConNnued  reinvenNon  of  the  process  as  the  company/environment  change   –  A  system  that  is  easy  to  use  •  Once  a  successor  is  in  new  role,  there  needs  to  be  a  process  in  place  to  support   the  person  through  the  transiNon   –  Help  people  make  crucial  connecNons,  parNcularly  management  (40%  fail  in  18  months)   –  Leaders  learn  best  from  experience,  mentors  and  being  coached  
  32. 32. CriAcal  QuesAons  •  What  is  it  for?  •  Who  is  it  for?  •  Who  decides  what?  •  How  do  they  decide?  •  What  systems  and  support  are  required?    Succession  management  doesn’t  have  to  be   complicated  and  only  for  large  corporaNons.    It’s   a  chance  to  assess  your  organizaNons  current   KSA’s  and  determine  how  they  will  support  the   future  of  your  organizaNon.  
  33. 33. Keys  to  Success  •  Easy  to  use  •  Flexible  •  Developmentally  oriented  •  Built  around  conNnual  reinvenNon  •  Aligned  with  strategic  plan  •  Top  leader  support  •  Owned  by  Sr.  Mgmt  •  Willing  parNcipaNon  •  Credibility  in  the  HR/OD  FuncNon  
  34. 34. Succession  AcAviAes…to  name  a  few  •  Coaching  •  Real  Nme  learning  (people  learn  best  by  doing)  •  Cross  training  •  Task  forces  or  special  projects  •  AddiNonal  job  assignments  •  Mentoring  programs  •  Formal  training  •  CommuniNes  of  pracNce  
  35. 35. Ideas  to  Overcome  Lack  of     Management  Support  •  Talk  their  language   –  Compare  to  Sports  Analogies     •  Basketball  Bench,  Baseball  Farm  Team   –  Show  the  $  and  Cents  (Finance)   •  Succession  management  is  like  interest  on  your   investments  (growing  people)   –  People  Maintenance  (OperaNons)   •  Just  like  we  invest  in  our  capital  purchases  (regular   machine  maintenance),  we  should  do  the  same  with   our  people    (our  number  2  expense)  
  36. 36. Thoughbul  Reading  SuggesAons  •  The  Leadership  Pipeline:  how  to  build  the   leadership  powered  company   –  Ram  Charan,  Stephen  Droler  and  James  Noel  •  One  Page  Talent  Management:  EliminaNng   Complexity,  Adding  Talent   –  Marc  Effron  and  Miriam  Ort    •  FYI:  For  Your  Improvement,  A  Guide  for   Development  and  Coaching   –  Lombardo  &  Eichinger  
  37. 37. Questions and Answers Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Tracy.McCarthy@silkroad.com Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential Csorenson@eqrworld.com For sales inquires please contact: sales@silkroad.com.
  38. 38.          –   Full  Two-­‐Day  Virtual  Event  from  9:15  a.m.  to  6:00  p.m.  ET.   –   4  Keynote  Sessions,  9  Workshops  &  over  10  Networking   Breaks.     –   Live  &  On-­‐Demand.   –   RegistraNon  is  FREE!   For  more  informaNon  &  to  register  visit   HCMconvenAoncenter.com  
  39. 39. Join Our Next TM Webinar Tuesday, July 26, 2011 •  Navigating Through the StormTM Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for upcoming TM Webinars at www.talentmgt.com/events Join the Talent Management magazine Network http://network.talentmgt.com/ #TMwebinar

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