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Succession planning hr and strategy innovation orlando conference presentation 7


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This presentation addresses past practices, present or best practices and next practices that will be needed for Succession Planning in order for organizations and leaders to be successful in the future.

Published in: Leadership & Management
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Succession planning hr and strategy innovation orlando conference presentation 7

  1. 1. Succession Planning: There is No Me Without You. Lepora Menefee, PhD, SHRM- SCP, Prosci, PMP, SSBB HR & Strategy Innovation Summit January 22-24, 2017
  2. 2. GOALS FOR TODAY’S JOURNEY The Burning Platform Past Practices Present Practices Next Practices 2
  3. 3. What Looks like the Ideal Picture… 3
  4. 4. Unexpected Attrition Overestimated Supply Ignored, so not ready often is not… 4
  5. 5. Why the Urgency? 10,000 Baby Boomers Turn 65 everyday GLOBAL SKILL SHORTAGE 36% of U.S. Companies 34% of Companies in EMEA 29% of Companies in Asia Pacific CEO Average Tenure has decreased from 10 to 8 years since 2000 75 million Baby Boomers will be eligible to retire this year. Only 45 million workers will be available to enter the workforce 5
  6. 6. 96 96 100 96 84 73 76 78 75 41 0 20 40 60 80 100 Identification of a leader's current performance v. future potential Assessment of Potential for advancement Assessment of Leadership skill gaps Development of Successors for specific positions Workforce Plan (3-5 years) Global Top Companies are Serious About Succession Planning All Others Global Top CompaniesAon 2013 6
  7. 7. Are You Experiencing Pain in Your Succession Planning Process? Dissatisfaction with the status quo Too much bought vs. built Confusion about Potential vs. Performance Not Enough Ready Now Talent 1 2 3 4 7
  8. 8. The New Era Of Succession Planning Fluid Flexible Fast 8
  9. 9. Present Practices Next Practices  Select, develop, assess, reward and retain leaders who have competencies to deliver the short & long- term Business Strategy  Make Succession Planning a key business strategic priority Past Practices  Limited to who ”thought” like the CEO.  Skill replacement for the CEO. Alignment with Business Strategy is key.  Replacement of current competencies of CEO & SLT  Select leaders who have competencies to deliver the short- term Business Strategy 9
  10. 10. Practices are more linked to Business Strategy among Global High Performing Companies… 68 84 80 76 72 36 42 42 42 41 0 20 40 60 80 100 Retaining Leaders Rewarding Leaders Developing Leaders Assessing Leaders Selecting Leaders from within your organization All Others Global Top Performing CompaniesAon 2013 10
  11. 11. Present Practices  Leaders are encouraged to build healthy succession pipelines for their top pleaders  HR owns the Succession Planning Process Next Practices  Leaders are held accountable for healthy succession pipelines  MBOs on Performance Reviews and recognition and rewards are linked to leadership and succession planning  HR defines the Succession Planning process in collaboration with Leaders who own it. Past Practices  CEO/ Board was accountable for choosing CEO replacement Leadership Accountability: Who is the Last Throat to Choke? 11
  12. 12. Present Practices  Once a year, companies refresh their leadership slate with HiPos for VPs and up. Next Practices  Potential is continuously assessed.  Leaders provide feedback to employees regularly.  Development is regularly tracked.  Talent Review discussions take place on quarterly basis or more. Past Practices  Once a year, the slate for the CEO was refreshed. What is the Timing of your Succession Planning? 12
  13. 13. Present Practices  Most major companies will focus on senior leadership roles (eg., VP) up to CEO/ Layer 1 Next Practices  Succession Pipelines will need to be applied to all of the generations of the organization  Segmentation is important beyond hierarchical layer, but apply to critical of roles.  Precedence should be placed on the most pivotal/ critical roles Past Practices  There was a slate for the CEO/ Layer 1 only.. At what Position Layers do you Focus? 13
  14. 14. How are you defining High Potential? 14
  15. 15. Present Practices  Ability  Aspiration  Engagement  Experience  Competencies Next Practices  Agility  Aspiration/ Drive  Influencing Change  Values  Calibration/ Collaboration  Assessments & Simulations Past Practices  You’re smart and we like you. How do you Assess Potential? 15
  16. 16. Present Practices  Leadership Competencies  General Leadership Competencies Training  Exposures to Senior Leaders  Stretch Assignments Next Practices  Targeted Role Development/ Feeder Roles  Strategic Cross- Training  Expedite Development/ Bootcamps  Simulation  Mentoring & Sponsoring  360; Crowd Sharing Past Practices  No direct alignment to specific roles  General Leadership Training provided  General Organization Cross- Training Development is an essential key for effective Succession Planning 16
  17. 17. Have you ever been Sponsored? What did it do for your Career? 17
  18. 18. Present Practices  On the radar of most large organizations  A stated desire for most major organizations Next Practices  Mentorships  Sponsorships  Targeted development programs  What gets measured, gets done  Require diverse slates  Objective assessments Past Practices Is Diversity a Targeted element of Your Succession Planning?  Good ol’ boy network  Skills + Relationship 18
  19. 19. Present Practices  Some transparency of good news only to direct recipients Next Practices  Clear Career Paths  Transparent Potential Feedback regarding good and bad  Development needed for next step  Frequent feedback Past Practices  Zero Transparency How Transparent is your Succession Planning process? 19
  20. 20. Top Companies are more likely to communicate to an individual when he or she is no longer considered high potential (71% versus 33%). Aon, 2013 Transparency is Ultimately Healthy for Your Organization TRUSTCLARITY FOCUS BRAND 20
  21. 21. Present Practices  Hi- Potential Employees are informed of their Hi- Potential status  Hi- Potentials are assigned to developmental tasks Next Practices  Collaborate with employees through regular conversations  Collaborate regarding Engagement  Collaborate regarding developmental paths  Collaborate regarding assignments Past Practices  No conversation with employees regarding potential Are You Collaborating with Your Employees? 21
  22. 22. Present Practices  What has already been done on the leadership level, eg.,  % of Internal Hires for the year  % of Diversity Leaders Next Practices  Also, forecast what we are likely to accomplish  # of Unique candidates per succession position  % of Diverse Candidates per Successor Role  Retention Risk of HiPos Past Practices Are you best utilizing Metrics in your Succession Planning?  No measurement 22
  23. 23. Present Practices  Some targeted development toward Succession Planning  Some Performance Management ratings are incorporated into Succession Planning decisions Next Practices  Integration with:  Talent Acquisition  Onboarding & Engagement  Development  Retention  Performance Management Past Practices  No Integration Is Your Succession Planning integrated into the rest of your Talent Management? 23
  24. 24. Is Your Succession Planning Process seamlessly integrated into Talent Management? Succession Planning Retention Do we know why our best people leave or stay? Talent Acquisition Are we hiring and building external pools that align with future needs? Workforce Planning Are we identifying successors who align with future business requirements, values & vision? Performance Management Are our managers held accountable for developing our leaders? Development Are we developing our employees to be successors? Onboarding & Engagement Are we facilitating relationship- building on the onset of our employee tenures? 24
  25. 25. Strong Leaders Re- Hire Cost Savings Business Growth ROI/ Increased Profits Happy Employees = Retention Business Continuity =Increased Productivity Rigorous Succession Planning is worth it. 25