Succession Planning at General Electric
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CHAPTER 13SOUTHERN COMPANYJIM GREENEA robust leaders.docx
CHAPTER 13
SOUTHERN COMPANY
JIM GREENE
A robust leadership development and succession planning process that uses leadership performance standards and competencies to identify successors and high-potential individuals, and target development.
• Introduction
• Background
• Initial Improvements
• The Leadership Action Council
• Competency Model
• Leadership Assessment
• Succession Planning
• Identification of Potential Successors and High-Potential Individuals
• Assessment of the Talent
• Review of Individuals
• Leadership Database
• Development Activities
• Senior Leader Development Program
• Emerging Leader Program
• Evaluation and Lessons Learned
• Evaluation
• Lessons Learned
INTRODUCTION
Having a steady supply of leaders with the right skills in the right jobs is critical to the success of an organization. Facing the possibility that a number of long-tenured leaders across all levels would soon retire, Southern Company enhanced its succession planning and leadership development processes to ensure a full leadership pipeline to sustain business success. This chapter details these processes.
BACKGROUND
Southern Company is an electric utility serving 4.4 million customers in the southeastern United States. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability, and retail electric prices that are significantly below the national average. Southern Company has been listed as the top ranking U.S. electric service provider in customer satisfaction for nine consecutive years by the American Customer Satisfaction Index (ACSI). Southern Company employs approximately 26,000 people.
In 2003, America’s aging workforce began to receive a lot of attention and was viewed as a potential business challenge for Southern Company. A “grow your own” company, Southern Company historically hired at the entry level and relied on internal promotions rather than external hiring to fill leadership positions. In the late 1970s and 1980s, the company hired a large number of people. A low turnover rate resulted in the leadership group being very stable and growing progressively older. In 2003, the average age of executives was fifty-two. The average ages of middle managers and first-line managers were forty-nine and forty-seven, respectively. This age bubble posed a potential succession risk. Southern Company has developed a cadre of leaders who possessed deep business knowledge and fit the organization and culture. Projections showed that, as executives began to retire in greater numbers, their successors would leave soon after. The need to develop a new generation of leaders became the driver for re-looking at the succession and leadership development efforts to ensure a sustainable supply of quality leaders to meet business needs.
In early 2004, ...
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More about the Program:
Succession planning is critical and needs to be at the forefront of any organization that yearns to remain strong and viable in today's society. We will explore succession planning within the organization as we look at the roles of each employee, and determine how vacant and near vacant positions can be filled internally and from external avenues to ensure that the work flow continues.
More about the Presenter:
For fifteen years, Fitzgerald Washington has worked for The Buffalo Rock Company where he served as Corporate Marketing and Sales Director handling the company’s multicultural marketing initiatives before being promoted to General Sales Manager in 2002. As General Sales Manager, Washington was responsible for maximizing brand portfolio for the company’s retail sector. He also developed a hiring and retention process for the company’s Tuscaloosa distribution center. Washington’s experience also includes work in human resource management, marketing strategies, operations management and strategic development.
In 2013, Washington served as Chairman of the Chamber of Commerce of West Alabama, where he helped create the Minority Business Council to foster growth and competitiveness of minority-owned businesses in West Alabama. Other community involvement includes the Druid City Business League, Black Warrior Council Board, BB&T Bank Advisory Board, Board of Visitors for the University of Alabama College of Continuing Studies and DCH Health Systems Foundation Board of Directors.
Governor Bentley also appointed Washington to the Alabama Workforce Council.
Washington, his wife Peggy and two children Karla and Fitzgerald reside in Tuscaloosa.human resource in merger and acquisitions
The Human Resource (HR) department plays a pivotal role in the process of merger and acquisition between two companies. ... Thus, HR plays a key role in managing all crises as well as disputes that may crop up in an organization, as and when the process of merger and acquisition sets off.
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A structured process results in high quality management decisions about leadership development, succession, and career planning. The business benefits from better leaders and greater employee motivation which means improved retention of key talent and a lower cost of turnover.
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Organizations exist to serve societal needs and accomplish goals. They provide structure, careers, and jobs. Management occurs at three levels - top management focuses on long-term strategic planning, middle management on tactical planning, and lower management on daily operational planning. To be effective, supervisors must plan appropriately, develop their staff with training and guidance, and adapt their approach to individual employees. Successful planning requires identifying external factors, assessing the current situation, setting objectives, determining resource needs, and monitoring outcomes. Key supervisor skills include impartiality, caring, consistency, and developing workable plans.
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Succession Planning at General Electric
- 2. Objectives •To give a brief insight about GE •To understand the meaning of Succession Planning •To know Benefits of Succession Planning •To understand the process of Succession Planning at GE
- 3. Introduction : General Electric •Established in 1892, Thomas Alva Edison merged his EELC with Thomas Houston Electric Company to form General Electric. •Business Structure of GE: Commercial Finance EnergyTransportation Health care Infrastructure •Forbes ranked GE as the world’s largest company. The company has 323000 employees around the world •Current CEO Jeff Immelt, September 2001
- 4. •Succession Planning is process for identifying and developing internal employees with the potential to fill critical organizational position What does Succession Planning mean
- 5. Benefits of Succession Planning •It reduces risk •Smooth business continuity •Improve staff morale •Encourages “hiring from within”
- 6. Succession Planning process at GE Understand Development Need Identify Possible Successor Develop And Train Successor Ready For Movement Promote and compensate
- 7. STEP 1: Understand Development Need •As only in the rarest cases will future challenges require the same skills that worked in the past •What type of skills will be needed to lead the company pass hurdles in present & future.
- 8. STEP 2: Identifying Possible Successor •Identification of a small number of people who could be made ready Within four to five years •List of essential skills includes Integrity, Vision, Leadership, Experience Fairness, Energy, Appetite for Enhancing Knowledge etc.
- 9. STEP 3: Develop And Train Successor •Rotations in different functional areas •International assignments •Inviting candidates to give presentations to the board •Candidates describe their vision for the company's next five years. •A clear winner will be revealed
- 10. STEP 4: Promote And Compensate The board make clear to internals and externals: •That he or she has begun to develop relationships with board members •Had sufficient time with the outgoing CEO •Has a sense of the areas that represent burning fires requiring immediate action.
- 11. STEP 5: Ready For Movement •After ensuring the above things new Successor his is given the throne. •The two most critical practices here are for the board and the Successor to agree on a plan for the first year that includes measurable metrics and milestones and the active engagement of the entire leadership so as to be sure everyone is working from the same playbook
- 12. Thank You!