HCM: Looking for Leaders in Your Own Backyard (4 of 4)

on Apr 21st, 2015 in HCM, SAP, Talent Management, | Comments Off on HCM: Looking for Leaders in Your Own Backyard (4 of 4)

 

passing the baton

Succession planning is a process, not a one-time strategy to check off the to-do-list. This blog series outlines key steps in the succession planning process.  To read the series from the beginning, click here.

  • Identify a pool of talent that can be used to make better staffing decisions for key positions

Having a strong talent pool is the end goal of the above steps. Talent pools of corporations are focused toward high potential and high performing individuals and they contain people ready for responsibilities.

 

Okay, now that the plan is in place, how do you avoid the pitfalls that can derail the best designed plan? Following are a couple of items that need to be thought out and implemented in order to be successful with the succession plan:

  1. One of the biggest issues is not getting buy in from the board of directors. The plan is neither about HR nor the CEO; it is about the well-being of the organization and the staff that makes up the company.  The board should establish a formal decree establishing the initiative, and continually review and make adjustments to the plan as the organization changes. The succession plan should be considered a living document, and boards can – and really should – play an important role in succession planning.
  2. Another way to show the organization is serious about its people is to make the initiative about all levels of staff. This will demonstrate the organization’s investment in their employee’s long-term success by providing them with the necessary tools and support to take their careers to the next level.
  3. Don’t forget to assess your internal candidates. The entire executive team should go through the assessment process first – ideally by an outside firm – so that you don’t single out favorites and start a destructive horse race. The next layer of management should also be assessed because you never know where hidden talent may be hiding.

These are not all the pitfalls that may be encountered. Based on your organization, there might be other obstacles that will need to be addressed.  However, do not stop there; continue to review, assess and tweak what you have in place because with globalization, workforce demographics and the continued advances in technology things are going to change….this is enviable.  Now, embrace change and seek the leaders of tomorrow.

 

 

HCM: Looking for Leaders in Your Own Backyard (3 of 4)

on Apr 7th, 2015 in HCM, SAP, Talent Management, | Comments Off on HCM: Looking for Leaders in Your Own Backyard (3 of 4)

passing the baton

Succession planning is a process, not a one-time strategy to check off the to-do-list. This blog series outlines key steps in the succession planning process.  To read the series from the beginning, click here.

  • Provide development plans for those identified as potential leaders

With increasing pressure to deliver results to shareholders, organizations are looking to their high potential/high performing leaders more than ever before. In order to engage and retain this critical group, organizations need to offer business challenges and development assignments designed to deliberately stretch and grow their capabilities.

When senior leadership has assessed the organization’s talent and identified the activities where future leaders can build their competencies, it’s time for line managers to sit down with staff members and collaborate on plans to build the competencies they need to develop. These development discussions can be integrated into the performance-evaluation process, which is a natural setting for discussing the skills that staff members need to advance in the organization.

Leadership workshops, classes, on-the-job learning, assignments, special projects, 360’s, external classes are just a few ideas that can be used to create solid development plans for future leaders.

  • Assess the identified leaders against their development plan

Now on to the good stuff…..assessing what you put in place. To be successful in succession planning, you have to monitor the leadership development processes just as you would any of your organization’s other critical functions, to learn which processes work and which could be improved.

The goal of monitoring is simple….is the roadmap to leadership producing the leaders you need. There is no one right way to monitor progress. One approach is to check the development of your most promising leadership candidates. If they are on track, that is good, but if you are not seeing the results you expected don’t see it as a failure. These development plans can always be improved.

HCM: Looking for Leaders in Your Own Backyard (2 of 4)

on Mar 24th, 2015 in HCM, SAP, Talent Management, | Comments Off on HCM: Looking for Leaders in Your Own Backyard (2 of 4)

passing the baton

Succession planning is a process, not a one-time strategy to check off the to-do-list. This blog series outlines key steps in the succession planning process.  To read the series from the beginning, click here.

Let’s take a deeper dive into the concepts to get feel of what we are talking about:

  • Identify key positions and the skills required to fill those positions

A key position can be defined in many different ways, but two important criteria that should be considered are criticality and retention risk.  A critical position is one that, if it were vacant, would have a significant impact on the organization’s ability to conduct normal business. Retention risk refers to positions where the departure of an employee is expected (e.g. retirement) or likely (e.g. history of turnover).

And now what about the skills needed for these positions…..

First you should identify core competencies and skills needed to lead the organization. To do this, the following steps can be used:

  1. Determine talents needed for the long term (Leadership, Domain expertise, Financial savvy)
  2. Review current job description and revise and update (positions change, so then does the job description)
  3. Review salary history, budget, and market rates for position
  4. Seek key stakeholder input (who other than the person holding the position to give input)
  5. Have open and honest discussions about executive performance

This perhaps is one of the more difficult concepts to achieve, according to Joel Trammell’s article, How Do You Evaluate CEO Performance? 6 Ways To Grade The Chief.

One way to accomplish this could be by a committee chosen by the Board of Directors to review the CEO or top executives. Being able to analyze the skills of the top executives will help determine any gaps or additional skills a leader may need. This will also aid in defining the development plan for future leaders of the company.

HCM: Looking for Leaders in Your Own Backyard (1 of 4)

on Mar 10th, 2015 in HCM, SAP, Talent Management, | Comments Off on HCM: Looking for Leaders in Your Own Backyard (1 of 4)

passing the baton

Succession Planning….sounds good…right?  No matter the size of the company – large, small, or family owned – a succession plan is the basis of being prepared for the present and future workforce needs.  Grooming existing employees for key positions is a proactive way to create a positive impact throughout the organization. Succession planning encourages staff development and sends a message to employees that the organization is serious about developing people. It may also persuade talented employees to remain with the company rather than looking elsewhere for growth opportunities. A successor groomed from within the company can save the time and expense of hiring a new leader from outside. So the question is…why go searching when what you are seeking could be within reach in your current organization?

Succession planning is a process, not a one-time strategy to check off the to-do-list. A good succession plan can be the backbone of the company if executed properly. It also needs the support of executive leadership in order to create the desired impact across the organization.

Let’s look at some of the concepts that make up a good succession plan:

  • Identify key positions and the skills required to fill those positions
  • Have open and honest discussions about executive performance
  • Provide development plans for those identified as potential leaders
  • Assess the identified leaders against their development plan
  • Identify a pool of talent that can be used to make better staffing decisions for key positions

It sounds easy. However, very few companies actually follow through with a plan. They may have a plan “on paper”, but it has never been established or implemented.

In the coming weeks, we will post about some key steps in the succession planning process.  In the next blog, we will talk about identifying key positions and skills, and having open and honest discussions about executive performance.

Powered by WordPress