Succession Planning and Talent Management
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This document discusses best practices for succession planning and talent management based on research findings. It emphasizes the importance of aligning succession planning with business strategy and having CEO involvement. Effective practices include broadcasting leadership competencies, using multi-faceted assessments including employee input, rigorously managing performance, implementing multiple leadership development methods, measuring leader results, and having senior leader accountability.
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Succession Planning and Talent Management
- 1. Empowering Organizations to Achieve Extraordinary Results Succession Planning and Talent Management: Supporting the Business Strategy August 19, 2010 Copyright © 2010, Corporate Performance Strategies, All Rights Reserved
- 2. Most values elements Top 3 Your Company Values Most to Develop Leaders: Competency models On-line technology to collect, summarize, and report Leadership development programs Special development jobs and/or assignments HR metrics Mentor program for high potentials Succession charts Succession planning links to performance management process Defined talent management process 360 survey feedback tool
- 3. Common myths held up as “truths” Succession planning is owned by HR Development programs produce leaders Systems and processes are essential to success Capturing short-term ROI is critical to success Measure everything related to leadership success Technology guarantees success NO WAY!!
- 4. What is the research telling us? 40% of high potential internal moves end in failure 25% or your high potentials intend on leaving when the economy rebounds 70% of top performers lack the abilities to be high potential 2009 Corporate Leadership Council Research Study
- 5. Zapp Inc. leadership development programs NOT ABOUT THE PROGRAMS Title Target Audience Focus Advanced Management VPs+ General management Leading Ways Directors Functional excellence Building Leadership Managers Inspirational leadership Introduction to Leadership Supervisors Management 101 Advanced Collaboration Sr. Professionals Cross-functional effectiveness
- 6. Zapp Inc. HR metrics NOT ABOUT METRICS AND ROI Turnover Industry Experience Productivity Time to Fill % Ready 1-3 years % Internal Promotions # Diversity Fills % Development Plans Completed Performance Ratings Education Levels Years of Experience Engagement
- 7. Zapp Inc. business cycle planning processes January July December Strategic Planning Process Financial Planning Process Talent Review and Planning Process NOT ABOUT PROCESSES
- 8. How do we close the gap?
- 9. What really works……. Business Alignment Linkage of succession planning to the business imperatives CEO presence and involvement HR Functional Excellence Broadcasting leadership “How–To’s” Multi-faceted assessments Employee input Rigorous management of performance and potential Implementation Multiple methods of leadership development Measure leader results Accountability - Quarterly and semi-annual CEO reviews of progress Track key metrics
- 10. Aligning succession planning with business imperatives Integrity Personal Capability Results Interpersonal Skills Leadership Building Winning Teams Examples Quality Service Commitment $2.5B Consumer Products Company Strategic Leadership Achieving Results Personal Leadership Interpersonal Skills Personal Capabilities Team Effectiveness Examples Focus on the needs of retail and foodservice customers Develop brand strength and products that meet consumers’ and customers’ needs Invest in bakeries and people Grow through acquisitions Encourage an atmosphere that builds teamwork and embraces diversity To increase the value of the company Vision Strategic Objectives Leadership Competencies Guiding Principles
- 11. CEO INVOLVEMENT IS CRUCIAL TO SUCCESS!
- 12. Broadcast competencies Financial Acumen Talent Development Teamwork Effectively manages full P&L. Grows the bottom line by both increasing revenue and controlling costs. Gives proportional attention to both the Sales and Operations side of management. Analyzes financial data to solve problems and identify opportunities. Helps others improve their financial acumen. Diagnoses others’ development needs. Creates development plans for others. Monitors and assesses progress toward completing development plans. Arranges for staff development needs (e.g., time, budget, approval). Subordinates personal goals to those of the team. Actively participates in team activities. Supports, not competes, with team members. Willingly offers to help others without waiting to be asked. Shares credit with others. Identifies with the team and is proud to be known as a team member.
- 14. Employee input
- 15. Top talent Top-grading priorities Leadership Issue / future top-grading possibilities Seasoned Pros Rigorously manage performance Results Against Plan- the “What” Exceeds Expectations Meets Expectations Does Not Meet Expectations Does Not Meet Expectations Exceeds Expectations Meets Expectations Leadership Behaviors - the “How”
- 16. How leaders develop CCL Research Experience Full job change Job restructure based on development needs Exposure Special projects and assignments Feedback & Coaching 360 feedback and coaching Coaching by a skilled manager Education & Training Motivated self-development Coursework Value
- 17. Individual Leader Effectiveness Leading Effective Teams Leading Effective Organizations Exposure and Assignments Coaching High potential development
- 18. Senior leader accountability Promotable Seasoned Pro Hold in Place Too New Manage Out
- 19. Measure and track leader results 360 Engagement
- 20. Measure and track leader results
- 21. Track key metrics Results Strength of leadership: 95+% meet or exceed objectives Year-over-year diversity improvement 90+% of positions with strong back-ups 95+% retention of top performers Process Development plans in place for all leaders 100% of low performers on improvement plans
- 22. What 3 best practices would be most impactful in your company? Business Alignment Linkage of succession planning to the business imperatives CEO presence and involvement HR Functional Excellence Broadcasting leadership “How–To’s” Multi-faceted assessments Employee input Rigorous management of performance and potential Implementation Multiple methods of leadership development Measure leader results Accountability - Quarterly and semi-annual CEO reviews of progress Track key metrics
- 23. Where to begin…… Future state – What does your business plan require in terms of numbers of new leaders and types of leaders? What happens in an emergency? Current state – What do you really have on your bench? How are they getting groomed and prepared to lead? What are your successes and key challenges? Game plan – What specific actions steps, timelines and accountabilities will protect the assets of the company?
- 24. CPS Contact Information Please send feedback or questions to: Dave Brookmire – 404-593-5001 [email_address] www.cpstrat.com
- 25. Representative Clients Copyright © 2010, Corporate Performance Strategies, All Rights Reserved