Succession Planning Leading the Way: Cultivating Future Executive Directors

Transcription

1 Succession Planning Leading the Way: Cultivating Future Executive Directors Presented by: Lynda Small, Regional Human Resources Director & Adam Funk, Life Care Services, Administrator

2 Objectives of Today s Presentation 2

3 Succession Planning

4 7 Step Succession Planning Process 1. Key Roles with Competencies & Replacement Timeframe 2. Successors with Development Plan & Successor Ready Timeframe 3. Institute Internal Programs Focused on Talent Development 6. Measure Results with Surveys & Other Tools 5. Monitor the Plan by Discussing Weekly 4. Interviewing & New Employees are baked into the Succession Plan 7. Maintain Momentum!!

5 What is Step #7 of Succession Planning? Maintain Momentum

6 Step #1 = Key Roles & Tools BUT. Before we can take the first step we have to enlist the Department Head team

7 Who does the work? What is it? Succession Planning Buy-In When do we see results? Where do we start? Why is it important?

8 1.Identifying Key Roles 7. Maintain Momentum!! 2. Identifying Successors 6. Measure Results Succession Planning Process 3. Talent Development Programs 5. Monitor Weekly 4. Interviews & New Hires Are Part of the Plan

9 On average it takes 25.7 days to fill a position according to Dice-DFH Vacancy Duration Measure, and 42.6 days to fill a healthcare job at a cost of 6 to 9 months wages according to SHRM. For a supervisor making $40,000 a year, that's $20,000 to $30,000 in recruiting and training expenses.

10 Other studies predict the cost is even more - that losing a salaried employee can cost as much as 2x their annual salary, especially for a high-earner or executive level employee, which emphasizes the importance of improving your talent bench strength and ability to generate talent on demand.

11 1,407, If the average turnover in LTC is 35% & the average # of employees in a community is 200 = 70 employees turnover in a year 70 employees x 7 months wages & 2 employees x 2 years wages = 62 line staff at $12.00/hr = $902, LPN s at $45k/yr = $131, Activities Coordinator at 40k/yr = $23,333 1 Housekeeping Director 60k/yr = $120, Administrator at $115k/yr = $230, TOTAL STAFFING COST = $1,407,045.00

12 According to the Studer Group, "A survey of 610 CEOs by Harvard Business School estimates that typical mid-level managers require 6.2 months to reach their break-even point.

13 First month or so, a new employee is at about 25% productivity, so lost productivity is 75% of the employee's salary, according to Bliss Weeks 5 12 it goes up to 50% productivity, 50% of employee salary. Weeks 13 20, 75% productivity rate, cost of 25% of employee salary. Approximately 6 months, full productivity

14 Employee Retention BUY IN More $ in your budget Employee Engagement Focus on Development vs. Discipline Employer of Choice 14

15 Fishing for talent off of the company pier makes good business sense!

16 On average, how many days does it take to fill a health care position? 42.6

17 The Department Heads are enlisted and ready for deployment: Step 1 Key Roles & Tools

18 Step #1 = Key Roles & Tools The next step is deployment to Key Role assessments. Current Organizational Chart Critical Position Assessment Tool by Doris Sims Job Requirements Matrix Identify Key Roles within the Organization Establish the most critical needs within the Key Roles Identify key competencies

19 Step #1 = Key Roles & Tools Use current organizational chart Your Organizational Chart Identify key roles Get team consensus

20 Step #1 = Key Roles & Tools Blue book page 66 Identifying Critical Positions Succession Planning - Critical Position Assessment Tool Use the scale below to rate each category, to identify the most critical positions to consider for succession planning. High/Significant = 6 Moderate = 3 Low = 1 Title of Position Business Impact Level External Recruiting Difficulty Level Difficulty Level Finding Internal Successors Cost of External Recruiting for Position % of High Vacancy Risk Employees in Position Succession Plan Focus Rating Director of Nursing

21 Step #1 = Key Roles & Tools Tasks Job Requirements Matrix KSAs Specific Tasks Task Dimensions Importance (% of time) Nature Importance to tasks (1-5) Arrange schedules with office assistant to ensure that office is staffed. Supervision 30% Knowledge of office policies and operations. 4.9 Assign office tasks to office assistant and volunteers. Supervision Knowledge of office policies and operations. Type/transcribe letters, memos and reports. Word processing 20% Knowledge of typing formats and software. 3.1 See Exhibit 4.3 on page 151 of Heneman and Judge, Staffing Organizations, SHRM 2009

22 What is the first tool I named for identifying key roles? Your Organizational Chart

23 Now that we know our Key Positions, it s time for the next deployment: Step 2 Identifying Successors

24 Step #2 = Successors & Tools The next deployment is assessing the talent pool. Nine Box Tool Talent Profile Development Plan Successor Ready Organizational Chart Measure an Individual s Performance and Potential Create a Resume of Successor Ready Staff Members Plan for Talent to Gain Needed Competencies Identify Successor Ready Timeframes

25 Step #2 = Successors & Tools Joyce June Jeanne Jamie Jamie is a 9 Jason Justin Janet John Jim Jill Julia Jennifer Joe Janelle Jack Jacob

26 Step #2 = Successors & Tools Talent Profile Career Goals Educational pursuits Define a career path within the organization Identify skill gaps and create a development plan, together, to obtain the needed skills Monitor and celebrate developmental achievements Ongoing motivation, encouragement and communication

27 Step #2 = Successors & Tools Comparing Talent Profiles

28 Step #2 = Successors & Tools Development Plan

29 Successor Ready Now Step #2 = Successors & Tools Successor Ready Organizational Chart Executive Director Successor Ready months Successor Ready 36+ months No Internal Successor Administrator Director of Plant Operations Director of Accounting Director of Resident Health Services Director of Food & Beverage Director of Nursing Director of Marketing & Sales Director of Human Resources Director of Community Life Services Director of Environmental Services

30 What is the first tool I named to help identify successors? 9 Box Tool

31 The two biggest steps have been completed, it s time for Step 3 Implementing Talent Development Programs

32 Step #3 Implement Talent Development Programs

33 Name one talent development program. Tuition Reimbursement, Resident Education Fund, Leadership Program, Other

34 Step # 4 Hiring and Retaining Rock Stars!

35 Step #4 = Include Interviews & New Hire s Interviewing Includes: New Hire Induction Includes: Future Aspirations Educational Pursuits 90 Day Review Includes Successor Potential Assessment Annual Review Includes Successor Potential Assessment Career Goals Development Plan if Applicable

36 What is Step #4 of Succession Planning? Include Interviews and New Hires in the Succession Plan or Hire & Retain Rock Stars

37 The plan IS working

38 LCS Professional Development Program

39 People will forget what you said, people will forget what you did, but people will never forget how you made them feel. ~ Maya Angelou

40 What is the name of the program that I just described? Professional Development Plan

41 The plan is in motion, it s time to Monitor & Measure Results Steps 5 & 6

42 Step #5 = Monitoring the Succession Plan Key Roles Has the timeframe for needing a Successor changed? Have any key competencies changed? High Performers Is the Successor on task with the Development Plan? Any new Successors on the radar? Tweak the Plan & Communicate with Steak Holders

43 Step #5 = Monitor Plan - Discuss Weekly & Tweak Plan as Needed It Becomes an Essential Part of the Work Culture Not a one-time exercise

44 Step #6 = Measuring Success Improved Resident Satisfaction Surveys Increased Retention Improved Employee Engagement/Satisfaction Surveys Exit Interviews Positive Variance on Financials Employer of Choice

45 What is Step #5 of Succession Planning? Monitor the Succession Plan, Discuss Weekly

46 Step 7 Making it GREAT

47 Step #7 = Maintaining Momentum Key Roles Successors Talent Development Programs Interviewees & New Hires Monitor Plan, Discuss Weekly Measure Results All the above = Optimum Momentum!!

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49 What is the full title of this presentation? Succession Planning Leading the Way: Cultivating Future Executive Directors

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