21 st Century Succession Planning Practical Guidelines for Building the Talent Pipeline

Transcription

1 21 st Century Succession Planning Practical Guidelines for Building the Talent Pipeline HR.Com Webinar September 26, 2013 Amy Hirsh Robinson, MBA

2 Amy Hirsh Robinson, MBA Principal, Interchange Group Workforce Strategies for the New Economy Create agile workforces adaptive to change Design cost effective strategies to attract, retain & manage multigenerational talent Refine business models to address generational trends

3 The New Economy Companies will never go back to business as usual What made you successful in the past is not what will equip you to survive & thrive in the future The development of talent is a top priority 3

4 Effective Succession Planning In The New Economy Your Organization s Future Success & Legacy Depend Upon New Approaches to Succession Planning 4

5 Succession Planning Statistics 75% of executives view succession planning as top human capital challenge that could derail ability to achieve key strategic business objectives SHRM Only 50% of America s corporate boards have succession plans in place for their CEOs - McKinsey 5

6 Today s Agenda The Current State of Succession Planning Future Trends & Their Impact 6 Mega trends Emerging leadership competencies 21 st Century Succession Planning Q&A Components of a successful program 10 key pitfalls to avoid The 6 critical steps to effective succession planning 6

7 Succession Planning Today 7

8 Future Trends 8

9 #1 - Stakeholder Scrutiny 9

10 #2 - Demographic Shifts Baby Boomers Millennials Total Births (millions) Generation X 2.5 Traditionalists Dept of Health & Human Services, National Center for Health Statistics 10

11 #3 - Rapid, Discontinuous Change 11

12 #4 - Polarization 12

13 #5 - Social Media 13

14 #6 - Data Deluge 14

15 What Will Organizations Require In The Future? 15

16 New Leadership Competencies Generational savvy Multi-cultural & multi-lingual aptitude Strategic time management & prioritization Change management expertise Comfort with ambiguity Dilemma flipping ability* Immersive learning & organizing skills* *Bob Johansen, Institute for the future 16

17 New Workforce Strategies Talent planning Recruiting & onboarding Career pathing & development Succession planning 17

18 Building The Business Case Talent scarcity Loss of knowledge Low morale & retention High costs Lack of innovation Decreasing shareholder value due to uncertainty 18

19 Building The Business Case Generational expertise Involvement of corporate management in determining the goals Integration of those goals in strategic & tactical plans to attract, retain & manage the intergenerational workplace 19

20 21 st Century Succession Planning 20

21 Components of a Good Program Senior leadership participation & training Alignment with organization s strategy Clear definition of successful leadership Integration into performance management Talent management culture & mind-set Long-term perspective Keeping plans current & meeting regularly 21

22 10 Key Pitfalls To Avoid Overly complex practices Generic competency models Focusing only on executive level Lack of support by managers & key influencers Delegating full responsibility to HR Weaknesses in performance management Not consulting with potential successors Organizational silos Lack of time Not updating plans regularly 22

23 6 Critical Steps STEP 6 Track Development STEP 1 Define Scope STEP 5 Develop Talent STEP 2 Define Current Situation STEP 4 Identify Talent STEP 3 Define Future State 23

24 Step 1: Define Scope What roles are critical to the organization? How far down should succession planning reach? 24

25 Step 2: Define Current Situation What do the current positions look like? What current competencies exist? 25

26 Step 3: Define Future State What competencies are needed for the future? What gaps exist between our current talent pool & future talent needs? 26

27 Step 4: Identify Talent Who are high potential candidates? What is their level of readiness? 27

28 Step 5: Develop Talent Are development objectives aligned to meet succession requirements? What tools & resources are needed to implement development plans for individuals? 28

29 Step 6: Track Development How do we monitor & measure the success of an individual s development against their plan? What external factors serve to enhance or impede individual success? 29

30 Ready To Take Action? 30

31 Design Your Strategy 31

32 Don t Do It Alone Understand that your situation is unique in its needs, goals, cultures & strategies Seek help in designing cost effective strategies to attract, retain & manage the succession of key talent 32

33 The Value of Effective Succession Planning Reduce costs, risk & uncertainty Build agile workforces adaptive to change Create competitive advantage Ensure the success of your organization & its legacy across future generations 33

34 Thank You! Your Questions Are Welcome! Amy Hirsh Robinson Interchange Group Web: interchange-group.com Linked in: linkedin.com/in/amyhirshrobinson Telephone: