Succession Planning: Developing and Retaining Your Best. Presented by: Victor Assad

Transcription

1 Succession Planning: Developing and Retaining Your Best Presented by: Victor Assad

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3 HOUSEKEEPING CREDIT QUESTIONS TOPIC

4 HOUSEKEEPING Certificates delivered by no later than 12/1/17 Be watching using YOUR unique URL for login Stay on the webinar, online for the full 60 minutes. The use of this seal confirms that this activity has met HR Certification Institute's (HRCI ) criteria for recertification credit pre-approval. Recertification Credit Hours Awarded: 1 Specified Credit Hours: HR (General) recertification credit hours toward aphr, PHR, PHRca, SPHR, GPHR, PHRi, SPHRi recertification through HR Certification Institute's (HRCI ). For more information about certification or recertification, please visit the HR Certification Institute website at Recertification Credit Hours Awarded: 1 Specified Credit Hours: HR (General) recertification credit hours toward aphr, PHR, PHRca, SPHR, GPHR, PHRi, SPHRi recertification through HR Certification Institute's (HRCI ). For more information about certification or recertification, please visit the HR Certification Institute website at

5 Today s Presenter Victor Assad Victor Assad is a Managing Partner of InnovationOne and the CEO of Victor Assad Strategic Human Resources Consulting. With over 25 years of experience, Victor has been an active member of executive business teams and leader of human resources organizations in fast growth, hightechnology, global businesses with Honeywell and Medtronic. Masters of Arts degree in human resources and industrial relations from the University of Minnesota. Executive certificates from Harvard and Kellogg.

6 What You Will Learn 1. The empirical research behind identifying the best 2. How to set up an ongoing process for succession planning 3. The tools you will need 4. How to make it relevant for your organization 5. How to succeed

7 Succession Planning Defined

8 Talent & Capability Strategy Business Vision Mission & Purpose Culture Business Strategy Customer Feedback External Environment Laws & Regulations Workforce Employment seekers Contingent/Platforms AI & Digital Technology Organization & Workforce Analytics Surveys & Sensing Sessions Demographics Competencies Models, Measures, Metrics Artificial Intelligence Leadership & Succession Planning Org. Learning & Capability to Change Employer Branding & Recruiting Talent & Capability Strategy Measure and Monitor Performance Management & Rewards Innovation Culture Results Aligned & engaged employees Successful strategy execution Improved performance Improved returns to shareholders

9 Poorly deployed process Only 54% of Boards are grooming a specific CEO successor* 39% have no viable candidate to replace the CEOs* Up to 40% of new CEOs fail to meet performance expectations in the first 18 months.** Certain firms are CEO Factories : GE, P&G, and IBM What are they taught: Good general management practices Lead across various industries and functions. *David F. Larker and Stephen A. Miles (June 2010), 2010 CEO Succession Planning Survey, Heidrick and Struggles and Stanford University **Eban Harrell (Dec. 2016), Succession Planning: What the Research Shays, Harvard Business Review

10 CEO Factories Certain firms are CEO Factories : GE, P&G, and IBM* What they are taught: Good general management practices How to inspire and lead teams. Persistence Operating mechanisms Lead across various industries and functions Tend to implement what has worked for them Raises questions about leading in new industries/circumstances *Ye Cai, et. al, June 8, 2015), Are They Different? CEOS Made in CEO Factories, Leavey School of Business, Santa Clara University

11 High Potential vs. High Performance How do you define potential? Competencies by leadership/technical level Problem of culture fit Problem of unconscious bias Stability vs. need for speed, adaptability, and innovation The increasing perceived importance of outsiders Business context: industry, start up, turn around, restructuring, growing existing business

12 Six Leadership Passages* What to stop doing? What skill do you learn? *Ram Charan (2012) Leadership Pipeline

13 Succession Planning Begins with 1 st Passage Begins with 1 st level management & technical talent Defined competencies Ongoing learning and challenging assignments Career development Mentors Retains your best

14 Three Components of Potential Foundational Dimensions: Most stable consistent components Growth Dimensions: Facilitate or hinder growth Career Dimensions: Early indicators of later career skills

15 Three Components of Potential* Foundational Dimensions: Mostly stable consistent components Cognitive Conceptual or strategic thinking Cognitive abilities (Not genius!) Dealing with complexity/ambiguity Personality & Emotional Intelligence Interpersonal skills, sociability Dominance Emotional stability, resilience *Rob Silzer and Allan H. Church, The Pearls and Perils of Identifying Potential, Industrial and Organizational Psychology, 2 (2009), pp

16 Three Components of Potential* Growth Dimensions: Facilitate or hinder growth Learning Adaptability Learning orientation Openness to feedback Motivation Drive, energy, achievement, resiliency Career ambition Risk taking, results orientation *Rob Silzer and Allan H. Church, The Pearls and Perils of Identifying Potential, Industrial and Organizational Psychology, 2 (2009), pp

17 Three Components of Potential* Career Dimensions: Early indicators of later career skills Leadership Leadership capabilities, managing people Developing others Influencing, challenging status quo, change Performance Performance record career relevant Career experiences Knowledge and values Technical/functional skills and knowledge Cultural fit career relevant values and norms. Be careful! *Rob Silzer and Allan H. Church, The Pearls and Perils of Identifying Potential, Industrial and Organizational Psychology, 2 (2009), pp

18 What companies do to develop high potentials Potential in organizations is qualified as follows: 1. By Role: Ability to rise to CEO, business leader, or top functional role 2. By Level: Two levels above current role 3. By Breadth: Broader scope and leadership 4. By Technical Competence Rob Silzer and Allan H. Church, The Pearls and Perils of Identifying Potential, Industrial and Organizational Psychology, 2 (2009), pp

19 How to make it relevant in your company?

20 Tools You Will Need

21 How to succeed? Involve relevant stakeholders Certainly the Board Relevant funders Robust talent management process Use relevant and predictive tools Start early

22 QUESTIONS Enter your questions into the Questions section of the GoToWebinar panel on your computer screen

23 HOUSEKEEPING Certificates delivered by no later than 12/1/17 Be watching using YOUR unique URL for login Stay on the webinar, online for the full 60 minutes. The use of this seal confirms that this activity has met HR Certification Institute's (HRCI ) criteria for recertification credit pre-approval. Recertification Credit Hours Awarded: 1 Specified Credit Hours: HR (General) recertification credit hours toward aphr, PHR, PHRca, SPHR, GPHR, PHRi, SPHRi recertification through HR Certification Institute's (HRCI ). For more information about certification or recertification, please visit the HR Certification Institute website at Recertification Credit Hours Awarded: 1 Specified Credit Hours: HR (General) recertification credit hours toward aphr, PHR, PHRca, SPHR, GPHR, PHRi, SPHRi recertification through HR Certification Institute's (HRCI ). For more information about certification or recertification, please visit the HR Certification Institute website at

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