EXECUTIVE COACHING IN YOUR SUCCESSION DEVELOPMENT PLAN

EXECUTIVE COACHING IN YOUR SUCCESSION DEVELOPMENT PLAN

Michelle Payne, MCC CEO, SEE Strategies

“We’re trying to do more with less. Is this really the best use of our resources?”

Why is succession development essential today?

5/50 Crisis

Ready Now?

30% of Fortune 500 CEOs lasted less than 3 years.

2 out of 5 of new CEOs fail in their first 18 months.

Failure rate is higher when talent is hired from outside.

Failure related to leadership style out of touch with modern times

82% of new leaders derail because they fail to build partnerships

Generational Divide

Unlike their parents and grandparents, Gen-X employees do not plan on staying with one company throughout their career.

Boomers – 47+ Security from the institution Promotions based on

longevity Loyalty to the organization Wait to be told what to do Respect based on position

Gen X 35 - 46 Security from within Promotions based on

performance Loyalty to the team Challenge authority You must earn respect

What you will learn from this seminar How to identify the high-potential leaders

in your organization Tips for creating succession development

experiences Ways executive coaching can help in your

succession development program

How to identify high-potential leaders

Establish a business strategy Conduct talent review sessions Ask: What does high-potential

mean to us?

H-P Leader Competencies

Systems thinking vs.

Silo thinking

H - P Leader Competencies

Team-buildingSkills

H-P Leader Competencies

Organization-specific competencies Reflects diversity or organization/constituency?

Demonstrates technological savvy?

Communicate H - P Designations

I’m a BLUE!

Best Practices Avoid creating in-groups and

out-groups Emphasize continuing

development—not status

Manager scripts“You have the capacity to take on more responsibility so let’s talk about what that could look like. Are you interested?”

Tips for Creating Succession Development Experiences

2-phase strategy Review talent and plan actions Develop and deploy talent

Tip Keep your assessment simple.

Tip Don’t get bogged down in

the planning phase.

Tip Evaluate the outcome of your

succession program—not the process.

Tip Be realistic about

“stretch” assignments.

Ways Executive Coaching can help in your succession development program

"Executives who rise to the C-suite do so largely based upon their ability to consistently make sound decisions. However, while it may take years of solid decision making to reach the boardroom, it often times takes only one bad decision to fall from the ivory tower.” —Mike Myatt

Why good leaders make bad decisionsWe all think that we make decisions by analyzing a problem, looking at all the options, forming a strategy, and then implementing the strategy. In fact, most of us are influenced heavily by four influences that have foiled even the best leaders. —Sydney Finkelstein

4 Red Flags One plan at a time Emotional tagging Self-interest Inappropriate

attachments to people, places, and things

Safeguards Organizational Personal

86% of companies use coaches in leadership development programs

5 reasons to make executive coaching part of your development mix

Source: Larry R. Nordhagen

Provides a safe, confidential environment.

Offers a sounding board.

You are free to discuss challenges without fear of being evaluated negatively.

Source: Larry R. Nordhagen

An Executive Coach

Source: Larry R. Nordhagen

Provides perspective.

Provides resources Pushes you.

Will challenge you to stay focused on your goals, be accountable, and explore new ideas.

Secrets to coaching your High-Potential Leaders

Summary Thriving companies make

succession development a priority investment.

Executive coaching can play a major role in developing your high-potential leaders.