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Developing a Succession Plan
2
Why Do It?• Employees say company leadership is a key
contributor to job satisfaction, commitment and intent to stay; especially true for top talent.
• Recent surveys state that employees value most the leadership qualities of honesty and integrity.
• Only 1% of companies rate their succession management plans as excellent; two-thirds rate them as fair or worse.
3
Is this Urgent?1. Have you lost high potential talent because they didn’t
know they were on the succession list? 2. If your executive team “got run over by a bus,” would
their replacements be able to step right in and be productive?
3. Is anyone on the “top floors” or in the Boardroom worried about the status of your “talent bench?”
4. What lost opportunity costs has your organization incurred because it took a long time to replace a key leader?
Succession Planning – What it IS
5
What is Succession Planning?
A deliberate and systematic effort by an organization to ensure leadership continuity in key positions, retain and develop intellectual and knowledge capital for the future, and encourage individual advancement.
Succession Planning • Ensures that employees are recruited and/or
developed to fill each key role.!• Ensures that we operate effectively when
individuals occupying critical positions depart.• May be used for managerial positions or
unique or hard-to fill roles.• Align bench strength for replacing critical
positions.
What is “Bench Strength”? An assessment of the organization’s
preparedness to replace departing staff in critical positions. Identifying people who are ready to step into someone else’s shoes at the appropriate time under the appropriate circumstances with seamless transition.
Succession Planning – What it is Not
Succession Planning is NOT • A one time event• Decided by an individual• Used solely for individual career advancement
opportunities • Reacting only when a position becomes open• Line mangers relying solely on their own
knowledge/comfort with candidates.
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Replacement vs. Succession
• Reactive
• Form of Risk Management
• Substituting
• Narrow Approach
• Restricted
• Pro-Active
• Planned Future Development
• Renewing
• Organized Alignment
• Flexible
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Traditional vs. Future
• Driven by an annual HR procedures
• Entitlement focus –bureaucratic/buddy payback system - decided in secret
• “The list” and identified development actions, but no accountability for development
• Driven by current and future business needs
• Successors determined by an open process with multiple inputs and factors
• Development plans, development discussions and coaching with both candidate, management, mentors, and others held accountable for progress and monitoring
Steps in the process
• Phase 1: Identify Key/Critical Positions • Phase 2: Conduct Position Analysis • Phase 3: Develop Succession Plan • Phase 4: Monitor, Evaluate, Revise
Phase 1: Identify Key/Critical Positions
• Key Contributor- in achieving the organization’s mission or would hinder vital functions
• Specialized Leadership – The position requires specialized or unique expertise
• Geographic – The position is the only one of its kind in a particular location
• Vacancy- Position will be vacant due to retirement/advancement in the organization/lateral moves
Phase 2: Conduct Position Analysis
• What are the external and internal factors affecting this position?
• What competencies or skill sets will be required?
• What are the gaps (competencies or skill sets not possessed by the current staff)?
• What strategies will be used to address the gaps?
Phase 3: Develop Succession Plan The succession plan is the culmination of Phases 1 and 2. • Reviews of the individual positions and high turnover
job classes are rolled into one document and gaps and strategies are formulated at an organizational or unit level.
• The strategies to overcome the gaps are outlined to include target completion dates, responsible parties and required resources.
Phase 4: Monitor, Evaluate, Revise • Select evaluation period-typically reviewed
annually • Be prepared to respond rapidly to unforseen
changes to the plan • Status/Progress updates should be monitored
via the succession planning template and EPA’s (depends what Holly choses here)
• (Is this a good point to go into tools and add presentation of strategy?)
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Overview of Process and Tools
Assess Organizational
Risks and Develop
Strategies
Managerand Self
Evaluations Org.Strategic
Initiatives, MissionVision & Values
Determine Gap between
Actual Performance & Behaviors vs.
Required Competencies
Decision-MakingMatrix
Monitor & Track Employee’s Performance
Executive Profiles &
Organization Chart
Dev. plans focuson both strengths
And dev.areas
Determine CompetenciesFor Leadership
IdentifyKey LeadershipCandidates &
Assess Against Competencies
ProcessDesign
Process Implementation ProcessManagement
What tools will we use?
Insert Laura or Holly’s Talent Profile or readiness Assessment
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Decision Making MatrixSOLID CITIZEN PERFORMER(High Performance/Low Potential)Gets all important things doneIs a pro in his/her positionIs seen as a leader in his/her areaHas reached potentialAction Required:Continue developing in current position; is in the right job
STRONG PERFORMER(High Performance/Med Potential)Gets all important things doneMay act at level of capability of one level above current positionActs as leader and role modelExhibits many strengths or competencies beyond current roleSome leadership development issuesAction Required:Look for opportunity to display leadership in current job
STAR PERFORMER(High Performance/High Potential)Gets all important things doneActs at a level of capability of at least one level above current positionAcknowledged as a skilled leader and role modelExhibits many strengths or competencies beyond current roleHas wide spread influence beyond current roleAction Required:Stretch assignments to prepare for larger role
QUESTIONABLE PERFORMER(Medium Performance/Low Potential)Gets most important things doneIs very proficient in his/her current positionIs not seen as a leader in his/her area Action Required:Work on improving performance in current job; may be candidate for lateral move
SOLID CITIZEN PERFORMER(Medium Performance/Medium Potential)Gets most important things doneShows signs of leadership and role modelingExhibits many FCC executive competenciesMay be new in positionAction Required:Leave in current job; continue developing skills and improving performance
STRONG PERFORMER(Medium Performance/High Potential)Gets most important things doneAcknowledged as a leader and role modelExemplifies FCC executive competenciesActs at level of capability of next level in the organizationAction Required: Focus on performance short term and development opportunities long term
LOW PERFORMER(Low Performance/Low Potential)Isn’t getting most important things doneDifficulty performing to standards in his/her current positionAction Required:Consider reassignment to more appropriate position; including lower level or exit option
QUESTIONABLE PERFORMER(Low Performance/Medium Potential)Isn’t getting most important things doneCapable of making higher contributionMay be in wrong job or occupied with non-work distractionAction Required:Focus on improving performance
SOLID CITIZEN PERFORMER(Low Performance/High Potential)Isn’t getting most important things doneHas been acknowledged as a team player and role modelHas exemplified FCC executive competenciesMay be in wrong job or occupied with non-work distractionAction Required:Address root cause performance issue; worthy of investment in development
Potential
Perf
orm
ance
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Decision Making MatrixSOLID CITIZEN PERFORMER-B(High Performance/Low Potential)
JF
STRONG PERFORMER-A(High Performance/Med Potential)
LAEB
STAR PERFORMER-A(High Performance/High Potential)
BR TOEK
QUESTIONABLE PERFORMER-C(Medium Performance/Low Potential)
DS
SOLID CITIZEN PERFORMER-B(Medium Performance/Medium Potential)
EH LGTW KSDS
STRONG PERFORMER-A(Medium Performance/High Potential)
TKAG
LOW PERFORMER-Mange up or out(Low Performance/Low Potential)
QUESTIONABLE PERFORMER-C(Low Performance/Medium Potential)
SOLID CITIZEN PERFORMER-B(Low Performance/High Potential)
Potential
Perf
orm
ance
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Chart Results: Talent Summary
Participants
Integration and
Balance
Manage-ment
of Budget
Market Knowledg
e
Technology
andBusiness Methods
Strategy and
Planning
Participant 1
Participant 2
Participant 3
Participant 4
Participant 5
Participant 6
Participant 7
Participant 8
Participant 9
Participant 10
Participant 11
Participant 12
Participant 13
Cross Boundary
Perspective
Drive for Results Adaptability
Organization
Alignment
Communiactionand
Influence
Develops Self and Others
Functional Competencies Leadership Competencies
This graphical representation is a comparison of each individual’s performance by competency (each row on the vertical axis represents an individual's score).
- Exceeds Standards - At Standard - Needs Development
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For thought• It is an ongoing process where the players will
change continuously• It is a strategic effort that utilizes inputs from
multiple sources• The organizational direction may also change,
so be flexible• Competencies need to be constantly
monitored to ensure they are measuring what you want to measure
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Refining the Program• Prepare a program action plan • Communicate the action plan• Conduct Succession Planning meetings at
leadership level initially• Training on Succession Planning