The primary objectives for and deliverables of a Succession Planning program are to:
- Sustain the business through a deliberate and systematic effort to anticipate and ensure leadership continuity in key positions
- Retain and develop the organization's high potential [HiPos]
Encourage individual development by:
- Identifying career paths
- Conducting formal performance appraisals
- Providing daily coaching
- Creating Individualized Development Plans [IDPs]
WHY SHOULD YOU ATTEND?
Fortune 500 companies and small family businesses share a business need - ensuring they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is ensuring his/her business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises Succession Planning is a:
- deliberate, systematic process of anticipating the need for talent and ensuring that the
- necessary employee competencies and experience are available when needed in the future
a strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting its future needs
Not having a Succession Plan can be costly and sometimes disastrous; it is expensive to recruit, interview, select, on-board, and train a new leader and significant opportunity costs are incurred when a key job is not being performed.
AREA COVERED
I. Succession Plan Defined
- A deliberate, systematic process of anticipating the need for talent and ensuring that
- the necessary employee competencies and experience are available when needed
- A strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting the organization’s future needs
II. Objectives and Benefits of Succession Planning
- Sustain the business through a systematic effort to ensure leadership continuity in key positions
- Attract, retain & develop high potentials [HiPos]
Encourage HiPos development by:
- Identifying career paths
- Conducting performance appraisals
- Providing daily coaching
- Creating Individualized Development Plans [IDPs]
- Holding Talent Review meetings
III. Tools and Processes Commonly Utilized for Developing and Implementing
- Self-appraisals and career goals
- Performance appraisals, 360 feedback, and ratings
- Assessment instruments
- GE grid
- Individual development plans [IDPs]
- HiPo talent development interventions
- Talent review meetings
IV. What an Organization, its Leaders, and the Program Participants Need to Do to Achieve an Effective Plan
What an organization needs to do:
- Supply funding/budget
- Establish a sharp vision and guidance for the program
- Develop a formal, written program
- Announce the objectives of the program to all employees
- Ensure that all leaders and managers support the program
What the leaders need to do:
- Have job descriptions developed for their teams
- Conduct effective, formal performance appraisals
- Identify employee developmental areas
- Share their knowledge and experience
- Involve employees in more of the leader's responsibilities
- Facilitate the completion of IDPs for all Hi Pos
What the program participants need to do:
- Conduct self-appraisals
- Identify their desired career paths
- Learn as much as they can about potential future assignments
- Perform to their capabilities
- Complete their IDPs
- Develop the employees reporting to them – so they have successors
V. Potential Measures of the Program’s Success
- Whether there is, at least, one successor for each key position
- Having developmental goals and IDPs established for each successor
- Determining how much of their manager’s job the successors can perform
- Determining whether successors can perform their manager’s jobs when they are unavailable and evaluating their performance during those times
LEARNING OBJECTIVES
- Understand what succession is
- Look at a succession plan from both a macro & micro level
- Learn the value & objectives of succession planning
- Discuss multiple tools & processes for developing a succession plan
- Identify the individual roles of the organization, its leaders & the program participants
- Be able to utilize several metrics to gauge the effectiveness of your plan
WHO WILL BENEFIT?
- HR Professionals New to the Field - seeking a comprehensive view of the subject with multiple application initiatives
- Experienced HR Professionals - seeking a refresher
- Leaders and Managers - interested in understanding how a Succession Plan benefits an organization
- SHRM Associations
- HR Groups on LinkedIn
- Any Professional Manager Groups/Associations
Fortune 500 companies and small family businesses share a business need - ensuring they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is ensuring his/her business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises Succession Planning is a:
- deliberate, systematic process of anticipating the need for talent and ensuring that the
- necessary employee competencies and experience are available when needed in the future
a strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting its future needs
Not having a Succession Plan can be costly and sometimes disastrous; it is expensive to recruit, interview, select, on-board, and train a new leader and significant opportunity costs are incurred when a key job is not being performed.
I. Succession Plan Defined
- A deliberate, systematic process of anticipating the need for talent and ensuring that
- the necessary employee competencies and experience are available when needed
- A strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting the organization’s future needs
II. Objectives and Benefits of Succession Planning
- Sustain the business through a systematic effort to ensure leadership continuity in key positions
- Attract, retain & develop high potentials [HiPos]
Encourage HiPos development by:
- Identifying career paths
- Conducting performance appraisals
- Providing daily coaching
- Creating Individualized Development Plans [IDPs]
- Holding Talent Review meetings
III. Tools and Processes Commonly Utilized for Developing and Implementing
- Self-appraisals and career goals
- Performance appraisals, 360 feedback, and ratings
- Assessment instruments
- GE grid
- Individual development plans [IDPs]
- HiPo talent development interventions
- Talent review meetings
IV. What an Organization, its Leaders, and the Program Participants Need to Do to Achieve an Effective Plan
What an organization needs to do:
- Supply funding/budget
- Establish a sharp vision and guidance for the program
- Develop a formal, written program
- Announce the objectives of the program to all employees
- Ensure that all leaders and managers support the program
What the leaders need to do:
- Have job descriptions developed for their teams
- Conduct effective, formal performance appraisals
- Identify employee developmental areas
- Share their knowledge and experience
- Involve employees in more of the leader's responsibilities
- Facilitate the completion of IDPs for all Hi Pos
What the program participants need to do:
- Conduct self-appraisals
- Identify their desired career paths
- Learn as much as they can about potential future assignments
- Perform to their capabilities
- Complete their IDPs
- Develop the employees reporting to them – so they have successors
V. Potential Measures of the Program’s Success
- Whether there is, at least, one successor for each key position
- Having developmental goals and IDPs established for each successor
- Determining how much of their manager’s job the successors can perform
- Determining whether successors can perform their manager’s jobs when they are unavailable and evaluating their performance during those times
- Understand what succession is
- Look at a succession plan from both a macro & micro level
- Learn the value & objectives of succession planning
- Discuss multiple tools & processes for developing a succession plan
- Identify the individual roles of the organization, its leaders & the program participants
- Be able to utilize several metrics to gauge the effectiveness of your plan
- HR Professionals New to the Field - seeking a comprehensive view of the subject with multiple application initiatives
- Experienced HR Professionals - seeking a refresher
- Leaders and Managers - interested in understanding how a Succession Plan benefits an organization
- SHRM Associations
- HR Groups on LinkedIn
- Any Professional Manager Groups/Associations
