CORPORATE LEADERSHIP COUNCIL JULY 2005

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1 CORPORATE LEADERSHIP COUNCIL JULY LITERATURE Integrating Performance Management and Talent Review Processes Finding 1: Performance management involves the entire workforce, including tasks such as enhancing employee development and aligning the workforce with strategic business goals, whereas succession management typically focuses on the performance and potential of a small percentage of the workforce to meet the company s sourcing needs for senior leadership. Performance Management Trend: Emphasize Employee Development in Performance Management Published literature and profiled companies demonstrate a trend toward designing performance management systems that place a greater focus on employee development in order to engage employees and build a high performing workforce. This may be accomplished by designing programs that have the following features: 3 Clear expectations Rewards for high performance Ongoing coaching Purpose: Improve both productivity and employees Research reveals that the purpose of performance management is to improve the productivity of the entire workforce through the following processes: 1 Aligning the workforce with business strategic goals Clarifying performance expectations Coaching poor performers up or out of the organization Enhancing employees lives through career development Identifying performance gaps and successes Monitoring progress Providing a structure in which managers can set objectives, determine a plan of action to meet objectives, and discuss performance Retaining solid performers Rewarding contributions and accomplishments Rewarding top performers Practice: Provide frequent informal feedback Council research of 149 companies finds that performance reviews primarily take place annually (74.5%) or biannually (20.8%). Furthermore, over 50% of organizations encourage either quarterly or daily informal feedback. The performance management process usually involves the following elements: 2 Formal written appraisals (95.2% of surveyed companies) Formal annual feedback sessions (93.9%) Development of individual development plans (92.5%) Informal ongoing feedback (90.5%) Performance-based compensation (90.5%) 3 Talent Review/Succession Planning Purpose: Develop future leadership The purpose of succession planning is to develop plans that meet the needs of an organization for senior managers and executives. Succession planning involves the following processes: 4 Assessing potential candidates against job and personal requirements Creating individual development plans Identifying and analyzing key positions Selecting the key people to prepare for assignment to the key positions Practice: Target high-level executives The Council s 2003 Succession Management Survey reveals that 89% of 276 organizations have a succession management system in place, and that these organizations succession activities target employees in the top three to four levels (e.g., executive vice presidents, vice presidents). 5

2 CORPORATE LEADERSHIP COUNCIL PAGE 2 Finding 1 (Continued) Key Finding: Tools Used to Assess Potential The Council s 2003 Succession Management Survey reveals companies use the following three primary tools to identify and assess potential leaders: 7 1. Manager recommendations (76%) 2. Past performance ratings (73%) 3. Talent reviews (72%) Case study: Talent Review Process The following figure details the talent review process at an insurance company from the Council brief Succession Management at Small Organizations. The review process includes formal interviews and the ranking of each leader on potential and performance criteria, as illustrated below: ,11 Company L Figure 1: Formalized Leadership Pipeline Process Industry: Insurance Revenues: Less than $2 billion Employees: Less than 5,000 BACKGROUND: NEED TO SCREEN POTENTIAL SUCCESSORS In order to conduct a balanced and rigorous screening of individuals to consider as part of its leadership pipeline, Company L created a formalized talent assessment process. The company launched a formal review of all its top 170 leaders using this new criteria in November ACTION: CREATE FORMAL ASSESSMENT PROCESS TO IDENTIFY POTENTIAL Company L rates its top 170 leaders from the vice president level down through the director level on both performance and potential criteria. Provided below is a brief description of this criteria and how HR conducted the assessment: Step 1: Interview Managers Step 2: Determine Rating Step 3: Identify Successors Trend: Dig Deeper for Talent Research reveals that companies are expanding the talent pool and incorporating development components to succession planning programs, as detailed below: 8,9,10,11 Transition to an integrative approach Use a systematic, integrated approach that incorporates both succession planning and development for executives Identify HIPOs at all employee levels Identify talent at all levels of the organization and begin development as early as possible to promote an individualized career path Create HIPO talent pools Create HIPO talent pools to increase leadership bench strength and potentially link overall succession planning processes VP of Administration interviews all 170 leaders managers and their direct reports. Sample criteria include the following: Demonstrates sound decision-making Effectively leads change Fast and continuous learner Independent thinker Interviewees and VP of Administration rate each leader on potential and performance criteria on a scale of 1-5, as follows: 1 = 5 th percentile 2 = 15 th percentile 3 = 50 th percentile 4 = 85 th percentile 5 = 95 th percentile RESULTS: OBJECTIVE SELECTION OF CANDIDATES FOR SUCCESSOR POOLS Based on the joint manager-hr assessments, a number of leaders were recommended for promotions in Company L plans to continue this assessment process in 2004, amending certain aspects of it (e.g., using a panel of interviewers to ensure ratings consistency) to improve its effectiveness. Linking Performance Management and Succession Planning Ratings for performance and potential criteria are averaged and then added together; this number indicates the leader s readiness for movement. Research reveals that companies often utilize performance reviews to help identify and manage their top talent for succession planning. For example, Company B, a health care products company profiled in past Council research, uses information from its annual performance reviews for its talent review process, where the company identifies and manages the top 10% of its talent Company B follows the talent review process described below and uses performance reviews to continually manage the performance and development of the identified talent.: Supervisors nominate top talent to managers, who nominate their choices to directors, who then nominate their choices to the VP of the division. 2. Functional leaders have a discussion with the head of HR, VP of Global Talent Management, and the CEO about the top talent (their potential, performance, and leadership qualities) and how they tie into the organizational goals, talent outlook, and succession plans. 3. Managers discuss the output of the discussion with employees. Company B openly communicates with employees if they are deemed as HIPO or key talent to drive employee development planning.

3 CORPORATE LEADERSHIP COUNCIL PAGE 3 Finding 1 (Continued) Utilize IDPs for succession management A 2002 Council brief, Supporting Employee Development Through Performance Management, reveals that profiled companies use the development section of the performance evaluations to help with succession planning, which may include IDPs, skills to be developed, etc. For example, one profiled company includes a potential assessment section on the review form, in which employees are rated on the following criteria: 13 Need for new position due to reaching performance threshold Potential for lateral move or promotion within current stratum Potential for promotion in next three years Finding 2: Companies integrate performance management and succession management by developing a talent management process that encompasses all stages of the employee lifecycle. This may be accomplished through an automated online system that allows companies to access and connect information from recruiting to performance evaluations to talent reviews and through integrated HR roles that involve multiple functions, such as staffing, and training and development. Connect talent management processes To adequately recruit and develop best-fit employees, companies may wish to develop a talent management approach that encompasses the entire employee lifecycle, from recruiting to performance appraisals to development. Companies often accomplish this integration by leveraging online tools, as exemplified by Company C s integrated talent management system described below: 14 Figure 2: Integrated Talent Management System Step 1: Recruiting RecruitMax system captures candidates résumés and interview data and helps recruiters identify individuals with the appropriate skills and competencies. Step 2: Performance Appraisal PM system allows managers to assess employees goals and self-reviews and to weigh and score each objective. The system then calculates rating scores. Step 4: Development Planning A learning management system provides employees real-time solutions for identified areas of development (e.g., training, classes, books) Step 3: Compensation Planning Review scores automatically feed into MeritNet, the compensation planning system. Managers access the system to finalize merit and bonus adjustments. Integrate HR roles Research by the Recruiting Roundtable, a sister program of the Council, reveals that to better manage the employee lifecycle, Duke Energy integrates staffing with training and development but separates strategy setting from implementation. This organizational structure creates a single process owner for the full employee lifecycle on the service delivery side, with staff in the implementation unit handling both staffing and training and development tasks. As a result, tasks are clearly defined and divided, which prevents the duplication of efforts. The separation of HR roles is detailed in the table below: 15 Table 1: Duke Energy s Taxonomy of HR Activities Strategy and Policy Implementation Staffing Talent acquisition strategy Strategic workforce planning Employment branding Sourcing Selection Schedules and logistics Contract management Training and Development Training and Development strategy and design Workforce development policies Enrollment Delivery and fulfillment Schedules and logistics Contract management

4 CORPORATE LEADERSHIP COUNCIL PAGE 4 Finding 3: Research reveals that providing training and resources to managers allows companies to standardize the performance management process and hold managers accountable for employee development. Companies can also promote manager-led development by linking employee performance to merit increases and implementing technology that facilitates the maintenance of development plans. Additional Training Resources In addition to training, companies provide guidelines, resources, and tools to help managers evaluate employees. These tools may include the following: 17 Articles Best practice resources Formal, written statements of policies/guidelines Glossary of terms Hotlines/Help Desk support HR partner contact information Legal information Online performance management tools Performance management handbook Performance management training guides Standardize process through training Proper manager training sets expectations and provides guidelines for the performance management and employee development process. Council research reveals companies focus more on training managers for the skills necessary for assessing employees than on training managers to use the system as an effort to promote employee development. The following table details the types of performance management modules companies offer to managers: 1617 Table 2: Performance Management Training Modules Goal-Setting and Goal-Reviewing Communicating and understanding cascaded objectives Ensuring employee goals are challenging and specific Helping employees develop their careers and create development plans Writing individual objectives that are aligned to organizational strategy Giving and Receiving Feedback Responding to employee reactions to feedback Understanding key concepts and actions for giving and receiving feedback Using different methods to give both positive and negative feedback Coaching and Developing Employees Assessing gaps in employee performance and generating solutions Learning skills to assist direct reports to achieve and create development goals Motivating and challenging employees Assessing and Rating Performance Collecting and analyzing data to determine a performance rating Understanding rating criteria and ensuring consistent and fair ratings Managing annual performance discussions Recognizing the process and guidelines for assessing and rating performance Writing robust and actionable reviews Career Guidance Discussions In addition to providing manager training, companies should encourage and support managers in conducting career guidance discussions with employees, which can improve employee retention and business success. Past Council research indicate that managers and employees share joint responsibility for these discussions. While employees are responsible for initiating the discussions and considering their strengths, development areas, and goals, managers should provide employees with guidance, feedback, and support throughout the discussion process. Career guidance discussions should address the following four core topics: Assessment of strengths and development areas 2. Evaluation of development goals 3. Identification of development opportunities 4. Creation of action steps and development timeline

5 CORPORATE LEADERSHIP COUNCIL PAGE 5 Finding 3 (Continued) Assess managers on employee development Companies can increase managers accountability for employee development by incorporating people management responsibilities in their annual goals and compensation. For example, PepsiCo introduced a dual rating system which evaluates manager performance against people and performance management targets (People Results) as well as business objectives (Business Results). The People Results rating is comprised of the following areas of accountability: Table 3: Composition of People Metrics at PepsiCo Dual Rating Measurements at PepsiCo PepsiCo s dual-rating system measures the following components of Business Results and People Results: 20 Business Results Financial targets Product development Revenue goals People Results Personal development Team leadership Teamwork Managing Your People Teamwork Personal Development Accountability Areas Organizational Results Establishess Priorities Builds Talent Inclusion Motivates Others Collaboration Supports Others Personal Development Measurement Considerations Sets challenging but obtainable performance goals Builds a sense of urgency in the team Translates organizational goals into actionable individual objectives Helps others understand their role Provides constructive, actionable feedback and coaching Designs work assignments to promote the development of employees Attracts and hires people who have a positive impact Builds bench strength for key positions Promotes diversity as a business imperative; takes specific actions to drive it Fosters diversity hiring, promotion, and turnover Contributes to an inclusive culture Creates energy and excitement around shared goals and values Builds team commitment Works constructively with other functions or departments Increases effectiveness as a team member Shares content knowledge or best practices Recognizes and celebrates the contributions and achievements of others Actively participates in making the company a great place to work Improves personal effectiveness Achieves progress against personal development objectives Use online tools to connect performance to objectives Research reveals that online performance tools enable companies to effectively demonstrate the relationship between an employee s performance and the success of the business. This is possible through tracking and reporting capabilities built into the online performance management system to ensure business unit head accountability, as described below: 21 Case example: Online reporting and tracking A previously profiled company built reporting and tracking capabilities into its online system and tools explicitly to allow business units to monitor the performance process. These reports provide data that allow business units to determine how many employees within a certain function have performance objectives or a development plan. The data can be cut for all management levels to ensure accountability at all levels. 22

6 CORPORATE LEADERSHIP COUNCIL PAGE 6 Professional Services Note The Corporate Leadership Council (CLC) has worked to ensure the accuracy of the information it provides to its members. This project relies upon data obtained from many sources, however, and the CLC cannot guarantee the accuracy of the information or its analysis in all cases. Furthermore, the CLC is not engaged in rendering legal, accounting, or other professional services. Its projects should not be construed as professional advice on any particular set of facts or circumstances. Members requiring such services are advised to consult an appropriate professional. Neither Corporate Executive Board nor its programs are responsible for any claims or losses that may arise from any errors or omissions in their reports, whether caused by Corporate Executive Board or its sources. 1 Corporate Leadership Council, Supporting Employee Development through Performance Management, Washington: Corporate Executive Board (November 2002). 2 Corporate Leadership Council, Operational Performance Management Practices, Washington: Corporate Executive Board (June 2003). 3 Corporate Leadership Council, Supporting Employee Development Through Performance Management. 4 Tracey, William, The Human Resources Glossary. New York, NY: St. Lucie Press, Corporate Leadership Council, Hallmarks of Leadership Success, Washington: Corporate Executive Board (October 2003). 6 Corporate Leadership Council, Succession Management at Small Organizations, Washington: Corporate Executive Board (March 2004). 7 Corporate Leadership Council, Succession Management at Small Organizations. 8 Orellano, Tim and Janice A. Miller, Succession Planning: Lessons from Kermit the Frog, SHRM White Paper (Due to membership restrictions, we are unable to provide a copy of this study). 9 Corporate Leadership Council, Developing a Succession Planning Capability, Washington: Corporate Executive Board (January 2000). 10 Corporate Leadership Council, Identification and Development of High-Potential Employees at Fortune 500 Companies, Washington: Corporate Executive Board (August 2002). 11 Corporate Leadership Council, Succession Management and Talent Review Processes, Washington: Corporate Executive Board (January 2003). 12 Corporate Leadership Council, Enhancing or Automating A Performance Management System, Washington: Corporate Executive Board (July 2005). 13 Corporate Leadership Council, Supporting Employee Development Through Performance Management. 14 Corporate Leadership Council, Enhancing or Automating a Performance Management System. 15 Recruiting Roundtable, Driving Quality Beyond the Point of Hire, Washington: Corporate Executive Board (2002). 16 Corporate Leadership Council, Supporting Employee Development Through Performance Management. 17 Corporate Leadership Council, Performance Management Guides for Managers and Executives, Washington: Corporate Executive Board (July 2004). 18 Corporate Leadership Council, Designing Formal Career Guidance Discussions, Washington: Corporate Executive Board (May 2005). 19 Corporate Leadership Council, Closing the Performance Gap, Washington: Corporate Executive Board (2002). 20 Corporate Leadership Council, Closing the Performance Gap. 21 Corporate Leadership Council, Performance Management Guides for Managers and Executives. 22 Corporate Leadership Council, Performance Management Guides for Managers and Executives.

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