Succession Planning: Your Bank s future leadership

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1 Succession Planning: Your Bank s future leadership 1

2 Succession Planning Immediate and Long-Term Plan for Both If the CEO of your bank won the lottery tomorrow, who could run your bank? Planning for an emergency AND Sharing and Passing the Torch a planned succession Passing not just the title but also a shared culture and vision. Continuity and managed change. An organization s fate is more important than the fate of it s current leadership (Fortune, November 2003 Charan and Schlosser) 2

3 How would you respond to a shareholder or auditor who wanted to see your Succession Plan? 3

4 Succession Planning Not just an HR exercise anymore Boards, CEO, and other senior Management must be involved Where will your next managers/leaders come from and who are their replacements? Where does your next CFO, COO, Sr. Loan Manager come from? Succession Planning for A positions as critical as developing A players. Who backfills your backfill? What is your bench strength? Recruiting/Relocation costs versus internal development. Are you ready for a Merger or Acquisition? Do you have the talent to plan/execute integrating organizations? To manage a larger, more complex organization? Increasing competition for critical management talent, turnover, salary pressures, increasing retirement rates...all factors that will reduce available talent with critically needed skills. Have you done a retirement analysis? 4

5 The Overall Process: Establish Succession Principles Identify Key Positions Source Pre-work Plan to Plan Identify Candidates Communicate Development Planning Do it all over again 5

6 Purpose: To ensure your bank has the executives and key talent with the skills and depth of experience required to meet your short and long-term operational and strategic plans. A total integrated system linking A Positions and A Players, mapping career paths to critical development positions. Forecasting skill needs, retirements, turnover, etc. Staffing (sourcing, selection, hiring critical/key skills) Career Planning and Development Performance Planning and Assessment 6

7 A First Step Determine your Succession Principles Who Participates in the Process? CEO, HR, Sr. Team (by name), Board How much involvement by your board? How well do they know your team? Review or Input? How broad is your process? CEO? All Officers? Other A Positions? High Potential Employees? Phased approach What is your commitment to development? Budget for training and development Tolerance for risk/learning curves What, when and who communicates? Are people told they are a successor candidate? High Potential? Key is your Succession process appropriate for your Bank s size and complexity, and consistent with your Bank s vision and culture. 7

8 Sample Succession Principles: We have an obligation to plan for the succession of key executive positions to minimize risk to all stakeholders. We have an obligation to identify A positions and fill these positions with Succession Candidates or High Potential Employees. Selection as a succession candidate is not a commitment of promotion or opportunity. Succession Candidates and High Potential employees can not be effectively mentored/developed if they don t know they have been identified as such. Executive Development is a shared responsibility and requires a commitment from both the employee and the company. All succession candidates should have a personalized development plan. Breadth and Depth of experience and skills are both important. 8

9 Step 2 - Key Position Definition Key or A positions are executive positions or executive feeder positions critical to the development and implementation of long term strategies for the Bank and are essential to the Bank s ability to execute its mission. Not all Key or A positions report to the CEO and not all CEO Direct report positions are necessarily Key or A, not based solely on hierarchy. Assess for your bank based on factors/experience critical to success today and in the future. Some positions will be A positions based on current circumstances, e.g. a loan officer in a critical emerging market, or a Customer Service Director for a bank working to improve its customer relations. Can t afford A players in all positions. Can t afford C players in A positions. 9

10 Sample Key Positions Chief Executive Officer Chief Financial Officer Chief Operations Officer Vice President Information Technology Vice President Human Resources Loan Officers Branch Managers 10

11 If you struggle identifying Key/ A positions Turn your Organization chart into a development Map Ask what functions/skills is it essential to have to fill the CEO (or other) Position CEO CFO HR COO New Business Dev IT Controller Compliance Branch MGR Branch MGR 11

12 Step 3 Source Pre-work Get an accurate set of Organization Charts How many layers depends on size and complexity of your organization. May highlight other issues (levels/span of Control) Do you have A Players reporting to C Players? Listing of all employees Length of service, educational background, past Performance Ratings Conduct a Retirement Analysis Are you prepared for the retiring baby boomer wave? How many key people will exit in next year? 2 3 years, 3 5? Your Bank s Strategic and Operational Plan(s) What future are you planning your human resources for? New branches? Geographies? Lines of business? Technologies? An Environmental Analysis Competitive landscape Unemployment levels Compensation Trends 12

13 Step 4 - Planning to Make the Plan: Develop a Succession Planning timeline and process Dedicate time to the process and assessment of potential candidates Ensure you have a place to meet that respects confidentiality of the process Clearly identify who will be involved in each stage of the process Which staff members? Who else needs to know? Establish the ground rules Open communication Absolute confidentiality Process is not a performance review Review with your Board Do they concur on selection of Key/ A positions? Have input to the process? Want involvement, particularly on officer positions? 13

14 Finally Step 5 Identifying Succession Candidates The CEO works with the Board to identify his/her potential successors. Implies the board has access to and ability to assess internal candidates. The appropriate Executives are responsible for the initial identification of internal succession candidates for each key position. When there are no reasonable internal succession options the appropriate Executives are responsible for the identification of contingency strategies. The Team identified in Step 4 meets to review, assess, debate, discuss and come to agreement on Succession Candidates. The Executive Team together is committed to the development of these individuals. 14

15 Critical Step in the Process: The Team identified in Step 4 meets to review, assess, debate, discuss and come to agreement on Succession Candidates. The Executive Team together is committed to the development of these individuals. How this step is accomplished is key honest, open dialogue is essential to a meaningful result. Ability to give each other feedback on proposed candidates Trust in absolute confidentiality Fact based assessment of individuals skills and experience (not a popularity contest, nor about nice person or a good guy. An Assessment Tool can help. 15

16 Leadership Assessment Summary One Tool Execution, Bossidy and Charan pg 151 Leadership Assessment Summary EXAMPLE EXCEEDS STANDARD John Jerk Ida Impact Sam Smith HIGH POTENTIAL Jenny Jones HIGH IMPACT SUCCESSION CANDIDATE PERFORMANCE AT STANDARD Jim New Barry Basic PROMOTABLE EXPERIENCED PROFESSIONAL TOO NEW NEEDS HEAVY COACHING NEEDS JOB CHANGE Tom Terrible BELOW STANDARD Amy Amiable BELOW STANDARD AT STANDARD EXCEEDS STANDARD BEHAVIOR 16

17 Create Succession Charts: Succession chart for each Key Position should include: Candidates Name and Current Position Readiness Assessment Work History attached Readiness codes: months months > 36 months A person may be shown as a succession candidate for more than one position. In these situations a blended development plan may be required. Chart should also address strategies for Immediate replacement. This could include stop gap strategies (person who can fill in while external hire is made), an internal hire (either promotion in group or from another group) and/or a reorganization plan. Contingent succession strategies will also be identified. These strategies may include named external candidates or targeted external recruiting for additions or replacements to build a pipe line. 17

18 Sample Succession Chart Chief Financial Officer Immediate Strategy: Bring in independent consultant Corporate Controller as Interim Months: Sam Smith, VP Finance Months: NA >36 Months: Ann Jones, Finance Manager, West Coast Branches 18

19 Step 6 - Communication Create a common set of Talking Points: Personalize these messages as much as possible for the employee. You have been identified by the senior management team as a potential Succession Candidate for the position(s) of This designation is reviewed and agreed to by the entire executive staff and has the team s commitment. Senior Management believes that you have the potential and the ability to continue to advance in the company, specifically into critical leadership (managerial or technical) roles within our business. That potential needs to be realized and requires you to take an active role in your own career. What this means to you is: HR and your manager will work with you to outline your personal strengths and development areas, identify a development plan highlighting both formal and informal development activities and a process/timeline for monitoring progress. This Development Plan may include consideration for rotational opportunities, special projects, new roles, promotional opportunities, internal and external training opportunities, etc. What are your next steps? Keep up your momentum! Keep that focus on your professional growth. Take advantage of your resources. While this does not guarantee a promotion, pay increase, or other recognition, it does mean you are well positioned for new opportunities, mentoring, and feedback. Your management team and HR are available to help you identify next steps. 19

20 Step 7 Development Planning Human Resources will work with the candidate and his/her manager to complete an Employee Data Sheet and Profile, including work history, performance ratings/status, total compensation status, etc. Identify skills and experiences needed for succession position. Competencies such as Negotiating, Political Savvy, Delegation, Humor, etc. Performance Dimensions such as Quality of Work Output, Productive Work Habits, and Customer Impact. Career Derailers such as Arrogance, Inability to Build a Team, Insensitivity. A realistic and objective assessment of Areas for Development is critical. Consider investing in a 360 assessment process, such as Benchmarks through the Center for Creative Leadership. FYI, For Your Improvement Michael M. Lombardo and Robert W. Eichinger 20

21 Sample Profile Customize for your Organization NAME KEY EMPLOYEE PROFILE CURRENT POSITION: Indicate top 3-5 responsibilities in your current position: DEPARTMENT REPORT TO: WORK PHONE: Please Attach Resume or work and educational history CONTINUING EDUCATION: (list seminars, workshops, etc.) Program: # of Hours Date: Professional Credentials: (Certification, Licenses, etc.) 21

22 Sample Profile Customize for your Organization Languages: (Please indicate your proficiency, E = Excellent, G = Good, F = Fair, P = Poor) Native: Other: Read Write Speak Understand Relocation and Travel: Limitations on relocation? No Yes (if yes, please explain) Limitations on travel? No Yes (if yes, please explain) Career Aspirations: (List desired positions, functions, rotations, organizations, or responsibilities you most interested in pursuing) What 2-3 positions/experiences do you feel would most benefit you in achieving your future career goals? Other Comments: 22

23 Making this a living process: Human Resources and the CEO will review the succession plan, candidates and development plans with the Compensation/ Personnel Committee of the Board of Directors and with the full board. Maintain an active profile/database of Succession Candidates. When key opportunities surface this is the first place you should look to staff that opportunity. Track and Report regularly on: Retention/Turnover Compensation Development, promotions and rotations. 23

24 A Short Reading/Resource List Execution, The Discipline of Getting Things Done Larry Bossidy and Ram Charan FYI, For Your Improvement Michael M. Lombardo and Robert W. Eichinger Emotional Intelligence, Why it can matter more than IQ Daniel Goleman 24

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