Successful Succession Planning

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1 Successful Succession Planning Do you have the skill set needed in your team? Geraldine Buckland HR Consulting, People Management 10 th July 2014

2 Disclaimer The seminar is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said.

3 Introducing the team Geraldine Buckland Tel: Rachel Bennett Tel:

4 Succession Planning 1. Why did you choose this session? 2. What are your key succession issues? 3. What do you want to see covered?

5 What I plan to cover Succession Planning: what it is, isn t and how to do it as well as why do it Talent Management: Definitions Talent identification - how to do it What to do with your talent How TM and Succession Planning fit in the normal annual cycle The Cymru HA Succession Challenge

6 SUCCESSION or replacement Department B Department A

7 SUCCESSION PLANNING Department B Department A

8 What is Succession Planning? A deliberate and systematic effort by an organisation to ensure leadership continuity in key positions, retain and develop intellectual and knowledge capital for the future, and encourage individual advancement.

9 What is Succession Planning? Or Simply: Right people, right place, right time doing the right things.

10 Why Plan for Succession? 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.

11 Urgent or Important? 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 organisation incurred because it took a long time to replace a key leader?

12

13 Right people, right place, right time doing the right things.

14 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.

15 What is Bench Strength? An assessment of the organisation 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. The strength of the pipeline of people coming through the organisation.

16 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.

17 Replacement vs. Succession Reactive Form of Risk Management Substituting Narrow Approach Restricted Pro-Active Planned Future Development Renewing Organised Alignment Flexible

18 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

19 Simple Succession Planning Following Talent Identification Role Ready Now 6m 24m 2 years+ CEO HR Director CFO Director of Etc

20 What tools can be used?

21 Buy in or Train/ Develop the cost argument Recruitment Recruitment fees 20-50% of first year s remuneration Advertising Develop within Training courses On the job development Opportunity cost of shortlisting, interviewing, senior management time Induction costs Time to inculcate Training On the job development

22 Buy in or Train/ Develop The motivation / engagement argument Recruit People see different types of people/ talent coming into the organisation and this may cause dissatisfaction/ turnover Can change the prevailing culture Develop internally People see that career paths are possible Creates a sense that our own people are valued Motivates and engages

23 Buy in or Train Recruit Train

24 Reasons to buy in anyway Urgency: specialist or scarce skills or competences are needed NOW Internal need to drive turnover/ inject new blood You need to, to remain competitive in your market The business needs change/ change agents

25

26 Some broad definitions Anyone with potential to do more Someone who can grow and do more within an organisation Someone with a key and necessary skill set for the organisation s survival/ growth Someone who stands out from others by what they do and how they do it in a good way ANYONE???

27

28 Possible definitions The potential to perform, in the future, a role at least one grade or level higher in your organisation The potential to perform a role at a defined level in the organisation

29 The Talent Test They get it They want it They can do it

30

31 Assessing Talent and Creating Talent Pools Exclusive Only an identified few are considered to be talent. Usually a Top 10% pool and or a High Potential Pool of people are identified and retain this category throughout a career within an organisation. Inclusive Everyone in an organisation is considered to be talent and the talent management process is dynamic, with people moving in and out of different pools or groups over time.

32 Reviewing Talent Exclusive Assessment and development centres Targeted executive development Inclusive Regular talent reviews following the annual performance cycle are usual Different development interventions according to group needs

33

34 Talent Matrix Above (Over Achieved) Performance On target (Achieved) Below (Not Achieved) Too new to rate At level Some (1 level) High (>1 level) Potential

35 Talent Pools Above (Over Achieved) Promotable PDAP for promotion Performance On target (Achieved) Below (Not Achieved) Too new to rate PDAP to help them deliver the job At level Some (1 level) High (>1 level) Potential

36 Talent Matrix Questions to check High Professional Are they happy & fulfilled in role? Will they say in this role for the rest of their career? Is it OK that this role is not available as a development step for others? Could this person be stretched? Essential Contributor Are they happy & fulfilled in role? Will they grow and change with the job? Will they stay in this role? Would they benefit from a lateral move? Concern Is this problem driven by current, transient circumstances, or is it enduring? Is this an attitude or a skill/knowledge issue? Do you believe they could improve, given the right support from the business If circumstances are the reason, is it OK that this underperformance continues and puts the jobs contribution to team at risk? Promotable Are they happy in the role, or are they itching to move on? Are they technical experts or are there a range of jobs they could fill? If a bigger job is not available, would a development move help? Promotable Will they continue to perform on target as the job grows and evolves? How keen are they to move up? Would they benefit from additional responsibilities attached to existing job, or from a development move? Some Concern Is this underperformance circumstantial/transient? If so, is this OK for the business, and are you doing all you can to help them through? Is there an issue with boss, peer, team? Is this the right job for them? How motivated are they? High Potential How at risk are we that these people will move on soon? Do you provide stretch opportunities enough for them How motivated are they to stay with the business What jobs are available now? Have they a career development plan? Promotable Will they continue to perform as the job grows and evolves? How keen are they to move up? Have they a career plan in place? How motivated are they? Unrealised Talent Is this underperformance circumstantial/transient? If so, is this OK for the business, and are you doing all you can to help them through? Is there an issue with boss, peer, team? Is this the right job for them? How motivated are they?

37 An end to end process Start here Promotion/ Induction SUCCESSION PLANNING Agree objectives Develop Talent Annual management cycle Regular performance reviews Create Talent Pools Annual performance rating Talent Rating

38 Key Tip Talent identification is only one step in the process The key is what you then DO with that information Your Talent Pools need to be more than names on a list!

39 Succession Planning Thoughts It is an ongoing process where the players will change continuously It is a strategic effort that utilizes inputs from multiple sources The organisational direction may also change, so be flexible Competencies need to be constantly monitored to ensure they are measuring what you want to measure

40 The Cymru Housing Association Burning Platform Where is the next generation of CEO s coming from?

41 The conundrum A co-operative group Aiming to be increasingly commercial Some are direct competitors

42 COMMON GOALS To provide the best quality service for our customers/ service users that we can To have the best leadership possible

43 A potential Strategy Create an Ice File for future CEOs Work in house to identify the potential next generation of HR CEOs and create development plans now Advertise NOW for future roles and start the proactive process of identifying and working with REAL future CEOs NOW. HOW?

44 Discussion Questions What are the main succession issues on my mind? Am I prepared for an unexpected resignation? How will I find solutions to my succession planning concerns? How can I use these two days to network and find out what others are doing? Who do I need to work with/ learn from?

45 Thank you!

46 These notes have been produced for the guidance of delegates at the seminar for which they were prepared and are not a substitute for detailed professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of these notes or the talk for which they were prepared. Copyright Smith & Williamson LLP 2014

47 Smith and Williamson Limited Portwall Place Portwall Lane Bristol BS1 6NA

48 These notes have been produced for the guidance of delegates at the conference for which they were prepared and are not a substitute for detailed professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of these notes or the talk for which they were prepared. Copyright Smith & Williamson Limited, 2014

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