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1 Mark Angott Angott Search Group

2 1. Define Succession Planning 2. What are the key steps of Succession Planning? 3. How to implement a plan at your organization & tools that you can take with you 4. What impact & benefits succession planning has on your business 5. Case Studies & Examples 6. Summary 7. Q & A

3 Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available Taken narrowly, "replacement planning" for key roles is the heart of succession planning Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression (Charan, Drotter, Noel, 2001)

4 Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals: 1. Setting your strategic direction 2. Identifying your key leadership positions 3. Defining the competencies and motivational profile required to undertake those key roles 4. Analyzing your current organizational chart & talent then assessing the people against these criteria - with a future orientation

5 Most reflect a cyclical series of activities that include these fundamentals: 5. Identifying pools of talent that could potentially fill and perform highly in those key roles 6. Developing employees to be ready for advancement into these key roles - primarily through the right set of experiences 7. Monitoring, evaluating and revising strategies

6 66% of the 78 million baby boomers are currently employed full-time; many of them in leadership / management roles 40% of the workforce will most likely be retiring in the next 5 years That means that 40% of the most experienced leaders and workers will be gone in the mid-term. (Chavez, The Case for Succession Planning, 2011) Sounds like an argument to bump up succession planning efforts

7 If I were to take a poll How many of you believe your Board of Directors or executive management has a succession plan in place? We took a survey and found many banks and organizations do not have a formal plan in place

8 According to a global survey of 1,300 companies by Korn/Ferry, although 98% of companies believe a CEO succession plan to be important, only 35% currently have one in place. And 49% haven t had one in place for the last three years. Feb 2011 Our last survey among bankers and other executives revealed slightly better results, but also stated some alarming facts

9 Start with your current mission plan 1 year, 3 year, 5 year plan & assess the talent Do you have the people in place to achieve those goals and objectives? Although products & services are very important to any business; in the financial services area, human capital is the key to success Use some type of evaluation process or system (A,B,C or 1-5); we will show a sample later Is your bank able to achieve your stated mission based on what your current talent can deliver? Start at the top with the CEO succession plan then usually, the next level down EVP, SLO or CFO, etc. (the senior management team)

10 Review current hiring practices, processes & procedures There is a competitive advantage in having a succession plan in place In this new age of regulation, most regulators want to know that you have a written plan for multiple layers, not just senior management

11 Assess the Position Impact of each of these key roles prioritized list of department s goals, objectives and strategic plan and your potential risk if vacated Position Impact / Risk Assessment Position Title: Classification & Level: Incumbent: Department: Location: Position Title: Classification & Level: Incumbent: Department: Location: Position Impact: High Med Low Vacancy Risk: High Med Low Position Impact: High Med Low Vacancy Risk: High Med Low

12 Position Title: Department: Classification Level: Location: Position Success Profile Education: (Degree, Certifications, Licenses, etc.) Experiences: Competencies: (Check the key competencies for the position. It is suggested to limit your selection to a maximum of 5 competencies.

13 Internal Talent Start with a review of your organization chart Begin with review of positions at the senior management level If department leadership wishes to conduct broader succession planning initiative, they may go a step further by including mid-managers Analyze the strengths & weaknesses of your current organization more details on that to follow

14 Internal Talent Assess and state the weaknesses in your current organization and the talent pool available Put in place a formal evaluation process/form that allows all levels to communicate their interests, strengths & weaknesses This should also show each employee areas to improve on

15 Know your bench strength In order to gauge bench strength, the department needs to determine whether critical leadership positions have one person or more ready to successfully assume the role and responsibility of the position Knowing the depth of talent within the organization will allow leaders to focus on strategy development & measurement where it is needed

16 Utilize this form to indicate the number of current employees who are currently eligible or may be eligible within 3-5 years Key Roles: Department: Classification Level: Location: Position Bench Strength Assessment Form # Ready Now # Ready within 1 year # Ready within 2 years # Ready within 3-5 years Names of Internal Candidates who are qualified for these positions: Action Plan:

17 External Talent If you do not have any internal candidates for your key roles. It is possible that you do not have the appropriate bench strength. You may have to look beyond the organization to find qualified talent. Prepare an external recruiting plan Typical steps Network, post job to job board, advertise, or do search with an a search firm Some may already have a list of potential Candidates they would reach out to

18 External Talent How readily available is that talent in the external marketplace? Market demand changes from time to time We are into the initial stages of a candidate driven market Be prepared for more competition

19 Consequences of growing your own leaders vs. hiring from the outside Fundamental issue in succession planning deals with talent management In an ideal world, talent from the outside or inside would be balanced, both would be cheap and give you the bench strength needed the combination of possible successors would be high Unfortunately, talent management is not such as an easy process

20 Choice Pros Cons Internal staff development Hiring from the outside Generally fewer corporate culture conflicts Clearer track records of candidate s strengths & weaknesses Sends positive message throughout the work force Fresh, new perspectives Can foster diversity in workforce Intimate competitor knowledge Expenses for development programs can be high Higher tendency to think within the current corporate culture s bounds Close political ties and alliances within the company Corporate culture conflicts Lack of clear indicators of candidate s strengths & weaknesses Recruitment costs can be high

21 Design & Implement Career Development Strategies Discussion & encouragement of career development of all employees is an important part of management Purpose of succession planning & increasing bench strength in o specified areas, the selection of a subset may be necessary Critical to keep A players on this track Annual performance reviews provide excellent opportunity to begin career development goals & opportunities Managers must keep in mind and clarify to employee that purpose of career development discussion is separate from a performance review o Career development is focused on future career opportunities

22 Career development discussion guidance for employees Part of our workforce planning process Developing employees to assume these positions is a part of succession planning HR is responsible for facilitating career development moves to provide individuals with growth opportunities & for defining appropriate types of training & development based on career path Employee responsible for: Expressing interest in pursuing a new role Creating & keeping up-to-date career development plans Working with manager to indentify career development opportunities Being open to, and acting on feedback Taking opportunities and/or risks to further develop development and career Manager responsible for: Fairly assessing each employee Having an open & honest discussion with their employees Working with individuals on career development plans and providing growth opportunities Providing on-going coaching Ensuring the current & future needs of the development are met

23 Prior to employee s career development discussion, have them assess their career goals & development options by answering the following questions: What are my career goals? Am I interested in a leadership position? Which position? Are my career goals and target dates realistic? What are my strengths? What are my areas for career development? Are there additional competencies or technical skills desired for future role that need my attention? What types of career development opportunities do I prefer?

24 It s important to develop your infrastructure Do you have the proper training and development programs in place within your current organizational structure? o o Are you cross training employees? Very important to all organizations Professional development / leadership training Participation in projects Participation on teams, task forces or committees Course work from external providers Attending work-related conferences Membership & participation in professional organizations Coaching or consulting others Self study or reading assignments

25 Do you have a mentoring system? It helps to develop the culture that you want in your organization Mentoring helps by having positive people help to promote your positive culture

26 Change Management: Communication and gaining organizational buy-in are important As President/CEO, it starts with your Board & your Senior Executive Team its important to send the message from top down Restructure where needed these can be tough decisions Implement Retention Strategies 1. Incentive compensation 2. Stock plan K cliff vesting 4. Change of control Put together a Recruiting and Hiring Plan o If appropriate talent is not available internally, then execute an external recruiting strategy You should have a pretty clear idea of what positions you could fill on your own without outside assistance

27 Final step in the process in monitoring & evaluating the effectiveness of strategies implemented to close the high priority talent gap(s) At a minimum annually assess successes & failures Look back the last 12 months and fine tune your written plan Assess & make changes in the organizational structure What positive moves were made Make adjustments to what else is needed or execute contingency plans for unexpected surprises

28 Succession planning strategies are designed to be an inclusive opportunity to increase the available talent pool of candidates for key leadership positions & the future needs of the bank Succession planning has the overall goal of providing the right leadership at the right place at the right time with the right skills

29 Reduces crisis if a key employee is gone or leaves unexpectedly Lets you sleep at night if the unexpected occurs Promotes a continuity of the culture and the vision/mission of the bank Forces accountability and talent assessment at least once or twice a year Adheres to regulatory requirements

30 This $365M Midwest credit union received notice their CEO was going to retire earlier than expected. Although a formal Succession Plan existed, it was designed to serve as a short term solution and did not include a long term solution, a written plan to execute a search or to train someone to take on the role Our search process started out with a senior management assessment of three internal candidates Once this was completed, we developed, and executed a full search knowing the internal candidates were not strong enough to take over the key leadership role The search was started in April and completed in August with a final selection The new CEO is in the process of defining a written plan to support all mission critical positions

31 This $246M community bank had an emergency plan in place, but did not have a long term plan should they need to go outside the bank The COO and CEO were both planning to retire within the next 12 months with the COO leaving at the end of 2011 In September, we started a search to identify a new President which would assume the CEO responsibilities when the current CEO retires at the end of 2012 The search was completed in March and the new President is working to create a written Succession Plan for other levels within the bank to support future growth and career development

32 Has a formal plan in place with Board The plan is in two steps: 1. Short term who would handle all duties & responsibilities if CEO was gone 2. A search would be initiated for his replacement, however 1 2 internals would be candidates Has a plan in place with management team only tells them that they must have an identified successor for them to be promoted Has retention strategies - Change of Control & Stock Option Regulators have not asked to see his plan

33 Has a formal succession plan in place all the way down to VP level Plan is for both short & long term Has both internal and external choices as possible successors (up to 4 possibilities) CEO makes sure this is being done at all levels Managers are also on track with this plan o Strong professional development programs in place Plan is updated annually Regulators have asked about their plan

34 No formal succession plan for CEO Some possible internal candidates are available They have a guide to use for all on management level o It states who is capable of moving up (rating system) o They revise every 2 years Regulators have asked to see their plan

35 No formal succession plan for CEO & management team Informal plan only o Operating plan for short term o Board would conduct a search, but would consider internal candidates Regulators have not asked for plan yet, but are on it

36 Bank started 5 years ago Yes, directors have a solid plan if anything happens to the CEO Interim plan search with internal candidates They have defined a detailed plan for all mission critical positions with names Also defining necessary experience and skills for successors Do a good job with training & professional development Regulators have asked & seen their plan

37 Board doesn t have formal succession plan for CEO or management team CEO reviews organizational chart and does assessment once a year Believes he has some bench strength, but not formalized as he is new to this role Some positions would not have successors Regulators have asked him about his plan

38 Succession discussed once a year at Board meeting No formal plan in place mostly informal Admits they need more formal plans Regulators have asked about a plan and know they need to formalize

39 Formal plan in place for VP level and above Has a list of who is available if they go external Does a separate list of rising stars CEO strongly believes in professional development Plan is updated annually Regulators have asked for plan

40 No formal succession plan in place Informal decision with the Board Has informal succession plan for senior management team Good mentoring system, but not enough professional development Regulators have talked to CEO about succession plan and CEO needs to formalize

41 Yes, very formalized plan to the VP level Interim steps identified and successors Guide for all key positions 1-3 years, etc Strong professional development Regulators have asked to see CEO s plan

42 Yes, very formalized plan Plan is updated annually Plan is all encompassing from CEO down to VP level managers Plan has internal & external candidates and search plan VP managers are expected to know who is on target for promotion Regulators have looked at their plan

43 Succession planning is important for every size organization If you do not have a formal plan in place, get one started If you do have a formal plan in place, make sure its refined Communicate the plan from top down Execute your plan on all levels of the organization Don t share encourage healthy competition Identify you re A, B & C players in your organizational chart Put in a rating system Find out your key employees goals & aspirations It might surprise you to learn where they want to be in 3-5 years

44 Have a mentoring or cross training program in place Develop your infrastructure with strong professional leadership & development programs Everybody should have a talent evaluation program Should be updated at least once/year Understand the talent pool in your marketplace Have a handle on competition in the marketplace Have a retention strategy for key employees

45 Questions & Answers

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