Transcript Succession Planning 101
HR SUCCESSION 101 The Basics…
By Robin Bullock PHR
Succession… What does it mean?
> a number of persons or things following one another in order or sequence. > the right, act, or process, by which one person succeeds to the office, rank, estate, or the like, of another. >the assumption of a position or title, the right to take up a position or title, or the order in which a position or title is taken up
What is Succession Planning?
Succession planning is the
deliberate
preparation and recruiting (normally by HR Departments or assigned company management) plan that strengthens growth in leadership and management, and
predicts
the
prepares metrics or skills
for unexpected turnover or expected retirement in highly critical or decision making positions. A highly successful plan creates a clear growth pattern for high performers in the organization needed for future
success
.
Planning, Planning, Planning
Career planning.
An employee-centered practice of identifying the interests of the employee and assisting that individual, as well as providing personal development options consistent with those talents and interests.
Career management.
jobs and organizational structures that promotes the achievement of business objectives. An organization-centered practice of creating
Replacement planning.
A shorter-termed practice of identifying replacements for personnel in key operating functions.
Succession planning.
The future-focused practice of identifying the knowledge, skills and abilities to perform certain functions and then developing a plan to prepare multiple individuals to potentially perform those functions.
www.shrm.org/research/articles/successionplanning
Preparing a Succession Plan – Step one
Develop first with C Suite buy-in the purpose and reason. Determine the metrics and key factors as well as what positions will be involved in the plan How often will the plan be reviewed?
Who will have access to the plan?
What format will it take? Training? How will we know it’s working? Successful?
Key Components….
Preparation of Tool Deliberate Metrics and Key drivers Highly Successful Leaders and top of bell curve 10% performers Include the A, B, & C performers Predicts the key areas of vulnerability Plans for the future Creates a clear path for success for both company and individual
Who, When, and How?
The HR Department normally is involved and assists with the C Suite with the succession plan HR files the plan behind lock and key The plan is reviewed at key times normally quarterly or annually depending on the size of the company
Succession planning
is a focused (but not necessarily complicated) program of keeping talent in the pipeline. It is generally a 12- to 36-month process of
preparation
, not
pre-selection
. All organizations can benefit from Succession planning no matter what size or location
Choosing by position….
C Suite – CEO, CFO, COO, CAO, CIO These are key positions that if left open can leave a company vulnerable and susceptible to take overs and public scrutiny Key Critical positions – Regional Directors, Regional Sales, Corporate HR, Corporate IT, Corporate Accounting Highly unique positions – Education and experience are hard to get in the market (ex; laser surgery, professional engineers with specific study, program writers, specialized recruiters) Positions with high amount of expected retirement
Sample Succession Plan for Management
Name John Doe Yrs Service Experience 5 # of employees Turnover 100 – 2.5% Current Position Metric 22 M Ability to Relocate No Rank Rate 1 A Jane Smith Joe Mike 22 7 Elizabeth Angel Monty Knott 3 1 250 – 18% 55 – 40% 80 – 9% 25 – 45% 45M 9 M 12 M 8 M Yes No Yes Yes 1 3 2 3 B C A A
Succession plan for key position IT – Director or Key Manager
Possible Candidate Joe Smith Jane Doe Critical skills Training Needed For us IT writer and developer None None Yrs Of Exp 15 22 Can Do Bet More Poss. Programs systems 9 4 Ind Business Last contact made Who knows them?
Tiles/Floor Mkt. com Unemployed Just recruiting tool HR Dir. Knows Ready now Smarty Pants New to career 3
Succession plan for Retirement
Pull workforce years of experience Survey employees with 25 years or more experience in industry Survey those we know retiring Create chart of dates for retirement Develop autobiography of workers path in career and with company Spreadsheet of open positions in next 12-60 mos. Update regularly
Succession Planning Recap
Prepare Plan Promote Update Train Communicate