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Best Practices for Identifying and Developing High Potentials Bonnie Hagemann Executive Development Associates Judy Chartrand, PhD Pearson Today’s Agenda 2 2009/2010 Trends in Executive Development: A Benchmark Report Trends Survey has been conducted every other year for approximately 25 years •Participants were senior leaders in leadership and executive development (e.g., Chief Learning Officer, SVP or VP of HR, head of Executive or Leadership Development) •Participants represented 76 organizations, mostly large, multinational with headquarters based in U.S. http://thinkwatson.com/downloads/2009-Development-Trends-Report.pdf 3 Selected List of Participating Organizations 3M Abbott American Express Bank of America Chevron Cisco Dell Dow Farmers GlaxoSmithKline Hallmark Ingersoll Rand 4 Intel International Paper Mass Mutual McGraw Hill Nestle’ PPG Industries RHI Sprint Sun Microsystems Verizon Vanity Fair Visteon Corporation Priorities in Executive Development 5 U.S. Live Births 1905-2005 Latino Immigration 40 Million+ GI Generation 56.6 Million Silent Generation 52.5 Million Generation X 69.5 Million Baby Boomers 78.2 Million Generation Y 79.5Million Birth Chart Build 1905 6 1925 1945 1945 1965 1985 2005 What This Means for T&D Professionals Baby Boomers are retiring at the rate of 1 every 8 seconds The majority of organizational leaders are Baby Boomers (~58 years old). There are 11% fewer Gen-Xers than Baby Boomers Generation Y (25 & under) will not be manager/leader material for years to come 7 Processes Used to Identify High Potentials 8 Competencies Most Lacking in Next Generation Leaders 9 Processes Most Effective in Accelerating High Potential Development 10 The Executive Perspective 11 Research Methodology We asked HR Executives to nominate “Role Model” executives who have an excellent track record for identifying and developing High Potentials •We interviewed 37 executives from over 30 organizations •Executives ranged from C-Level to VP 12 List of Participating Organizations 2005 2007 First Data Corp BP America Ford Visteon Abbott Honeywell Aetna Texas Instruments McDonald’s Navy Federal Federated Department Stores ARM Dow Chemical McGraw Hill Companies Royal Bank Canada Phillips Macy’s Inc. (formerly FDS) General Mills Federal Aviation Administration Eisai Pharmaceuticals McDonald’s Inc. Chesapeake Energy 13 The Results: Identifying High Potentials 14 Keys to Identifying High Potentials 1. 2. 3. 4. 5. 6. 7. 8. 9. 15 Track Record Ability to execute Demonstrates initiative and drive Understands the people side of the business Strong desire to learn, grow, and develop Ability to influence across the organization Broad view of the organization Empathy Active Listener The Results: Developing High Potentials 16 Keys to Developing High Potentials 1. 2. 3. 4. 5. 6. 7. 8. 17 Stretch assignments Rotational Assignments Developmental conversations Increased level of responsibility Exposure to new people and pieces of the business Mentoring Formal training programs such as Executive MBA, Leadership Programs, Business Simulations and Action Learning Executive Coaching, Executive Assessment, 360s and individual development plans Activity: Break Into Groups of 5-7 18 Activity #1 (10 min) Identifying High Potentials Activity #2 (10 min) Developing High Potentials •Benchmark your organization’s practices •Benchmark your organization’s practices •Share practices with colleagues •Share practices with colleagues Best Practices for a Successful Program 19 Resources Free Books 2009/2010 Trends in Executive Development Report Decades of Differences by Bonnie Hagemann and Ken Gronbach 1-on-1 High Potential Development Discussion 20 The Leadership Pipeline by Ram Charan, Stephen Drotter, and James Noel FYI: For Your Improvement by Michael Lombardo and Robert Eichinger Contact Us Executive Development Associates Bonnie Hagemann, [email protected] Toll Free: 866-EXEC DEV (393-2338) www.executivedevelopment.com Pearson Judy Chartrand, [email protected] 888-298-6227 www.thinkwatson.com Download research from this presentation at: www.thinkwatson.com/learn-resources.php 21 Our Book! 22