Succession Plan for 2025: It's Not Just for Emergencies - It's a Leadership Development Strategy

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  • Webinar Duration60 min
  • Webinar Date24 Feb. 2025
  • Webinar IdAT3408

Description

Fortune 500 companies and small family businesses alike share a business need - ensuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is ensuring his/her business’ continuity and sustainability - by having employees who are willing and capable of filling each key position with a plan for doing so when the need arises.

Succession Planning is a:

·       the deliberate, systematic process of anticipating the need for talent and ensuring that the necessary employee competencies and experience are available when needed in the future

·       a strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting its future needs

Not having a Succession Plan can be costly and sometimes disastrous; it’s expensive to recruit, interview, select, onboard, and train a new leader and significant opportunity costs are incurred when a key job is not being performed.

Area Covered In The Webinar

Succession Plan Defined

·      A deliberate, systematic process of anticipating the need for talent and ensuring that the necessary employee competencies and experience are available when needed

·      A strategic approach for avoiding an undersupply of talent, enhancing the organization’s current talent pool, and meeting the organization’s future needs

Objectives and  Benefits of Succession Planning

·      Sustain the business through a systematic effort to ensure leadership continuity in key positions

·      Attract, retain & develop high potentials [HiPos]

Encourage HiPos development by:

·      Identifying career paths

·      Conducting performance appraisals

·      Providing daily coaching

·      Creating Individualized Development Plans [IDPs]

·      Holding Talent Review meetings

Tools and Processes Commonly Utilized for Developing and Implementing

·      Self-appraisals and career goals

·      Performance appraisals, 360 feedback, and ratings

·      Assessment instruments

·      GE grid

·      Individual development plans [IDPs]

·      HiPo talent development interventions

·      Talent review meetings

What an Organization, its Leaders, and the Program Participants Need to Do To Achieve an Effective Plan

What an organization needs to do:

·      Supply funding/budget

·      Establish a clear vision and guidance for the program

·      Develop a formal, written program

·      Announce the objectives of the program to all employees

·      Ensure that all leaders and managers support the program

What the leaders need to do:

·      Have job descriptions developed for their teams

·      Conduct effective, formal performance appraisals

·      Identify employee developmental areas

·      share their knowledge and experience

·      Involve employees in more of the leader's responsibilities

·      Facilitate the completion of IDPs for all Hi Pos

What the program participants need to do:

·      Conduct self-appraisals

·      Identify their desired career paths

·      Learn as much as they can about potential future assignments

·      Perform to their capabilities

·      Complete their IDPs

·      Develop the employees reporting to them - so they have successors

Potential Measures of the Program’s Success

·      Whether there is, at least, one successor for each key position

·      Having developmental goals and IDPs established for each successor

·      Determining how much of their manager’s job the successors can perform

·      Determining whether successors can perform their manager’s jobs when they are unavailable and evaluating their performance during those times

Why should you attend?

The primary objectives for and deliverables of a Succession Planning program are to:

  • Sustain the business through a deliberate and systematic effort to anticipate and ensure leadership continuity in key positions
  • Retain and develop the organization's high potential [HiPos]
  • Encourage individual development by:

              Identifying career paths

              Conducting formal performance appraisals

              Providing daily coaching

              Creating Individualized Development Plans [IDPs]

During Succession Planning Programs:

At the macro level the organization is proactively determining:

  • the talent needed in the future
  • the talent it has now
  • where there are talent gaps
  • the initiatives necessary to close those gaps

At the micro level, the organization is addressing - for each of its key positions - questions such as:

  • what the organization would do if it had to fill the position tomorrow
  • whether there is, at least, one successor who could immediately perform the duties of the position
  • if there is no successor ready now, what will need to be done to enable the best internal candidate to be ready, and when can he/she be ready
  • can the organization afford to wait or would it be better to recruit a successor, etc

Experience has found the following two processes to be very effective in enabling organizations to have the talent they need when it’s needed:

#1 Performance Management and/or 360 Feedback Processes - through which the organization is able to:

  • evaluate its employees’ current performance - based on documented, objective
  • performance and achievements
  • assess its employees’ advancement potential
  • determine its employees’ current readiness for advancement
  • obtain from its employees self-appraisals identifying their developmental needs and
  • preferred career plans
  • meet its bench strength needs by initiating Individual Development Plans and
  • experiences - at least, for its A Players and/or High Potentials - such as:

special or stretch projects

assignments in other depts./job rotations

'try-out/popcorn stand' slots

mentors

formal training and development initiatives

fast track programs with exposure to other functions

intense coaching, etc.

  • track their A Players’ and High Potentials’ performance and advancement potential against a Performance-Potential Grid

#2 Talent Review Meetings - during which the executive team in a disciplined fashion:

  • asks each leader to report on the status of the Individual Development Plans for each of their A Players and High Potentials
  • ensure that each A Player and High Potential is receiving regular coaching and is actively involved in opportunities that will help retain them while accelerating their development
  • drives the organization past 'business as usual' by ensuring that its future needs for human capital are identified and will be satisfied when the time arrives - as it will

Succession Planning initiatives also increase the levels of engagement and performance of your A Players and High Potentials - the talent your organization will most need in the future.

Who Will Benefit?
  • HR Professionals New to the Field - seeking a comprehensive view of the subject with multiple application initiatives
  • Experienced HR Professionals - seeking a refresher
  • Leaders and Managers - interested in understanding how a Succession Plan benefits an organization

Speaker

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