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The CEO’s Guide To Succession Planning – Managing Risk & Ensuring Business Continuity
While reserved for the upper echelons of senior management and often considered alternative disaster planning should follow the current plan being rescheduled. Discipline has expanded both in scope and scope to become a key component of the board-level strategy.
Success plans focus on risk management and ensuring resilience at all levels of the organization – the risk of premature departure of key employees, the risk of retirement taking their skills and knowledge with them and not leaving. Anything and the risk of losing high-value employees to competitors. It does this by helping your business leaders to identify the top performers in the organization, creating a dynamic “talent pool” of this critical talent that other leaders can use and organize and develop these highly qualified employees. For future roles.
If this were easy, everyone would do it. The problem today is that succession planning is not automatically possible by allowing There are improvements. This CEO Guide provides five key tips for starting your ongoing planning effort.
1. Automation and cost reduction
Current successive planning efforts are characterized by inconsistent subdivisions and paper-based processes. In fact, 67% of companies still rely primarily on paper, according to a global survey conducted by SumTotal.
Typically, business and human resources leaders spend weeks or months manually reviewing various parts of the organization to obtain the information needed to create lists and groups of nominees and successors for families, jobs, or positions. Specific. The information needed to create a list often includes self-assessment, past performance evaluation (often based on paper), and 360 feedback. After a long period of information gathering and gathering, followed by manual analysis (e.g., nine boxes, gap analysis), the results are printed and fed into three large string binders for use in executive planning meetings. Time-consuming and costly processes are still common today.
In order to effectively transform successive plans from a paper-based process manual to a system-driven and technology-driven approach, executives need to focus on laying a solid foundation backed by strong executive leadership.
Program and Operation Fund
- Establish dedicated management functions (eg, program management office) with the CEO or board sponsored (with senior representatives from the business, geography, and corporate human resources)
- Identify core sequential processes along with key components and tasks at each step of the process. Clarify other business processes (e.g., management, implementation, career development)
- Understand the impact of change by emphasizing managers and staff
- Align programs with comprehensive business strategies
- Define initial scope (e.g., enterprise as a whole, subdivision)
- Define processes independent of technology
- Must support and enable key launches
- Must include learning and development
- Must be seamlessly linked to other business processes, especially performance management
- Must be flexible and configurable to meet unique needs
- Must gather and consolidate important information and data
- Must be easy for managers and staff to use
2. Push the success plan deeper into your organization.
Many executives still see succession planning as an alternative to appointing successors in the event of a catastrophic event for senior corporate executives. Of course, subsequent planning penetrates only the highest levels of an organization’s hierarchy, according to survey data. Currently, only 35% of companies focus on their ongoing planning efforts on key roles within the institution.
But the biggest change is underway: 65% of the organizations surveyed plan to extend their plans to all key positions within two years. Implementing successive plans beyond the top management is important in keeping high performers at all levels of the organization and reducing the risk of premature departure of employees in high-value positions.
The key to further planning in the organization is to provide career development plans to employees. Indeed, 97% of business leaders and human resources believe that the systematic career development process has a positive effect on staff retention and participation. These leaders also believe that providing career-leading opportunities as well as employee-focused development planning are the two most important mechanisms for retaining high-performing employees.
Retaining existing staff not only has the potential to mitigate the effects of a lack of talent, it also provides significant and tangible cost savings (since replacement costs range from 100% to 150% of Salary for departing employees).
3. Create a dynamic talent pool to increase the visibility of the pipe
The Central Talent Collection gives CEOs global visibility into their talent pipeline and resilience as a whole bench press. They provide a mechanism for ensuring that the organization’s future personnel plans are adequate, thereby reducing risk and ensuring continuity. In order to be truly effective, a talented pool must be energetic in nature. For example, if an employee is terminated, the individual should be automatically removed from the existing successor group. On the other hand, if an employee closes a skill gap or certification that previously prevented her from being appointed as a successor, the team should be properly updated. Talented pools that are inaccessible or outdated are of little use to decision makers.
A key element of making talent teams accessible is an in-depth search for talent exploration. Talent collections are not very good if managers cannot easily track, update and find potential successors. Dynamic talent collections should take the guesswork out of subsequent planning, aligning staff appraisals, competencies, development plans, and curricula. Active system monitoring ensures that as employees learn and grow, the talent pool is vigorously updated to reflect change. In particular, it is this element – backed by robust reporting and analytical capabilities – that helps executives make more informed employee decisions and better plans for future employee needs.
4. Promote mobile talent to keep performers high.
Industry analyst Bersin & Associates defines talent mobility as a “dynamic internal process for the transfer of talent from one role to another – at the level of professional and operational leadership.” “The ability to move talent where it is needed and when it is needed for building an adaptable and long-lasting unit,” the company added.
Talent mobility is:
- Business strategies that facilitate organizational agility and flexibility
- Mechanisms for achieving and maintaining high performance and potential
- The philosophy of recruiting employees who prefer internal sources rather than expensive external hiring
- Methods for aligning the needs of organizations and individuals through development
- Active and continuous approach to follow-up planning rather than reaction method
A systematic mobile mobility strategy enables business leaders to align, develop, engage, and maintain high performance skills by implementing parallel, repeatable, and global processes for talent rotation. Without a talented mobile strategy, executives face many risks:
- Focus on recruiting outsiders that are more expensive than internal sources
- Wrong rent (price can be 3-5 times a person’s salary)
- Increased high performance.
- Reduce staff involvement
- Reduce flexibility when business conditions change
Executives should consider the following integrated processes – and complete technology platforms to support them – to enhance and mobilize talent mobility:
- Current workforce analysis:Includes a detailed talent pool, staff profile, institutional list, competencies and job information.
- Talent needs evaluation: Evaluate staff on key areas of leadership potential, job performance, and exit risk.
- Analysis of future needs:Continuous development planning to create and manage dynamically diverse talent groups.
5. Include success plans to run a wider business
Successful planning is not a silo. It relies entirely on processes and other talented data, especially assessments that provide a basis for performance and competence. But unlike performance management processes that can be executed in a personalized format (assuming it has access to core employee data), it is not true for continuity planning.
Successful planning requires basic data (e.g., skills, resumes, resumes, talents, and staff records) and inputs (e.g., evaluation, feedback). Outcomes include a pool of nominees, successors, development / learning plans, and reports. To facilitate the level of integration required for subsequent planning rights, a single-source integrated technology platform that gathers key processes and critical information is required. With this single platform, the time to create a follow-up plan can be easily reduced from weeks or months to hours. Benefits can be significant: reducing staff transfer costs from strategic activities to more strategic efforts and reducing the risk of premature departure of key staff.
In addition, a single technology platform promotes the integration of learning and career development into subsequent plans. By linking these processes, nominees who are not yet ready for advancement can be assigned a detailed development plan that guides them to improve the skills and competencies needed for the new job position. Specific pathways and courses can be created for employees to facilitate their career growth. By providing employees with learning opportunities and development plans, CEOs can play a more active role in promoting staff growth, retention and engagement.
Finally, with a single system of recording, reporting and analysis is greatly improved since all the relevant talent data are in a single data structure. Strategic interpersonal scales can be easily developed (eg, measuring the impact of curriculum and development on implementation). Reporting and analysis are key to the CEO’s success in managing personnel resources and implementing strategies that support the company’s goals and initiatives.
Organizations can realize significant efficiency increases and cost savings by moving from manual to paper-based process with full technology. The transition to a single technology platform facilitates the expansion of subsequent plans deeper into the institution, since good architectural solutions link continuous development to career and academic development. The complete platform enhances senior managers’ global visibility into the pipeline and seat force, and enhancing mobility, skills to keep high performers become an effective engagement strategy. Proper success planning is the process and support of technological integration. Without integration, follow-up planning is just another organization.
Lamoureux, Kim. “Mobile talent: a new standard of endurance.” Bersin & AssociatesNovember 30, 2009.
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