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The CEO’s Guide To Succession Planning – Managing Risk & Ensuring Business Continuity
Reserved for senior executives, and often viewed as emergency succession planning, today’s succession plan is also being described. This discipline has grown in scope and scope to become a core part of board-level strategy.
Succession planning focuses on managing risks and ensuring continuity across all levels of the organization – the risk of the unexpected departure of key employees, the risk of retirees taking their skills and knowledge and leaving everything behind, and the risk of losing valuable employees to competitors. with them. It does so by helping business leaders identify the best performers in the organization, creating “talent pools” of these valuable skills that other leaders can leverage, and preparing and developing high-performing employees for future careers.
If this were easy, everyone would do it. The problem today is that sequencing is not automated, let alone optimized. This CEO guide offers five essential tips to jumpstart your succession efforts.
1. Create and Reduce Cost
Today’s sequencing efforts are characterized by fragmented, unstructured, paper-based sessions. Indeed, 67% of companies are still on paper, according to a global survey by SumTotal.
In short, business and HR leaders may spend weeks or months manually researching different parts of the organization to find the information needed to create lists and cascades of candidates and successors for family or other positions. The information required to create the lists usually includes self-assessments, past assessments (usually based on paper), and 360 feedback. for difference), the results are published and included in the three main criteria used in the executive planning meetings. This time-consuming, ineffective, and costly method is still common today.
In order to successfully transition succession plans from manual, paper-based to systems-driven and technology-driven, CEOs must focus on establishing a strong foundation supported by strong leadership.
Program & Process Foundation
- Establish a dedicated management function (for example, a program management office) with a senior leader supported by the CEO or a council (with senior representatives from business, geography, and corporate HR)
- Describe the sequence of events along with the main components and functions at each step of the process; Be clear about other business processes (e.g. performance management, service development)
- Understanding the meaning of change is an emphasis on management and employees
- Integrate software with multiple business processes
- Determine the starting volume (eg, business as a whole, divisions)
- Define strategy without technology
- It should support and initiate major processes
- They should combine training and development
- They must be in constant contact with other business processes, especially performance management
- They should be flexible and adaptable to meet special needs
- It should centralize and integrate key information and data
- They should be easy for managers and employees to use
2. Drive Better Planning in Your Team
Many CEOs still view succession planning as a means of selecting successors in the event of a disaster for senior company leaders. Indeed, sequential processing only occurs in the highest levels of society, according to research. Only 35% of companies focus their succession planning on the most important functions of the organization.
However, a very interesting change is taking place: 65% of the organizations surveyed plan to expand their plans to enter all critical areas within the next two years. The use of succession planning through the upper levels of management is essential to retain high performers at all levels of the organization and reduce the risk of long-term attrition of high-level employees.
An important part of developing succession planning in an organization is providing career development plans to employees. In fact, 97% of business and HR leaders believe that a career development strategy has an impact on employee retention and engagement. These leaders also believe that providing opportunities for career development and employee development planning are two of the most important ways to retain high-quality employees.
Retaining existing employees not only mitigates the effects of talent shortages, it also provides significant and tangible savings (since replacement costs range from 100%-150% of the departing employee’s salary).
3. Establish Strong Talent Pools to Improve Pipeline Appearance
Centralized talent pools give CEOs global visibility into their talent pipelines and overall bench strength. They provide a way to ensure that the organization’s future workforce plans are adequate, thereby reducing risk and ensuring continuity. To be effective, talents need to be flexible in nature. For example, if an employee is fired, that person should be removed from the available pool. Alternatively, if an employee closes the required skill or certification gap that prevented him or her from being considered as a replacement, the pool must be updated accordingly. Talent pools that are inaccessible or out of date are of little help to decision makers.
The most important part of making talent accessible is a thorough search for talent. The talent pool is not good if managers can’t see, track, change, and search for potential replacements. Strong talent teams need to take the guesswork out of sequencing by coordinating employee evaluations, skills, development plans, and learning programs. Systematic evaluation ensures that as employees learn and grow, talent is updated to reflect these changes. It is this feature in particular – supported by robust reporting and analytical capabilities – that helps CEOs make strategic decisions and better plan for future projects.
4. Encourage the Flow of Talent to Retain Top Performers
Industry analyst Bersin & Associates defines talent as “the dynamic internal process of moving talent from position to position – in leadership, expertise and performance.” The company added that “the ability to move talent to where it is needed and when it is needed will be critical to a sustainable and resilient organization.”
The movement of talent is:
- A business model that supports organizational stability and flexibility
- The way to get and keep high performance and potential talent
- A recruitment philosophy that favors internal leveraging over external borrowing
- A process of aligning the needs of the organization with the individual through development
- A proactive and continuous process of planning for action rather than action
A sustainable talent management approach helps business leaders successfully acquire, engage, develop, engage, and retain high-performing talent by establishing a consistent, repeatable, and global talent transformation process. Without a unified talent strategy, CEOs face several risks:
- Focus on cost-effective external recruitment compared to internal recruitment
- Bad hires (cost can be 3-5x the salary of the person)
- Increase in blood sugar
- Attrition of workers
- Flexibility has been reduced as business conditions change
CEOs should consider integrating the following strategies – and a comprehensive technology platform to support them – to encourage and enable talent mobility:
- Current staff analysis:It includes talent profiles, employee summaries, organization charts, skills, and work history.
- Talent evaluation: Assess employees on key leadership issues, performance, and risk of leaving.
- Analysis of future needs:Continuous development planning to create and manage sustainable, multi-generational talent.
5. Integrate Effective Planning for Business Development Processes
Next planning is not a silo. It is completely dependent on other technical methods and data, especially evaluations that provide performance and basic skills. But unlike the management plan, which can be done in a self-sufficient way (assuming that it has access to the knowledge of the employees), the same is not true for succession planning.
Succession planning requires basic information (e.g., skills, work history, professional history, and employee history) and input (e.g., evaluation, reviews). Outputs include selection pools, replacement pools, development/training plans, and reports. To support the level of integration required for effective succession planning, a single, integrated technology platform that manages key processes of expertise and knowledge is required. With this single platform, the time to create a series of plans can be easily reduced from weeks or months to a few hours. The benefits can be significant: reducing costs, transferring employees from skilled activities to more important activities, and reducing the risk of sudden departures of important employees.
In addition, a single technology platform encourages the connection of education and career development and succession planning. Using these methods, candidates who are not ready to advance can be given development plans that lead them to improve the skills and abilities needed for new jobs. Learning strategies and special training can be implemented for employees to support their career growth. By providing learning opportunities and development programs for employees, CEOs can play a role in promoting employee growth, retention, and engagement.
Finally, with a single system of registration, reporting and analysis is much more efficient, because all the data related to the skill is contained within a single database. Collaborative metrics can be easily established (for example, measuring the impact of training and development on performance). Reporting and analysis are critical to the CEO’s success in managing employee resources and implementing strategies that support corporate goals and initiatives.
Organizations can achieve significant benefits and cost savings by moving from a manual, paper-based environment to a technology-enabled environment. The transition to a single technology platform helps to develop succession planning more deeply in the organization, because a well-designed solution integrates succession with career development and learning. The comprehensive platform enables global management visibility into talent development and bench strength, and promotes the flow of talent to retain top performers is a great way to connect. Subsequent planning, done correctly, affects the process and facilitates the integration of technology. Without integration, succession planning becomes just another organizational silo.
Lamoureux, Kim. “Talent Flow: The New Endurance Standard.” Bersin & AssociatesNovember 30, 2009.
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