Implementing an Effective Succession Plan to Identify, Develop & Retain Your High Potentials

Recorded Session
60 Minutes

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]

WHY SHOULD YOU ATTEND?

Fortune 500 companies and small family businesses share a business need - ensuring 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:

  • 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 is expensive to recruit, interview, select, on-board, and train a new leader and significant opportunity costs are incurred when a key job is not being performed.

AREA COVERED

I. 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

 II. 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:

  1. Identifying career paths
  2. Conducting performance appraisals
  3. Providing daily coaching
  4. Creating Individualized Development Plans [IDPs]
  5. Holding Talent Review meetings

III. 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 

IV. 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 sharp 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

 V. 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

LEARNING OBJECTIVES

  • Understand what succession is
  • Look at a succession plan from both a macro & micro level
  • Learn the value & objectives of succession planning
  • Discuss multiple tools & processes for developing a succession plan
  • Identify the individual roles of the organization, its leaders & the program participants
  • Be able to utilize several metrics to gauge the effectiveness of your plan 

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
  • SHRM Associations
  • HR Groups on LinkedIn
  • Any Professional Manager Groups/Associations

Fortune 500 companies and small family businesses share a business need - ensuring 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:

  • 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 is expensive to recruit, interview, select, on-board, and train a new leader and significant opportunity costs are incurred when a key job is not being performed.

I. 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

 II. 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:

  1. Identifying career paths
  2. Conducting performance appraisals
  3. Providing daily coaching
  4. Creating Individualized Development Plans [IDPs]
  5. Holding Talent Review meetings

III. 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 

IV. 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 sharp 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

 V. 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
  • Understand what succession is
  • Look at a succession plan from both a macro & micro level
  • Learn the value & objectives of succession planning
  • Discuss multiple tools & processes for developing a succession plan
  • Identify the individual roles of the organization, its leaders & the program participants
  • Be able to utilize several metrics to gauge the effectiveness of your plan 
  • 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
  • SHRM Associations
  • HR Groups on LinkedIn
  • Any Professional Manager Groups/Associations
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Transcript (PDF Transcript of the Training)
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Speaker Profile

ins_img Pete Tosh

Pete Tosh is Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:Maximizing Leadership EffectivenessImplementing Strategic HR InitiativesStrategic PlanningEnhancing Customer LoyaltyThe Focus Group has provided these consulting & training services to manufacturing & service organizations across the U.S., Canada, Europe & the Middle East.Pete has worked closely with the senior leadership teams of organizations such as Brink’s, EMC, State Farm Insurance, Marriott, N.C.I., Freddie Mac, and YKK Pete is also co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth. Pete holds …

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