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

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