Succession Planning and the Election

SUCCESSION PLANNING AND THE ELECTION Succession Planning Practices in Companies 1 IDENTIFICATION OF CRITICAL ROLES Starts from the supervisor and manager levels to the highest position in the organization. In line with business objective. Aging workforce. Identifies the critical positions based on the retiring population for the next three years. MILLENTAL Top three priorities of Millenials: 32% 70% Compensation 1 Flexible work schedule 2 plan to leave their organization. when the economy may change jobs improves. Opportunity to make a difference 3 Does your company have a succession planning strategy in place for aging workers The world's largest executive recruiting firm, Korn/Ferry, conducted an Executive Survey that discovered: 98% 35% 48% regard CEO succession planning as an important piece of the overall corporate governance have incorporated an say succession planning is more important now actual succession planning strategy. than before. process. Despite trends of high profile CEO's leaving, 43% 49% have not have not put a increased succession attention to plan into place in the last three years. succession planning. ASSESSMENT OF CRITICAL ROLES 2 Clear job descriptions Career paths Appraisal reviews Criteria for choosing the successor 3 IDENTIFICATION OF CANDIDATES BASIC CRITERIA TOOLS Feedback from supervisors and managers. Meet the minimum requirements in the job profile. Potential to learn. Performance ratings and reviews. Desire to take on the position. Specific accomplishments. INTERNAL CANDIDATES EXTERNAL CANDIDATES Immediate tier of the organization. Increases the company's bench strength. Existing Talent Management framework. Greatly reduces transition risk. Existing Career Management framework. How do you identify employees as possible succession candidates Research done by Sheila M. Rioux, Ph.D., and Paul Bernthal, Ph.D., discovered the following data: 94 88 44 37 OF ORGANIZATIONS consider employees' career wishes and use objective assessment data do not evaluate regarding current performance and readiness/potential. managers and executives based on their efforts to develop direct reports. rely on a computerized system to plan and track progress of the succession aspirations. management system. SELECTION INTERNAL CANDIDATES EXTERNAL CANDIDATES are readied. are updated. Presentations to the board by Board must see tremendous upside internal candidates potential in an external candidate High risk to hire an Board to discuss if there is a fully developed internal candidate. external candidate: Fully developed candidate exists: Clear winner. They present an incomplete picture to the board. If none: Resort to external candidates. They have an incomplete picture of the company. DEVELOPMENT PLAN I Bridge the gap with the required experience and skills. Comparison of the critical roles requirements versus current experience or skills of the potential successor. Ensure that the successor is not frustrated in his current role and conduct open dialogues. What role does technology play in identifying possible successors Harris Interactive conducted a research study and found: 37% 65% 51% 12% of respondents indicated that of employers checked Facebook to see if candidate appeared professional. checked to see if they were a good fit into the said they went online to find an excuse for not their company uses social media company's culture. hiring a candidate. to check on candidates. 5 TRANSITION Focuses on on-boarding process and first 12 months of tenure: Refers to the process of getting up to speed on the job. Successor has begun to develop relationships with the board members. Sufficient time with the outgoing executive to complete hand-offs. Has a sense of the areas that represent burning fires requiring immediate action. HRP in Succession Planning Human Resource Planning (HRP) Process of analyzing an organization's human resource needs under changing conditions and developing necessary activities required to satisfy these needs. HARD S OFT Vs SKILLS SKILLS Technical Personality abilities driven Hard skills vs. soft skills (what is the difference) Research conducted by OfficeTeam, HR.com, and the International Association of Administrative Professionals (IAAP) found: 93% of the HR managers surveyed said technical skills are easier to teach than soft skills. The most in-demand soft skills cited by the managers are: Organizational skills 87% Verbal communication 81% Teamwork and collaboration 78% Problem solving 60% Tact and diplomacy 59% Business writing 48% TECHNOLOGY IN SUCCESSION PLANNING Four reasons social media works for recruiting: 1 4 Networking Quick & efficient More detailed Better access information to referrals How does this relate to the current election Research by economist Barry Bluestone, dean of the School of Public Policy and Urban Affairs at Northeastern University, predicts labor shortages over the next eight years to the tune of more than 5 million job vacancies including 2.4 million in the education, health care, government and nonprofit sectors. Effects of Technology in U.S. Presidential Candidates ROMNEY Vs OBAMA Romney took a slight lead after the Denver debate. Removed the "monster" image of Romney as depicted by Obama attacks. Voters' view: Obama has no plan and message. Obama gaining points due to his presidential response to Hurricane Sandy. MCCAIN Vs OBAMA McCain is prominent and ardent supporter of the decision to invade Iraq and vows to keep U.S. troops there until the war is won. McCain supports President Bush's tax cuts and cutting corporate tax rates. Obama to remove U.S. combat troops from Iraq. Obama to expire Bush's tax cuts for wealthy Americans. BUSH Vs GORE Intensive blogging took place to connect with voters against Team Bush. Team Bush was able to throw the press off of ugly stories. Any minor Gore exaggerations were used to portray Gore as a liar, someone whose attacks on the Bush record must be bunk. 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