Great performance begins with great leadership. Organizations which aspire to achieve world-class performance must invest time and resources into the development of its human capital. Succession planning establishes a process to recruit key managers and cultivate necessary skills in advance of need. A well executed succession program builds executive bench strength and retains top talent.
Robert Gandossy and Marc Effron's book, Leading the Way, presents astonishing results from the Hewitt Associates leadership study of more than 6,000 organizations worldwide. Companies whose CEOs were actively involved in the succession planning and talent development processes reported a 22% total return to shareholders over a three year period. In organizations in which the critical importance and enormous value of these processes is not recognized, the return to shareholders droppped dramatically to four percent.
Stagen Leadership Institute's experts have established core principals for an effective succession planning process, based upon the proven correlation between talent management and an organization's financial success.
- Begin with a clear understanding of the company's goals and objectives
- Identify critical and key positions
- Identify current and future competencies for critical and key positions
- Create an evaluation plan for success management
- Create assessment and selection tools
- Craft talent development programs that address current and future needs
- Develop clear Individual Development Plans for employees
- Conduct employees reviews utilizing the Individual Development Plans
- Measure success not only by results, but also by how results are achieved
- Provide opportunities for cross department experience
Skillfully done, succession planning and talent management will provide an ongoing supply of competent and broadly experienced managers.
