Fortune 500 companies and small family businesses alike share a business need - insuring that they have the talent necessary to effectively lead their organizations in the future. One of the most significant contributions a leader can make is insuring 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:
Not having a Succession Plan can be costly and sometimes disastrous; it's 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.
Succession Plan Defined
Objectives and Benefits of Succession Planning
Encourage HiPos development by:
Tools and Processes Commonly Utilized for Developing and Implementing
What an Organization, its Leaders and the Program Participants Need to Do To Achieve an Effective Plan
What an organization needs to do:
What the leaders need to do:
What the program participants need to do:
Potential Measures of the Program's Success
The primary objectives for and deliverables from a Succession Planning program are to:
Encourage individual development by:
During Succession Planning Programs:
Experience has found the following two processes to be very effective in enabling organizations to have the talent they need, when it’s needed:
#1 Performance Management and/or 360 Feedback Processes - through which the
organization is able to:
Special or stretch projects
Assignments in other depts./job rotations
Try-out/popcorn stand slots
Formal training and development initiatives
Fast track programs with exposure to other functions
Intense coaching, etc.
Talent Review Meetings - during which the executive team in a disciplined fashion:
Succession Planning initiatives also increase the levels of engagement and performance of your A Players and High Potentials – the talent your organization will most need in the future.
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:
The Focus Group has provided these consulting and training services to manufacturing and service organizations across the U.S., Canada, Europe, and the Middle East. Pete has worked closely with the leadership teams of organizations such as Exxon, Brinks, EMC, State Farm, Marriott, N.C.I. YKK and Freddie Mac to:
Prior to founding his own firm 25 years ago, Pete had 15 years of experience — at the plant, divisional and corporate levels — in Human Resource and Quality functions. Pete held leadership positions — to include the V.P. of Human Resources and Quality — with Allied Signal, Imperial Chemical Industries, Reynolds Metals, Charter Medical, and Access Integrated Networks.
Pete also frequently develops and facilitates a variety of leadership development programs including Strategic Planning, Moving from an Operational Manager to a Strategic Leader, Strategic HR Management, The Fundamentals of Human Resource Management, Recruiting, Interviewing & Selection, Employment Law and Utilizing HR Metrics. Employees from over 3,000 organizations have benefited from Pete’s experience and perspective. Pete is a co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth.
Pete holds a B.A. degree in Psychology from Emory and Henry College and Masters degrees in both Business Administration and Industrial Psychology from Virginia Commonwealth University.