1. Succession planning is required for mitigating the risk in the organization when some mission-critical persons leave the company all of a sudden.
before the succession planning, leadership competencies should be generated by holding 2- 4 meetings with senior managers. Leadership competencies will be used to select successors and make thier indivual development plans.
2. Succession planning begins with understanding the organization strategies and find out mission-critical positions, and then holding meetings to firgue out the succession planning.
3. first of all, we need to form an expert group, called committee. the committee is comprised of internal/ external experts, the line manager of the incumbent, some other managers or senior experts from other department. Usually, do not include the person from the incumbent's department.
4. the succession planning should be kept as a company secret.
5. hold succession planning meetings.
meeting one: the goal is that the meeting facilitator should leave with a list of 3-5 candidates.
meeting preparation:
send a letter separately to the incumbent and the committee. the only difference is that the letter to the incumbent should request him to provide his own job description. the letter's aim is to request the incumbent and the committee to provide a list of no more than 5 candidates.
during the meeting:
1) the incumbent should demonstrate his job description. the facilitator should ask questions and depict a whole picture of what's the role like besides the fact in the job description. find out the abilities required for the job position.
2) the incumbent and the committee should state the reason why they choose the 5 candidates and the strength and weakness of the candidates.
3) consider if the candidate is applicable to the role and considering the role's requirement not only for now, but also for 3- 5 years in future.
4) the facilitator leaves the meeting with a list of 3-5 candidates. gather info on the candidates ( their profile: candidate's resume, performance resumes, assessment data such as psychological assessment, behavioral assessment, critical thinking assessment and the like)
Meeting 2:
Choose and rank the potential successors and step-in candidates.
step-in candidates mean someone can take the role immediately but seldom the final candidate.
there could be 3 types of candidates:
Ready now - can be a step-in candidate
Ready in 1-2 years - need specific induvial development plan
Ready in 3+ years - need extra individual development plan
Inform the candidate's manager/ coach about the succession planning as the candidates need to complete his IDP.
The incumbent is responsible for the candidates' development. He should follow up their IDP status.
Make a succession Metric:
1, number of mission-critical positions
2, positions without ready candidates
3, potentail successors ready now, in1-2 years, or ready in 3 years or more
4, numbers of successors in the pool
5. executive turnover rates
6, internal placement rates
7, high potential turnover rates
8, percent of .... ( refer to the slides)
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