Succession Planning or the Lack Thereof - Human Capitalist - Volume 4 Issue 4
|Volume 4, Issue 4||"A" player human capital leadership by Hunt Executive Search|
|For more than a decade, the Human Capitalist has been a value added service to encourage
our employer and candidate clients in their Personal & Professional Development
I know a CEO who has an adjacent office at headquarters, to which only the executive committee has access. The room is adorned with photos of the company's top talent. They are strategically arranged to in order of likely succession for each key role, with notations of what further development and grooming were necessary. The CEO calls the room "The Vault" because it represents the intellectual capital that stores the representative assets in the bank required to secure the company's future.
- They must continue to be challenged to be retained.
- They should have significant input to their career development to meet personal needs.
- They must have a choreographed development plan that combines the skills, experiences, and behavioral coaching required.
- They must be evaluated frequently and within fixed time frames to be moved to the category above or below.
- They must be dealt with truthfully and respectfully.
- The organization should expect and welcome turnover among this cohort.
- They should never be promoted as a reward, or to prove inclusion, or for any other nonperformance factors.
- The organization should be recruiting well in advance of the project needs, either with internal capabilities or through contracts with a search firm.
- Hiring managers should formally maintain a virtual bench of external candidates, irrespective of how deep the internal bench appears to be.
- Accept that it's your executive responsibility and succession planning is a required element of your job.
- Assess future needs in terms of skills, experiences and behaviors.
- Establish the triage approach just described: high potential ("A" players), probable potential ("B" players with "A" potential), no potential ("B" and "C" players), external potential (engage a Executive Search partner to talent scout, build and maintain a "Virtual Bench")
- Insist that the development plan for each person in the succession planning process be the accountability of that person's direct superior, and hold the superior accountable in his/her evaluation review for the fulfillment of the subordinate's development plan.
- Install at least quarterly reviews of the progress systematically and of the individuals within it.
In the next Human Capitalist article, we will address The Succession Solution as the 2nd part of this series. Look for it in our Intellectual Capital section at www.huntsearch.com, my blog at jbhunt.net or the next issue of the Human Capitalist.
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