Succession Planning Program
Succession Planning is a critical but most of the time overlooked process in the company. The reason is that it is a proactive initiative where talent is recognized and developed with the organization’s future leadership in mind. It is therefore an investment for the future needs. Studies show that external hires are 61 percent more likely to be fired, and 21 percent more likely than internal hires to voluntarily quit the job. They are also more likely to be paid more, but get lower rating in performance review than internal hires during the first two years on the job. However, internal hires are not always the best option because they are seen as not ready to assume the leadership position. A robust succession planning program can be the answer to this talent trap. But how can the company create a succession planning program that links talent development to the goals of the organization and its staff?
This one day program will enable participants to:
- Differentiate between the traditional replacement planning and creating an acceleration pool for succession planning;
- Identify the seven “best in class” succession planning and management development practices
- Develop a competency model for a job
- Discuss options for applying the concepts and process in dev eloping a succession planning program for the organization.
I. Business Drivers Dictating Improvement in Succession Planning, Management Development and Career Planning
- Studies on successful leaders and how they are developed
- Seven Best Practices that work
- Differentiating High Potentials, Seasoned Pros, and Solid Citizens
- Vaccinating Against Career Derailment
II. Steps in Developing a Succession Planning Program
- Traditional Replacement Planning and a Formal Acceleration Pool
- Identifying Critical Positions in the Company
- Developing a Competency Model for Critical Positions
- Identifying High Potentials in the Organization
- Assessing and Monitoring Competencies of High Potentials
- Customizing Development Plans with Emphasis on Assignment Management
III. Is it right for your organization?