It's a common assumption that most organizations don’t do succession planning. Often the reasons include the high level of administration involved with succession planning and the difficulty in identifying and developing talent. It’s hard enough to figure out what the business world will look like in three years, much less what the organization’s talent needs will be.
Want to retain your high-potential employees, keep them engaged and grow them into the leaders your organization needs as it evolves? Put them in a chief of staff rotation, advises the author of Chief of Staff: The Strategic Partner Who Will Revolutionize Your Organization (Tyler Parris Coaching LLC, 2016).
It's the circle of life, enterprise style.
Eventually, your managers, directors and even senior executives will have to hand the reigns over to the next wave of leaders.
Rupert Morrison is the CEO of Concentra one of the fastest-growing analytics firms in the UK and the creators of acclaimed business transformation tool OrgVue. I asked Rupert about the evolution of organizational design and how data and analytics are changing the way companies are creating environments for performance to sustain a competitive edge.
Living abroad can be a life changing and eye opening experience. By submerging yourself in a new culture, you gain a new perspective on life, meet new and diverse people and feel connected to a community of global citizens. Not only can you benefit from the personal enrichment of living abroad, it is also an excellent career development opportunity and can pave the way for leadership opportunities.
U.S. CEO Dismissals Hit Lowest Level in Almost 10 Years
Although the definition varies, millennials (also known as Generation Y) are typically considered to be those people who reached legal age around the turn of the 21st century. Currently, millennials comprise approximately 33 percent of the global work force, and estimates from the BPW Foundation project that by 2025, that number will increase to 75 percent. In short, millennials are the future of your business, and they must be managed effectively — and included in your succession planning.
The terminology Employee Engagement has been over-used to the point that the inspiration behind the phrase has become a commodity. All those stupid studies that say only 10% of the workforce are engaged are total bullshit!
Really.... 1 in 10 people enjoy their job?
Really.... 9 out of 10 people would rather work somewhere else?
Employers Struggling to Develop Senior Leaders
A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others. He does not set out to be a leader, but becomes one by the equality of his actions and the integrity of his intent. —Douglas MacArthur
We’ve heard it over and over … again. Employees don’t leave jobs, they leave bosses. Employee satisfaction doesn’t necessarily depend on what we give our employees, but who.
To hire or not to hire – internally – that is the question.
In the constant struggle to cut costs and improve the time-to-hire metrics, many organizations are looking for candidates in a place that may have been overlooked in the past — their existing employee base. Yes, fishing for talent from the company pond is making a comeback.
At the 2011 SHRM national conference, former SHRM President Susan Meisinger chaired a session entitled, “10 Things Your CEO Will Never Tell You but HR Needs to Know.” Why wouldn’t a CEO be compelled to tell the head of HR what they tell others who sit around the table? Why, why, why?
The core issue seems to be one of HR having both a longstanding identity problem and a fairly widespread public relations problem.
"That one may smile, and smile, and be a villain” –Hamlet.
Succession planning has typically been a very politicized process – decisions about who should be advanced are often kept in the board room, where managers discuss in private the merits of their various employees. Behind closed doors, they often use subjective methods and play favorites. Yet, to be most effective, succession plans should be derived from objective data to ensure that the most qualified employees – those than show the greatest skills and aptitude to take on a leadership role – are advanced.
Smart companies engage in succession planning. Exceptional companies focus on legacy creating.
Bank of America and Citigroup
When Bank of America CEO Ken Lewis and Citigroup CEO Vikram Pandit announced their departures unexpectedly and with little warning in 2009 and 2012, respectively, each organization scrambled to identify a replacement. As a result of such unpreparedness, stock prices fell, the executive team became unnecessary distracted, initiatives stalled, growth stagnated, and employees felt uneasy and uncertain.