Implementing an Effective Succession Plan to Identify, Develop & Retain Your High Potentials

Succession planning is a deliberate, systematic way to anticipate the need for talent and make sure the right competencies and experience are available when key positions open. This 60-minute succession planning webinar looks at the process at both the macro and micro level.

You'll see the two main objectives of a program: keeping leadership continuity in key positions and attracting, retaining and developing high potentials (HiPos). The session covers how to encourage HiPo development through career paths, performance appraisals, daily coaching, individualized development plans (IDPs) and talent review meetings.

It then reviews common tools such as self-appraisals, 360 feedback, assessment instruments and the GE grid, explains what the organization, its leaders and participants each need to do, and sets out measures for judging whether the plan works.

• Explain what succession planning is
• View a succession plan at both the macro and micro level
• Describe the value and objectives of succession planning
• Use tools and processes such as IDPs, 360 feedback and the GE grid to build a plan
• Define the roles of the organization, its leaders and the program participants
• Use metrics to gauge how well your plan is working

I. Succession planning defined

• A deliberate, systematic process for anticipating talent needs and ensuring competencies and experience are available when needed
• A strategic way to avoid a talent shortage, strengthen the current talent pool and meet future needs

II. Objectives and benefits

• Sustaining the business through leadership continuity in key positions
• Attracting, retaining and developing high potentials (HiPos)
• Developing HiPos through career paths, performance appraisals, daily coaching, IDPs and talent review meetings

III. Tools and processes

• Self-appraisals and career goals
• Performance appraisals, 360 feedback and ratings
• Assessment instruments
• The GE grid
• Individual development plans (IDPs)
• HiPo talent development interventions
• Talent review meetings

IV. Roles in an effective plan

• The organization: funding, a clear vision and guidance, a formal written program, announcing objectives to all employees and securing support from all leaders
• Leaders: job descriptions for their teams, formal performance appraisals, identifying development areas, sharing knowledge, involving employees in more of their responsibilities and facilitating IDPs for all HiPos
• Participants: self-appraisals, choosing career paths, learning about future assignments, performing to their capabilities, completing IDPs and developing their own successors

V. Measures of success

• At least one successor for each key position
• Development goals and IDPs for each successor
• How much of their manager's job successors can perform
• Whether successors can step in when the manager is unavailable, and how well they perform

From Fortune 500 companies to small family businesses, every organization needs people ready to lead in the future. Without a succession plan, you face the cost of recruiting, selecting, onboarding and training a new leader, plus lost opportunity while a key job goes undone.

This session suits HR professionals new to the field, experienced HR staff seeking a refresher, and leaders and managers who want to understand how succession planning benefits the organization.

• HR Professionals New to the Field - seeking a comprehensive view of the subject with multiple application initiatives
• Experienced HR Professionals - seeking a refresher
• Leaders and Managers - interested in understanding how a Succession Plan benefits an organization
• SHRM Associations
• HR Groups on LinkedIn
• Any Professional Manager Groups/Associations

Pete Tosh is the Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:

• Implementing Strategic HR Initiatives
• Maximizing Leadership Effectiveness
• Strategic Planning
• Enhancing Customer Loyalty

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

Pete holds a B.A. degree in Psychology from Emory and Henry University and Masters degrees in both Business Administration and Industrial Psychology from Virginia Commonwealth University. Pete also co-authors Leading Your Organization to the Next Level: the Core Disciplines of Sustained Profitable Growth.