To accommodate career development and retention in today’s diverse work environment, it’s more important than ever to ensure you have key strategies in place that support the alignment of individual employee goals and development.
In part one of this webinar, we discussed engaging employees through goal and development plans. In part two, we will further explore key performance strategies through the creation and development of your organization’s leadership pipeline. Having a succession plan in place for your top employees will enable you to proactively assess, rate and manage development paths so that you may fully leverage your employees’ potential for the long haul.
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Strategies to Improve Employee Retention in a Diverse Workforce Part Two: Succession Planning
1. Strategies to Improve Employee Retention in a
Diverse Workforce Part Two: Succession Planning
Speaker: Tracy McCarthy
Senior Vice President of Human Resources
SilkRoad Technology
Christa Sorenson
Senior Vice President of Organization and Talent Development
Equity Residential
Moderator: Daniel Margolis
Managing Editor
Talent Management magazine
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5. Strategies to Improve Employee Retention in a
Diverse Workforce
Part Two: Succession Planning
Daniel Margolis
Managing Editor
Talent Management magazine
#TMwebinar
6. Strategies to Improve Employee Retention in a Diverse
Workforce
Part Two: Succession Planning
Tracy McCarthy
Senior Vice President of Human Resources
SilkRoad Technology
Christa Sorenson
Senior Vice President of Organization and
Talent Development
Equity Residential
#TMwebinar
7. STRATEGIES
TO
IMPROVE
EMPLOYEE
RETENTION
IN
A
DIVERSE
WORKFORCE
PART
TWO:
SUCCESSION
PLANNING
8. “FROM
NOW
ON,
CHOOSING
MY
SUCCESSOR
IS
THE
MOST
IMPORTANT
DECISION
I’LL
MAKE.
IT
OCCUPIES
A
CONSIDERABLE
AMOUNT
OF
THOUGHT
ALMOST
EVERY
DAY.”
JACK
WELCH,
CEO
GENERAL
ELECTRIC,
1991
9. ObjecAve
and
Approach
Objec&ve:
To
provide
you
with
key
strategies
to
support
and
align
individual
development
through
the
crea&on
and
development
of
your
organiza&on’s
leadership
pipeline.
Approach:
To
share
insights
and
successes
rela&ng
to
prac&cal,
real
world
solu&ons.
Share
different
perspec&ves.
10. Succession:
Three
Approaches
Replacement
Planning
– Narrow
focus,
upper
management,
insurance
policy,
secreNve
Succession
Planning
– Broader
focus,
management
or
key
leaders,
may
be
interacNve
or
not,
retenNon
driven
Succession
Management
– Right
people
in
the
right
jobs,
development
focus,
larger
talent
pools,
strategy
driven,
future
needs
not
just
replacement
needs
11. Poll:
What
is
the
most
criAcal
succession
management
issue
facing
your
company
today?
• PrevenNng
knowledge
loss
• Improving
retenNon
• Lack
of
bench
strength
in
key
posiNons
• Replacement
planning
• Enhancing
diversity
across
leadership
ranks
• Build
breadth
and
depth
of
talent
needed
for
the
future
12. IdenAfying
the
“Why”
Background
• Direct
markeNng
• 700
people
• Growing
organically
25%
a
year
• Leaders
see
no
value
in
succession
management
– Buy
vs.
Build
mentality
• Employees
saw
no
room
for
growth
Business
Opportunity
• Along
comes
an
acquisiNon
opportunity….
• Let’s
Do
It!
• Are
we
ready?
– Do
we
have
the
right
people
to
be
successful?
13. Undercover
Succession
Management
SWOT
–
Key
weakness:
Lack
of
bench
strength
–
Key
threat:
Current
business
decline
Outcome
– We
didn’t
go
through
with
the
acquisiNon
– Leaders
were
highly
disappointed
BUT
now
saw
the
need
for
succession
management
– We
formed
a
Talent
Review
team
and
began
an
informal
succession
process
14. Succession
Management
Components
• Why
is
it
important
for
the
Company
• SWOT
–
current
and
emerging
changes
Why?
• Determine
the
philosophy/approach
15. Determining
Key
PosiAons
and
KSAs
Talent
Review
Team
• Cross
funcNonal
business
unit
leaders
• Defined
key
posiNons
– Focused
on
posiNons
and
not
people
– Single
points
of
failure
(no
back
up,
long
learning
curve)
• Defined
KSA’s
needed
– Now
(opportunity
to
reevaluate
current
staff)
– For
acquisiNon
or
other
business
strategy
– 3
years
from
now
16. Succession
Management
Components
• Why
is
it
important
for
the
Company
• SWOT
–
current
and
emerging
changes
Why?
• Determine
the
philosophy/approach
• ID
key
posiNons
(SPF,
long
learning
curves,
industry
specific)
• ID
KSA’s
needed
to
achieve
strategy
PosiNons
17. Succession
Management
Components
• Why
is
it
important
for
the
Company
• SWOT
–
current
and
emerging
changes
Why?
• ID
key
posiNons
• ID
KSA’s
needed
to
achieve
strategy
PosiNons
• Determine
how
to
assess
employees
• Determine
who
shall
parNcipate
People
• ID
current
KSA’s
19. 2010
Talent
Review
Assessment
Report
1.
PERFORMANCE:
To
what
degree
did
this
leader
achieve
his
or
her
performance
goals
this
year?
What
contributed
to
his
or
her
performance
(e.g.
skills,
behaviors,
challenges,
etc.)?
2.
MINDSET:
Mindset:
how
this
leader
goes
about
his/her
work
and
relaNonships,
especially
in
high
pressure
situaNons.
a. To
what
degree
did
this
leader
live
out
Equity’s
10
Ways?
b. To
what
degree
does
this
leader’s
aLtude
contribute
posi&vely
to
moving
your
group
forward?
c. What
mindsets
could
this
leader
show
more
of?
What
mindsets
could
this
leader
show
less
of?
20. 2010
Talent
Review
Assessment
Report
3.
SKILLSET:
Equity
has
two
criNcal
leverage
competencies
for
leaders:
Adaptable
to
Change
and
Learning
on
the
Fly.
Adaptable
to
Change:
The
ability
to
be
flexible
and
producNve
during
Nmes
of
change,
and
expects
and
welcomes
the
next
change
as
an
opportunity
to
improve
oneself
and
the
workplace.
To
what
extent
is
this
leader
Adaptable
to
Change?
What
are
some
specific
examples
of
how
is
leader
was
Adaptable
to
Change?
Learning
on
the
Fly:
Learns
quickly
when
faced
with
new
challenges
or
ways
of
doing
business
To
what
extent
did
this
leader
demonstrate
Learning
on
the
Fly?
What
are
some
specific
examples
of
how
this
leader
demonstrated
Learning
on
the
Fly?
4.
AREAS
OF
EXPERTISE:
To
what
degree
does
his
leader’s
func&onal
and
industry
exper&se
make
a
value-‐added
contribu&on?
What
is
included
in
this
leader’s
toolset?
(e.g.
func&onal
and
industry
exper&se,
especially
with
processes,
use
of
systems
and
tools)
21. 2010
Talent
Review
Assessment
Report
5.
LEADERSHIP:
The
overall
way
this
person
approaches
his/her
role
and
contribuNons
as
a
leader,
including:
• Being
known
as
a
change
champion,
and
a
curious
and
conNnuous
learner
• Sharing
their
funcNonal
knowledge
and
tools
generously
and
effecNvely
with
others
• Having
a
reputaNon
as
a
role
model
for
the
Equity
way
of
doing
business
To
what
degree
is
this
person
demonstra&ng
leadership?
Provide
specific
details
of
what
type
of
leadership
this
person
is
demonstra&ng.
6.
PROMOTIONAL
CONSIDERATION:
A. Is
this
leader
currently
prepared/ready
for
a
promo&on
this
year?
B. What
tells
you
this
leader
is
ready
for
a
promo&on?
C. Are
there
any
addi&onal
skillsets
or
aWributes
that
contribute
to
this
leader’s
success?
24. How
Wide
is
Your
Chasm?
Gap
Analysis
• Compared
needed
KSA’s
for
key
posiNons
for
‘Now’,
‘AcquisiNon’,
and
‘Future’
with
current
KSA’s
based
on
performance
scores
and
personal
experiences
– Green
–
Strong
KSA’s
– Yellow
–
Missing
some
KSA’s
– Red
–
Weak
KSA’s
• Focused
on
reds
then
yellows
25. Succession
Management
Components
• Analyze
the
gaps
between
current
and
future
KSA
needs
GAPS
• PrioriNze
the
KSA
needs
• ID
development
acNviNes
AcNviNes
• ID
how
to
integrate
with
other
key
processes
26.
27. Succession
Management
Components
• Analyze
the
gaps
between
current
and
future
KSA
needs
Gaps
• ID
development
acNviNes
AcNviNes
• ID
how
to
integrate
with
other
key
processes
• Determine
how
to
track,
manage,
hold
people
accountable
Manage
• Determine
how
to
support
parNcipants
28. Systems
and
Technology
• Technology
will
magnify
the
process
–
make
a
good
process
beler
and
a
bad
process
glaringly
obvious
• Technology
can
link
succession
development
acNviNes
to
other
employee
lifecycle
events
• Technology
can
facilitate
the
process
and
automate
some
tasks
• Technology
can
act
as
the
system
of
record
for
all
the
succession
management
acNviNes
30. Summary
• Succession
Management
is
not
an
end
but
an
integral
part
of
the
strategic
planning
process
• Succession
Management
is
as
much
about
art
as
it
is
science
–
no
single
“playbook”
• Don’t
build
in
complexity;
keep
it
simple
to
make
it
sNck
• Succession
Management
is
a
priority
for
successful
companies
32. Best
PracAces
in
Succession
Management
• Make
the
succession
process
part
of
your
company
culture
– Periodic
talent
reviews
as
a
part
of
the
talent
planning
process
– Be
inclusive
and
develop
large
pools
of
talent
rather
than
focusing
on
one
or
two
• Development
orientaNon
– Management
owns
succession
planning/process
and
are
accountable
for
developing
employees
– Encourage
and
reward
coaching
and
individual
growth
of
all
employees
– Emphasize
on-‐the-‐job
development
and
not
just
classroom
training(Consider
job
rotaNons,
mentoring)
– Create
progressive
assignments
– Help
people
make
crucial
connecNons,
parNcularly
management
(40%
fail
in
18
months)
• Keep
the
process
simple
–
don’t
let
the
process
dominate
the
discussions
– Start
simple
–
don’t
bite
off
more
than
you
can
chew
– Flexibility
-‐ConNnued
reinvenNon
of
the
process
as
the
company/environment
change
– A
system
that
is
easy
to
use
• Once
a
successor
is
in
new
role,
there
needs
to
be
a
process
in
place
to
support
the
person
through
the
transiNon
– Help
people
make
crucial
connecNons,
parNcularly
management
(40%
fail
in
18
months)
– Leaders
learn
best
from
experience,
mentors
and
being
coached
33. CriAcal
QuesAons
• What
is
it
for?
• Who
is
it
for?
• Who
decides
what?
• How
do
they
decide?
• What
systems
and
support
are
required?
Succession
management
doesn’t
have
to
be
complicated
and
only
for
large
corporaNons.
It’s
a
chance
to
assess
your
organizaNons
current
KSA’s
and
determine
how
they
will
support
the
future
of
your
organizaNon.
34. Keys
to
Success
• Easy
to
use
• Flexible
• Developmentally
oriented
• Built
around
conNnual
reinvenNon
• Aligned
with
strategic
plan
• Top
leader
support
• Owned
by
Sr.
Mgmt
• Willing
parNcipaNon
• Credibility
in
the
HR/OD
FuncNon
35. Succession
AcAviAes…to
name
a
few
• Coaching
• Real
Nme
learning
(people
learn
best
by
doing)
• Cross
training
• Task
forces
or
special
projects
• AddiNonal
job
assignments
• Mentoring
programs
• Formal
training
• CommuniNes
of
pracNce
36. Ideas
to
Overcome
Lack
of
Management
Support
• Talk
their
language
– Compare
to
Sports
Analogies
• Basketball
Bench,
Baseball
Farm
Team
– Show
the
$
and
Cents
(Finance)
• Succession
management
is
like
interest
on
your
investments
(growing
people)
– People
Maintenance
(OperaNons)
• Just
like
we
invest
in
our
capital
purchases
(regular
machine
maintenance),
we
should
do
the
same
with
our
people
(our
number
2
expense)
37. Thoughbul
Reading
SuggesAons
• The
Leadership
Pipeline:
how
to
build
the
leadership
powered
company
– Ram
Charan,
Stephen
Droler
and
James
Noel
• One
Page
Talent
Management:
EliminaNng
Complexity,
Adding
Talent
– Marc
Effron
and
Miriam
Ort
• FYI:
For
Your
Improvement,
A
Guide
for
Development
and
Coaching
– Lombardo
&
Eichinger
38. Questions and Answers
Tracy McCarthy
Senior Vice President of Human Resources
SilkRoad Technology
Tracy.McCarthy@silkroad.com
Christa Sorenson
Senior Vice President of Organization and
Talent Development
Equity Residential
Csorenson@eqrworld.com
For sales inquires please contact:
sales@silkroad.com.
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