REIMAGINING SUCCESSION MANAGEMENT - Korn Ferry · 2020-01-28 · REIMAGINING SUCCESSION MANAGEMENT...
Transcript of REIMAGINING SUCCESSION MANAGEMENT - Korn Ferry · 2020-01-28 · REIMAGINING SUCCESSION MANAGEMENT...
© 2019 Korn Ferry. All rights reserved 2
Ilene R. Gochman, Ph.D.
Global Head of Assessment
and Succession Solutions at Korn Ferry
1 WHERE IS YOUR ORGANIZATION ON THE SUCCESSION CONTINUUM?
2 OUR RESEARCH
3 EIGHT IDEAS FOR REIMAGINING SUCCESSION MANAGEMENT
4 THE KORN FERRY SUCCESSION QUIZ
5 Q&A
Agenda
3© 2019 Korn Ferry. All rights reserved
How to engage with us
© 2019 Korn Ferry. All rights reserved 4
Chat
For general comments and technical queries.
Q&A
To submit questions for the Q&A at the end of the webinar.
The Succession Continuum
© 2019 Korn Ferry. All rights reserved 5
MAINTAIN EVOLVE REFRESH DISRUPT
Compliance mindset:
Meeting regulatory commitments.
Think“Have I complied with
the process?”
DoHit process deadlines.
TalkRatings.
Risk management mindset:
Ensuring business continuity.
Think“Have I clarified the risk?”
DoFocus on “ready now”
replacements.
TalkEmergency successors.
Asset management mindset:
Making the most of the individual
talent you have.
Think“Do I know who my best people
are, what they want and how
to grow them?”
DoFocus on really getting to know
their people and getting them the
stretch they need.
TalkGoals, ambitions, capabilities.
Portfolio management mindset:
Managing the talent eco-system.
Think“Have I got the best people in the
market, no debate?”
DoScouts for talent, takes bold decisions.
TalkCapability, personal challenge,
sector leadership.
Poll question:
Where is your organization on the Succession Continuum?
© 2019 Korn Ferry. All rights reserved 6
MAINTAIN EVOLVE REFRESH DISRUPT
Compliance mindset:
Meeting regulatory commitments.
Think“Have I complied with
the process?”
DoHit process deadlines.
TalkRatings.
Risk management mindset:
Ensuring business continuity.
Think“Have I clarified the risk?”
DoFocus on “ready now”
replacements.
TalkEmergency successors.
Asset management mindset:
Making the most of the individual
talent you have.
Think“Do I know who my best people
are, what they want and how
to grow them?”
DoFocus on really getting to know
their people and getting them the
stretch they need.
TalkGoals, ambitions, capabilities.
Portfolio management mindset:
Managing the talent eco-system.
Think“Have I got the best people in the
market, no debate?”
DoScouts for talent, takes bold decisions.
TalkCapability, personal challenge,
sector leadership.
Our research
Where our insights have come from:
Interviews with
30 leading global
organizations.
Comprehensive
research to establish
the most contemporary
thinking on the future
of talent management.
© 2019 Korn Ferry. All rights reserved 7
Our eight core ideas for reimagining succession
© 2019 Korn Ferry. All rights reserved 8
Find the best
people, wherever
they are.
Focus on future
capabilities.1
5
Create talent
intimacy.
Think team,
not individual.
2
6Measure
impact.
It’s about
the journey.3
7
Know your points
of differentiation.
Structure
HR around
business issues.
4
8
© 2019 Korn Ferry. All rights reserved 9
Growth
Product expansion
and development
Operational excellence
Cost effectiveness
Digital
1. Focus on future capabilities
Business priorities should drive talent needs
1. Focus on future capabilities
Success profiles identify future requirements
© 2019 Korn Ferry. All rights reserved 10
© 2019 Korn Ferry. All rights reserved 11
Process based on roles
Process based on business needs
Person 1 Person 2 Person 3 Person 4
Business challenge 1 x x
Business challenge 2 x x x x
Business challenge 3 x x x
Business challenge 4 x x
Business challenge 5 x x
Business challenge 6 x
Business challenge 7 x
Business challenge 8 x
Person 1 Person 2 Person 3 Person 4
Key statistics
9-box grid
Succession plans
Action plans
1. Focus on future capabilities
Reframe talent reviews in terms of future capabilities
2. Create talent intimacy
Talent intimacy builds talent development
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Organizations
are getting to
know their people.
Organizations are
adopting a more
people-centric
conversation.
Greater focus
is being placed
on supporting
the individual.
2. Create talent intimacy
Women CEOs Speak
Of the 57 former
female CEOs we
interviewed last year,
only 12% always
knew they wanted to
be a CEO.
More than half gave no thought to
being a CEO until
someone explicitly
told them they had it
in them.
2. Create talent intimacy
Get to know your people
67% of the world’s
most admired
companies have
leaders who devote
a significant amount
of time to developing
talent, compared
with 48% among
peer companies.
Check
in often
Don’t make
assumptions
Find the
deep drivers
Minimize
labels
Shape
aspirations
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2. Create talent intimacy
Career advice on critical experiences is crucial
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High touchCareer advice offered to
the most valued talent
through specialist,
internal career experts.
Low touchCareer advice for all via
web-based solutions.
3. It’s about the journey
Careers move up, down, diagonally, and sideways
© 2019 Korn Ferry. All rights reserved 16
3. It’s about the journey
Career assignments can build capabilities
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61% of World’s Most Admired
companies use career
assignments extensively
to develop high potentials
and key executives.
35% amongst peer
companies.
4. Know your points of differentiation
Make choices and focus
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Top 250
The traditional deep-dive hierarchical
approach can lack commercial focus.
Traditional model
Segm
ent
1
Segm
ent
2
Segm
ent
3
Top 50
Business-centric model
5. Find the best people, wherever they are
Is the talent you have, the talent you need?
© 2019 Korn Ferry. All rights reserved 19
Leaders who are a close fit with traits and drivers in
Korn Ferry’s unique target profiles were up to 13x
more likely to be highly engaged in their jobs.
▪ Be absolutely rigorous at the point of specification.
▪ Use each vacancy as an opportunity to challenge the profile.
▪ Look for talent in non-obvious places.
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BUILD?
BORROW?
BUY?
5. Find the best people, wherever they are
Successors may not be in plain sight
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5. Find the best people, wherever they are
Do successors have to be regular
full-time employees?
CONTRACT PART-TIME
PROJECT REHIRES
RETIREES GIG
FULL-TIME SHARED
ROTATIONS FLEXIBLE
6. Think team, not the individual
Don’t fill the role – pick the team
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Team-centered model
Person 1 Person 2 Person 3 Person 4
Business challenge 1 x x
Business challenge 2 x x x x
Business challenge 3 x x x
Business challenge 4 x x
Business challenge 5 x x
Business challenge 6 x
Business challenge 7 x
Business challenge 8 x
7. Measure impact
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High managescomplexity
score
Low managescomplexity
score
High strategicvision score
Low strategicvision score
Korn Ferry report: Blazek, Lewis, Jones, & Orr (2017)
Str
ate
gic
vis
ion
Manages
com
ple
xity
8. Structure for business, not expertise
Structure HR according to business issues
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Refreshed
COE structure:
Segment- or BU-based
Transformed
COE structure:
Issue-based
Traditional
COE structure:
Expertise-based
Take the Korn Ferry succession quiz
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SU
CC
ES
SIO
N
MA
NA
GE
ME
NT
DE
VE
LO
PM
EN
T
AN
D C
AR
EE
R
SU
PP
OR
T
TA
LE
NT
MO
BIL
ITY
SUCCESSION
PLANNING
TALENT
REVIEWS
STRETCH MOVES
/ RISK TAKING
DEPLOYMENT /
INTERNAL
MOBILITY
CAREER
DEVELOPMENT
LEARNING AND
DEVELOPMENT
REPLACEMENT PLANNINGPerson to job
PEOPLE PLANNINGTalent review as risk management
STRETCH MOVES AS REWARDSStretch moves linked to promotion
JOB POSTINGIndividuals posted to jobs
HIERARCHICAL CAREER PROGRESSION‘One-step’ moves up the ladder
SKILL-BASED TRAININGImproving capability to perform the current role
REPLACEMENT POOLMultiple people toone job
ORGANIZATION AND TALENT REVIEWSTalent review as asset management
STRETCH AS DEVELOPMENTStretch moves planned for growth
PREFERENCE POSTINGIndividuals input to the decisions on posts
CAREER ‘CLIMBING FRAMES’Movement occurs across, down and up
BLENDED LEARNINGImproving capability to perform the next role
SUCCESSION POOL Multiple people tomultiple jobs
DUAL RHYTHM TALENT REVIEWSTalent reviews people centered and dual rhythm
STRETCH AS EXPERIENCEStretch linked to breadth
SELF NOMINATED MOVESIndividuals drive choice of internal move
SPIRAL CAREERSCareers spiral in and out of the organization
STRETCH LEARNINGOpening up career options
CAPABILITY PLANNINGPeople mapped against future capabilities
INFECTION POINT TALENT REVIEWSTalent reviews drive transformation
STRETCH AS ALLStretch is everyday
OPEN MARKETInternal market mirrors freedom of external market
PLASTIC CAREERSThe lines between organizations cease to exist
LIFELONG LEARNINGImproving employability
MAINTAIN EVOLVE REFRESH DISRUPT
Poll question:
How will you reimagine your succession practices?
© 2019 Korn Ferry. All rights reserved 26
Find the best
people, wherever
they are.
Focus on future
capabilities.1
5
Create talent
intimacy.
Think team,
not individual.
2
6Measure
impact.
It’s about
the journey.3
7
Know your points
of differentiation.
Structure
HR around
business issues.
4
8
Q&A
Q&A For further information:
Download the report:
http://bit.ly/2LFWQ4R1
© 2019 Korn Ferry. All rights reserved 27
Complete the two question survey at the end of the webinar to
request to be contacted by one of our succession experts to learn more
about our solutions in this area.3
Take the succession continuum quiz:
http://bit.ly/30PnDPA2