Leadership - Strategic Leadership 1 LEADERSHIP STRATEGIC LEADERSHIP.
STRATEGIC LEADERSHIP ISSUES - gsb
Transcript of STRATEGIC LEADERSHIP ISSUES - gsb
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STRATEGIC LEADERSHIP ISSUES
“Talent and Succession”
Cheryl L. Thomas Managing Director
Impacting People, LLC Wadsworth, IL
[email protected] 847-274-8783
August 3, 2018
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Graduate School of BankingBanking School 2018
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Talent
and
Succession
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Agenda
1. Levels of Succession
2. Talent Assessment
3. Succession Management
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“If we don’t get the people thing right, we lose. It’s the most important thing
in all our businesses.”
– Jack Welch, Former CEO, General Electric (GE)
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Levels of Succession1. Ownership
2. Board
3. CEO
4. Key Positions
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Ownership•What is the ownership structure today?
•How might it change going forward?
•What is the end game?
•In what timeframe?
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Board•Is there a Plan?
•Are the needed skills, knowledge and qualifications known?
•What structure is needed for the Bank today? Future?
•What is the recruiting strategy?
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CEO Succession
•What is the timeframe?
•Is it “succession” or “replacement”?
•What are the needed skills, knowledge, abilities for the next CEO?
•What is the long term strategy of the Bank?
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CEO Succession
Succession•18 months or more in the future
•Determine who owns the process (Board, Board Committee, Family, etc)
•Determine Profile for the future CEO position
•Define the potential internal pool
•Evaluate/assess internal talent
•Recruiting strategy and On-boarding process
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Key Position Succession
•Determine key positions to include
•Determine internal candidate pool
•Assess internal candidates/talent
•Commit to Development
•Connect to Annual Goal Setting and Strategic Planning
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Capital Adequacy
Do you have the right Human Capital?
Is the Bank . . .
⚫Well capitalized?
⚫Adequately capitalized?
⚫Under-capitalized?
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Why Now?
Competitive Changes◦ Economic rebound – more opportunity◦ Human capital as a differentiator
Labor Market Changes◦ Demographic trends◦ More dynamic labor markets
Organizational Changes◦ New organizational structure◦ New focus on leadership and governance
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The Business Case
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“People aren’t a company’s most important asset . . .
the RIGHT people are.”
– Jim Collins, Good to Great
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Business Strategy and Drivers
Human Capital Strategy
Talent Strategy
Acquiring Talent• Recruiting• Selection/Hiring
Identifying Talent• Assessment• Performance Reviews
Develop Talent• Job Assignments• Coaching and
Mentoring• Promotions
Business Strategy and Drivers
determine“Talent for what?”
Strategy is future focused: What we have today may not be what we need in the future.
The Link to Business Strategy
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Center for Creative Leadership
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The ONLY thing that will matter
TALENT
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What is “Talent”?Consider this: An employee known to be
High Performing
with High Engagement
and High Aspirations
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Talent Assessment Process
Necessary for Succession Management
Can stand alone w/o Succession
Calibrated with multiple inputs
Can change over time
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Talent Assessment Process
A process of identifying HIGH-POTENTIAL
ASSOCIATES and then evaluating and
developing their skills and competencies
in preparation of advancement into
POSITIONS THAT ARE KEY to the success
of the business strategy.
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Key Concepts
Two Distinct Components:
1. Key POSITIONS
2. Key TALENT
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What Are Key Positions?
• Critical to strategic goals
• Key leadership and functional expertise
• Defined by:◦Key Responsibilities – WHAT is to be accomplished
◦Competencies – HOW work gets done (knowledge, skills, and abilities)
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Key Position Characteristics
1. Has direct impact on the company’s culture, strategic success, and profitability
2. Having significantly more top talent in these roles would enhance the success of the business model
3. Usually less than 15% of all positions4. Not determined by hierarchy but rather by
impact
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Identifying Key Positions
Goal Rationale
•Identify which jobs are mission critical
•Less than 15% of jobs
•Want Top talent in mission critical roles
•Strategy executed by key positions
•Don’t want “B/C” players in strategic roles
•Top talent impacts the bottom line
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ASSESSING TALENT
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Talent Assessment
Dimensions of Talent:
•Performance – Delivering on goals, results, and accountabilities
•Potential – the ability to adapt to and “fit” into increasingly complex roles and environments:
- Personal and Professional Motivation- Intellectual Curiosity- Innovation and Insight- Engagement- Determination
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Performance:Track Record of Success
• Most recent performance review ratings
• Feedback from others – 360 feedback
• Stretch goals and contributions
Questions to ask:•Does this person have a proven track record for accomplishing
impressive results?
•Are any potential inconsistencies “derailers”?
•Are they already performing at the next level?
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Assessing Potential
• It is multi-faceted
• Prioritize most important facets to evaluate•Values•Competencies
• It is ALWAYS a judgment call•Minimize subjectivity through comprehensive involvement•The more evidential experience, the better your judgment will be
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Questions to Consider Potential
• How do unexpected changes affect this person’s performance?
• How does this person respond to obstacles?
• Does this person inspire others and lead through persuasion and influence?
• Does this person have initiative and seek additional responsibility?
• Does this person continually offer solutions and new ideas?
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Characteristics of Potential
Track Record
AspirationsLearning
Agility
• Multi-year performance track record• Relevant experiences & qualifications
• Strong career desires• Ambition to be challenged and
continuously grow skills and experiences
• Cognitive abilities• Ability and willingness to learn from experience
and apply to new situations• Ability to adapt to higher level of job complexity
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Source: Center for Creative Leadership
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Source: American Bankers Association
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9 - Box Matrix - Example
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Source: McKinsey 9-box Grid
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9 - Box Matrix - Example
Source: McKinsey 9-box Grid
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Candy Lane
Peter Jensen
Andrea West
Julius Quo
Andrew Layman
Jane Austin
Pat Richardson
Sandy Sneed
Terry Non Lonnie Bates
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Example 1
Source: McKinsey 9-box Grid
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Candy Lane
Peter Jensen
Andrea West
Julius Quo
Andrew Layman
Jane Austin
Pat Richardson
Sandy Sneed
Terry Non
Lonnie Bates
Lindy Noodle
Jackson Normandy
Andy Coffman
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Example 2
Source: McKinsey 9-box Grid
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Talent Assessment Results
•Quantity and Quality of existing talent
•Relevant to all “people” processes:•Recruiting
•Development
•Rewards
•Performance Management
•Succession
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“ARC” Model
“ ” – Accelerate development; test potential
“ ” – Retain and motivate; continue to grow
“ ” – Coach or change; improve performance
Remember: All positions and all employees are important to the organization!
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Re-Recruit
Identify the “Starting Lineup”
⚫How do we define?
⚫Who are they?
⚫How many do we have?
⚫What’s our bench strength?
The “A” team!
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Reward and Retain
Nurture them:
⚫Core staff
⚫Dependable, content
⚫Some have capacity/desire to moveup/develop
Take good care of the “CORE” team!
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Take aCtion
Pay attention – talk “banker” talk!
⚫Special Assets Portfolio
⚫May be new to the role
⚫Workout portfolio
“C” team: Coach them up or
coach them out!
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TALENT AND SUCCESSION
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Succession Management
An integrated set of proactive processes within talent management that identifies and prepares successors for key roles needed to deliver the business strategy.
Processes include:
⚫Talent Assessment
⚫Succession Planning
⚫Development Planning
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Why is it important to have a succession plan?⚫ To avoid extended and costly vacancies in key
positions and assure the stability of business operation
⚫ To provide development opportunities for associates, thereby increasing retention of high-potential associates
⚫ To develop a diverse workforce
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Components of a Succession Plan
1. Organizational Summary of key issues and risks2. Current Organization Chart (Mission Critical
Positions)3. Current Job Description(s)
◦ Key responsibilities and accountabilities◦ Competencies needed for success◦ Qualifications
4. Readiness Chart(s)5. Profile(s) of potential successors6. Development Plans for potential successors
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The RIGHT people . . . in the RIGHT seats . . . for the RIGHT time
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Succession Readiness
Identify for key positions
1. Critical skills and competencies
2. Potential candidates for succession
3. Readiness level for succession
4. Developmental needs for skills or competencies
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SUCCESSION READINESS PLAN
TITLE:
COMPETENCIES NEEDED:
CURRENT INCUMBENT:
COMPLETED BY;
DATE:
Candidate NameCurrent Position Title
CurrentDepartment
Readiness Level
StrengthsDevelopment
NeedsInterimReady Now
2-3yrs 3-5 yrsLong Shot
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Succession Readiness
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Succession Plan Process
1. Discuss roles, responsibilities, and competencies of each key position for succession
2. Discuss candidates identified in one-on-one meetings and their projected readiness levels
3. Discuss known strengths and development needs of each candidate
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4. Prioritize candidates for formal leadership evaluation for formal development plan
5. Assess gaps in succession process to ensure contingency planning for open key positions
6. Identify potential legal or diversity issues
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Succession Plan Process
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7. Identify leadership assessment tool and conduct evaluations
8. Develop detailed development / action plan for each identified associate
9. Continually monitor associate progress toward development goals
10.Update succession plan annually, at minimum
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Succession Plan Process
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Succession Plan Tools
1. Job Descriptions for key positions
2. Organizational Chart(s)
3. Leadership Competencies
4. Talent Assessment Grid
5. Readiness Level charts
_______________________________________________1. Compilation of demographic data for Successor Candidates (HR)2. Development Plans for Successor Candidates (HR)3. Tracking / monitoring tools (HR)
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Key Position Planning
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Executive
2-3 years
4-5 years
Long Shot
Interim
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Development Planning
Individual Development Plan:
Clarifying the development gap between what possible successors can already do and what they must do to qualify for advancement
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Job assignments
On-the-job training
Off-the-job degree
programs
Development programs
Conferences and
professional association affiliations
Developing others
Reading
Project teams
Mentors
Developmental Activities
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Development Planning
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Development Planning
ORGANIZATIONAL DESIGN
ORGANIZATIONAL STRUCTURE
JOB DESIGN
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Developing the A-Team
1. Know them
2. Tailor rewards / recognition
3. Develop retention strategies
4. Tell them!
5. Allocate appropriate development $$
6. Track retention
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Summary
Succession strategies for all levels
✓Ownership
✓ Board
✓ CEO
✓ Key Positions
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Summary
Get real about Talent Assessment!
✓Re-recruit the Top Talent
✓Motivate and Retain the Core
✓Change or Coach as needed
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SummaryAt the end of the day, it’s all about the “M”!
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Cheryl Thomas, SPHR, SHRM-SCP
Managing DirectorImpacting People, LLC
847.274.8783
QUESTIONS?
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