succession planning
TRANSCRIPT
Chief operating officer Current situation
1 Companies are becoming more deliberate about CEO succession
planning and will use the role to on-board and train successors
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Corporate governance Responsibilities of the board of directors
1 Select, compensate, monitor and replace key executives and oversee succession planning.
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Jack Welch CEO
1 There was a lengthy and well-publicized succession planning saga prior to his
retirement between James McNerney, Robert Nardelli, and Jeffrey Immelt, with Immelt eventually selected to succeed him as
chairman and CEO. Nardelli became the CEO of Home Depot until his resignation in early
2007, and until recently, was the CEO of Chrysler, while McNerney became CEO of 3M
until he left that post to serve in the same capacity at Boeing.
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Industrial and organizational psychology - Definition
1 An Industrial/Organizational consultant helps clients and organizations improve
productivity and create an optimal working environment through human capital consulting and strategies. Areas of
consulting include but are not limited to selection and recruiting, training, leadership,
and development, compensation and benefits, employee relations, performance
management, succession planning, and executive coaching.
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Stakeholder (corporate) - Examples of a company's stakeholders
1 Owner(s) profitability, longevity, market share, market standing,
succession planning, raising capital, growth, social goals.
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Digital preservation - PLATTER
1 PLATTER is intended to be used as a complementary tool to DRAMBORA, NESTOR,
and TRAC. It is based on ten core principles for trusted repositories and defines nine Strategic
Objective Plans, covering such areas as acquisition, preservation and dissemination of content, finance, staffing, succession planning,
technical infrastructure, data and metadata specifications, and disaster planning. The tool enables repositories to develop and maintain
documentation required for an audit.:49
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Human resource management
1 The function was initially dominated by transactional work, such as payroll and
employee benefits|benefits administration, but due to globalization, company
consolidation, technological advancement, and further research, HR now focuses on
strategic initiatives like mergers and acquisitions, talent management, succession planning, industrial relations|industrial and
labor relations, and multiculturalism|diversity and Inclusion (value and practice)|inclusion.
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Planning - Types of planning
1 * Succession planning
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Leadership development - Succession Planning
1 The development of high potentials to effectively take over the current leadership
when their time comes to exit their positions is known as succession planning.
This type of leadership development usually requires the extensive transfer of an individual between departments. In many multinationals, it usually requires international transfer and experience to
build a future leader.
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Leadership development - Succession Planning
1 Succession planning requires a sharp focus on organization's future and vision, in order to align leadership development with the
future the firm aspires to create. Thus successive leadership development is based not only on knowledge and history but also
on a dream. For such a plan to be successful, a screening of future leadership should be based not only on what we know
and have but also on what we aspire to become.
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Leadership development - Succession Planning
1 Persons involved in succession planning should be current leadership representing the vision and HR executives having to translate it all into a program. According to Meir Jacob
and Amit Cohen (1995) three critical dimensions should be considered: 1. Skills
and knowledge 2. Role perception and degree of acceptance of leading role 3. Self-efficacy (Albert Bandura). These three dimensions
should be a basis of any leadership succession programme.
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Talent management - History
1 Those surveys indicated that activities within talent management
included succession planning, assessment, development and high
potential management
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Learning management system - Purpose
1 Some LMS providers include performance management systems,
which encompass employee Performance appraisal|appraisals,
competency management, skills-gap analysis, succession planning, and multi-rater assessments (i.e., 360
degree reviews). Modern techniques now employ competency-based
learning to discover learning gaps and guide training material selection.
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Non-executive director
1 * 'Performance:' Non-executive directors should scrutinise the
performance of management in meeting agreed goals and objectives and monitoring and where necessary removing senior management, and in
succession planning.
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Non-executive director
1 *'People:' Non-executive directors are responsible for determining
appropriate levels of remuneration of executive directors and have a prime
role in appointing and where necessary removing senior
management, and in succession planning.
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Chief human resources officer
1 CHROs may also be involved in board member selection and orientation,
executive compensation, and succession planning
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Chief human resources officer - Talent
1 It also includes employee, management and executive development as well as succession
planning
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Dodd–Frank Wall Street Reform and Consumer Protection Act - Authority
1 * Training and Workforce Development Plan that includes
training, leadership development and succession planning
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Dodd–Frank Wall Street Reform and Consumer Protection Act - Temporary management reporting
1 ** Leadership development and
succession Planning
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Financial planner
1 A 'financial planner' or 'personal financial planner' is a practicing
professional who prepares financial plans for people covering various aspects of personal finance which includes: cash flow management,
education planning, retirement planning, Investment management|investment planning, Financial risk management|risk management and insurance planning, Tax planning,
estate planning and business succession planning (for business
owners).
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Campbell River, British Columbia - Economy
1 The existing small businesses including those in succession planning stage as well as new
business start-ups have significant potential for growth
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Turnover (employment) - Internal versus external
1 Internal turnover might be moderated and controlled by typical HR mechanisms, such as an internal
recruitment policy or formal succession planning.
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Allstate Insurance - Wealth Transfer
1 Estate Planning Products, Business Succession Planning Products, Fixed
Survivorship Life, and Variable Survivorship Life Family Protection Insurance, Term Life, Universal Life, Variable Universal Life, Long-Term
Care and Supplemental Health
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Career development
1 *how organizations structure the career progress of their members, it
can also be tied into succession planning within most of the
organizations.
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Family business - Succession
1 Arieu proposed a model in order to classify family firms into four
scenarios: political, openness, foreign management and natural succession
(See Succession planning).
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Chartered Life Underwriter - Curriculum
1 *Master of Science in Financial Services (MSFS) - a Masters degree program that focuses on advanced financial planning topics, including
business succession planning, pensions, charitable giving and asset
management
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HSBC - 2010 to 2013
1 HSBC's board of directors had reportedly been split over the
succession planning, and investors were alarmed that this row would
damage the company.
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Partnership
1 Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and Succession
planning|succession, how success is evaluated and distributed, and often a variety of other factors must all be
negotiated
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Korn/Ferry
1 The firm was founded in 1969 by Lester Korn and Richard Ferry. Gary Burnison, a former partner of KPMG, serves as the current CEO. Korn/Ferry
assists organizations in attracting, engaging, developing, and retaining
their people. Services range from executive recruitment to leadership development programs, enterprise learning, succession planning and
recruitment outsourcing.https://store.theartofservice.com/the-succession-planning-toolkit.html
Succession planning
1 Taken narrowly, replacement planning for key roles is the heart of succession planning
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Succession planning
1 This report highlights research findings on succession planning
efforts in Best in Class organizations across multiple industries.
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Succession planning
1 Succession planning is a process whereby an organization ensures that employees are recruited and
developed to fill each key role within the company. Through your
succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement
or promotion into ever more challenging roles.
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Succession planning
1 Actively pursuing succession planning ensures that employees are
constantly developed to fill each needed role. As your organization
expands, loses key employees, provides promotional opportunities, and increases sales, your succession planning guarantees that you have
employees on hand ready and waiting to fill new roles.
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Succession planning
1 The results are backed by a 2004 CIBC survey which suggests that
succession planning is increasingly becoming a critical issue
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Succession planning
1 Research indicates many succession-planning initiatives fall short of their intent (Corporate Leadership Council,
1998). Bench strength, as it is commonly called, remains a stubborn
problem in many if not most companies. Studies indicate that
companies that report the greatest gains from succession planning
feature high ownership by the CEO and high degrees of engagement
among the larger leadership teamKesler, 2002
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Succession planning
1 Companies that are well known for their succession planning and executive talent development
practices include: GE, Honeywell, IBM, Marriott International|Marriott,
Microsoft, Pepsi and Procter Gamble.
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Succession planning
1 Research indicates that clear objectives are critical to establishing effective succession planning.Kesler,
2002 These objectives tend to be core to many or most companies that
have well-established practices:
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Succession planning - Field of succession management
1 There is a substantial body of literature on the subject of succession planning
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Succession planning - Family business
1 This is the case of a company controlled by a few families, few heirs who in turn have
identified among them a worthy successor, a strong name also is associated with the
adequacy enough to drive its growth, the ability to run the organization, understanding market and commitment which means only a part of
the family patrimony is also a source of value to society, other shareholders, customers, suppliers and even their own employees (stakeholders).this will help in improved
succession planning.
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Succession planning - Process and practices
1 Jaques developed a persuasive case for measuring candidates' ability to manage complexity, formulating a
robust operational definition of business intelligence.Jaques, 1989 The Cognitive Process Profile (CPP)
psychometric is an example of a tool used in succession planning to measure candidates' ability to
manage complexity according to Jaques' definition.
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Succession planning - Process and practices
1 According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, onboarding,
training, professional development, performance management, workforce planning, leadership
development, career development, cross-functional work assignments, succession planning, and the employee exit
process”.Downs, 2012 When managing internal talent, companies must “know whether the right people, are
moving at the right pace into the right jobs at the right time”.Cogner Fulmer, 2009 An effective succession
planning strategy, coupled with solid career development programs, will help paint a more promising future for
employees.
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Workforce management
1 *Career and succession
planning / talent acquisition
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Succession (disambiguation)
1 *Succession planning, in organizations, identifying and
developing individuals to succeed to senior positions in government,
business, organizations, etc.
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Industrial psychology - Definition
1 Areas of consulting include but are not limited to selection and
recruiting, training, leadership, and development, compensation and
benefits, employee relations, performance management,
succession planning, and executive coaching.Block, P
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Bob Nardelli - General Electric
1 When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga
ensued
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Stephen A. Miles - Background
1 Upon receiving his MBA, Miles worked for about a year as a consultant at Anderson Consulting before he arrived at Heidrick
Struggles in 1999. After arriving at Heidrick Struggles as a research analyst,
Miles moved on to become a vice chairman and run Leadership Advisory Services
within the Leadership Consulting Practice, overseeing the firm’s worldwide executive assessment/succession planning activities.
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Stephen A. Miles - Career
1 Miles and Stanford University Graduate School of Business Professor David Larcker have
collaborated on a Stanford Graduate School of Business case study on CEO succession planning, entitled
“Multimillionaire Matchmaker.” In a 2010 research study,
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Stephen A. Miles - Career
1 Miles’ 2006 book, Riding Shotgun: The Role of the Chief Operating Officer, was featured
in the Harvard Business Review as one of the first in-depth studies of the COO’s role within
a corporation and how the role can successfully intersect with that of the CEO.
He is a regular contributor to the Management Blog at Bloomberg
Businessweek, and is quoted regularly about succession planning and leadership issues in
the press.
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Stephen A. Miles - Bibliography
1 * Miles, Stephen A.; Bennett, Nathan (November 18, 2010).
[http://www.forbes.com/2009/11/18/succession-planning-sec-leadership-ceonetwork-search.html How The
SEC Just Changed Succession Planning: Part II]. Forbes.
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Stephen A. Miles - Bibliography
1 * Miles, Stephen A.; Bennett, Nathan (November 17, 2010).
[http://www.forbes.com/2009/11/17/succession-planning-sec-leadership-ceonetwork-search.html How The
SEC Just Changed Succession Planning: Part I]. Forbes.
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Stephen A. Miles - Bibliography
1 * Miles, Stephen A. (July 31, 2009). [http://www.forbes.com/2009/07/31/succession-planning-right-leadership-governance-ceos.html Succession
Planning: How To Do It Right]. Forbes
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Stephen A. Miles - Bibliography
1 * Miles, Stephen A. (July 30, 2009). [http://www.forbes.com/2009/07/30/s
uccession-planning-failures-leadership-governance-ceos.html
Succession Planning: How Everyone Does It Wrong]. Forbes.
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CEO succession
1 Succession planning responsibilities are redefined as “a key board
function” and “a significant policy (and governance) issue … so that a
company is not adversely affected by a vacancy in leadership.”
[http://charlesmore.com/cms/files/Examining_the_Impact_of_SEC_Guidance_Changes_on_CEO_Succession_P_ID
73041.pdf]https://store.theartofservice.com/the-succession-planning-toolkit.html
Competence (human resources) - Benefits of Competencies
1 In addition to recruitment and selection, a well sound Competency
Model will help with performance management, succession planning
and career development.
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Competence (human resources) - Benefits of Competencies
1 'Succession Planning:' Careful, methodical preparation focused on
retaining and growing the competency portfolios critical for the organization to survive and prosper
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Competence (human resources) - Benefits of Competencies
1 * Informs curriculum development for leadership development programs, a
necessary component for management succession planning
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Competence (human resources) - Building a Competency Model
1 Many Human Resource professional are employing a competitive
competency model to strengthen nearly every faced of talent
management—from recruiting and performance management, to training and development, to succession planning and more
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Competence (human resources) - Building a Competency Model
1 Once the competency model has been created, the final step involves communicating how the organization plans to use the competency model
to support initiatives such as recruiting, performance
management, career development, succession planning as well as other
HR business processes.
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International Council of Management Consulting Institutes - ICMCI Organisation
1 A Nominations and Succession planning Committee (responsible for
the election of officers and identifying and nurturing potential future office-holders) reports to the
trustees as a whole.
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Family office
1 Family offices often provide family management services, which includes family governance, financial and investor education
| investment education, philanthropy coordination, and succession planning.Beyer, Charlotte B., Family Offices in America - Why
the Bloom is off the Rose, The Journal of Private Portfolio Management, Fall 1999 A family office can cost over $1 million to
operate, so the family's net worth usually exceeds $100 million
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National College for School Leadership - New models of school leadership
1 Schools choose to develop these new models in response to a range of
factors such as succession planning or securing partnerships across
schools and wider agencies, state schools and independent schools,
and between schools and local businesses and higher education
institutions
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Competency-based management - Purpose
1 While competencies are not new to most organizations, what is new is their increased
application across varied human resource functions (i.e., recruitment/selection;
learning and development, performance management, career development and succession planning, human resource
planning). Organizations are looking for new ways to acquire, manage and retain the precious talent needed to achieve their
business goals.
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One share, one vote - Responsibilities of the board of directors
1 * Select, compensate, monitor and replace key executives and oversee succession
planning.
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Innovation leadership - Leader Attributes/Characteristics
1 Innovative leaders can be recruited and hired through professional
networks and referrals or alternatively found through
succession planning, which involves identifying innovative leaders who
are already working within the organization.
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Chief Operations Officer - Current situation
1 * Companies are becoming more deliberate about CEO succession
planning and will use the role to on-board and train successors
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Dorma
1 'DORMA' is a German company that produces door technology systems and
allied products. It was first founded as the Dörken Mankel KG in Ennepetal, Germany, in 1908. The family business is managed by
owner Karl-Rudolf Mankel in third generation. As part of succession planning, previous sole DORMA proprietor Karl-Rudolf
Mankel transferred the majority of his shareholding to his daughters Christine and
Stephanie in March 2009.https://store.theartofservice.com/the-succession-planning-toolkit.html
HARDI - Wholesaler members
1 -HR and succession planning
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HARDI - Wholesaler members
1 -Disaster Succession planning
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Identity formation - In business
1 The career development of an individual focuses on how individuals
manage their careers within and between organisations and how
organisations structure the career progress of their members, and can
be tied into succession planning within some organizations.
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Hong Kong Civil Service - Training and development
1 Advisory services on Human Resources Development (HRD) and succession planning
are also provided
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Hong Kong Civil Service - Performance management
1 succession planning), development (e.g
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Executive development - Development
1 Some of the adjacent Talent Management activities that executive development
may have involvement with include the succession planning process (typically not
CEO or CEO -1, but below), executive onboarding (ideally both external hiring
and internal changes), structuring on the job developmental assignments, and working with alumni of development
programs, and alumni of the organization.
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OPQ
1 The OPQ32 is used in selection, development, team building, succession planning and
organisational change. Independent reviews are available
online.[http://www.psychtesting.org.uk/test-registration-and-test-reviews/test-reviews.cfm?
page=summaryTest_ID=185 Psychtesting.org.uk][http://www.ashridge.org.uk/
Website/Content.nsf/wELNPSY/Psychometric+Instruments+-
+Occupational+Personality+Questionnaire+(OPQ)?opendocument Ashbridge.org.uk]
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Cognitive Process Profile
1 It was developed by Dr S M Prinsloo, founder of Cognadev, and released in
1994. Since then it has been translated into several languages and applied internationally for the
purposes of leadership assessment, succession planning, selection and development, team compilation as
well as personal and team development within the corporate
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Aspiration Management - Work life balance and employee engagement
1 The organization through its recruitment, career planning or the
succession planning process identifies the right fit (career
aspiration fitment) from within the organization or from the potential talent pool to help actualize the organizations aspirations (vision)
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Aspiration Management - Succession planning
1 Expectancy theory, hierarchy of needs, and goal setting also have
relevance in the succession planning process
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Aspiration Management - Succession planning
1 * Interest: Ensure that career aspiration fitment is integral to your succession planning
process.
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Temasek Holdings - Temasek Board and Committees
1 * CEO appointment and succession planning
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Michael Geoghegan - Appointed Group CEO of HSBC till retirement: 2006 - 2010
1 HSBC's board of directors had reportedly been split over the
succession planning, and investors were alarmed that this row would
damage the company.
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FBI Special Advisor Program - Past responsibilities
1 * developing a leadership development strategy and succession planning model, and
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West LegalEdCenter - Business Professional Programs
1 West LegalEdcenter offers business and professional skills courses designed to improve employee
performance throughout an organization, from business etiquette and basic time-management skills to advanced organizational finance and management succession planning.
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Jumeirah (hotel chain) - Board of Directors
1 *In 2007, the Executive Chairman of Dubai Holding, His Excellency Mohammad Al
Gargawi, restructured the organisation by establishing separate Boards of Directors
for each of the entities, including Jumeirah Group,to enhance accountability. At the
same time, entity CEOs were appointed as Executive Chairmen, and new CEOs were appointed to ensure adequate succession
planning was underway.
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Purdue University Press - Publishing
1 The journal welcomes article submissions in animal and crop production, risk management, risk aversion, animal welfare,
sustainability, precision farming, portfolio analysis, estate planning, succession planning, farmland values, land tenure and rental,
strategy, growth, budgeting, technology, efficiency and productivity, cost of capital, margin hedging, decision analysis,
liquidity, marketing, hedging, crop insurance, machinery, capital budgeting, optimal replacement, leasing, real options, derivatives,
farm finance, capital structure, on-farm experiments, forming expectations, contracting, agricultural policy, input markets,
managing inputs use, custom operations, organic farming, direct marketing, farmers’ markets, input and manure management, price
forecasting, benchmarking, financial forecasting, farm human resources, accounting and taxation, farm law, appraisal,
cooperatives, teaching farm management, farm management case studies, farm simulation modeling, and farm math programming
models.
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Garda Síochána - New procedures and code of discipline
1 The advisers were also mandated to promote a culture of performance
management, succession planning, recruitment of non-officers with
specialist expertise, and improved training
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Bethmann bank
1 Bethmann Bank focuses on management, advisory services and planning for major private
assets. It also supports clients in succession planning for family-owned companies and in
establishing charitable foundations. The bank's archive is today located in the Frankfurt City archive. Together with the Goethe University Frankfurt am Main and F.A.Z. Media Solutions, Bethmann Bank organised a discussion series
called Weltenwandler.tv, which addressed broad social issues.
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