TM - June 2008 - (Page 44) recruitment & retention assessment & evaluation compensation & benefits performance management learning & development succession planning Succession management plans also should reflect overall business objectives and projected challenges. If a company has a large pool of baby boomers in executive positions that plan on retiring relatively soon, the succession plan should have a large pool of potential candidates ready or being readied to step into those roles. Or if the business plans to expand into new global markets, talent to fill necessary roles abroad should be reflected in the plan. Executing these tasks will almost certainly require leaders outside the C-suite. wings for every senior executive? What about midlevel leaders? Are there other specific positions that need attention? Overall, succession management plans should include: • Chief executive suite (CEO, CFO, etc.). • Senior executive positions (frequently referred to as the Top 50, 100, etc.). • Pivotal roles. Generally, constructing an expanded succession program to include every senior executive role makes sense. These roles have greater importance because the business units or groups they oversee would be significantly impacted by sudden transition or leadership gaps. However, it is essential to remember each business is different, and the unique aspects of each business model will determine other positions that should be included in a succession management plan. These positions are pivotal roles, positions that significantly impact operations or overall success regardless of leadership level. Consider an engineering company. Program managers at engineering companies tend to manage multimillion dollar programs, as well as large teams. While the position is not in the senior executive ranks, a sudden transition or departure would dramatically impact a large number of employees, as well as a large budget. Thus, the program manager position is a pivotal role, and engineering organizations should have succession plans in place. Every position at a business serves a functional purpose, but some roles are so crucial that even minimal disturbances could have a detrimental impact on the business. Every position at a business serves a functional purpose, but some roles are so crucial that even minimal disturbances could have a detrimental impact. The concept behind comprehensive succession management is to take the necessary steps to have the right people in these crucial positions and a pool of able candidates ready to fill them when the time comes. Which Levels Should Have Succession Management Plans? Knowing succession management is valuable and knowing how to execute a comprehensive succession management plan are two different things. One of the biggest challenges is deciding which levels and positions to focus on. Should there be a successor in the June 2008 Another example can be found in the oil and gas industry. In this sector, some roles are responsible for negotiating deals on oil drilling rights or access to pipelines with other countries and competitors. The impact of these deals can last for 20 to 30 years and involve billions of dollars. Clearly, this is a pivotal role, and it’s in the company’s best interests to have successors ready to fill these spots should they turn over. Define Skills and Experiences Successors Need No two companies are the same. Nor should two succession management plans be the same. Each position included should be clearly defined. That said, some skills and characteristics will be similar for positions at the same level. Vice presidents all will need certain leadership competencies to be successful. But they also will need a certain set of skills and 44 talent management magazine www.talentmgt.com http://www.talentmgt.com
Table of Contents Feed for the Digital Edition of TM - June 2008 TM - June 2008 Editor’s Letter Contents Human Performance Leading Edge Foundations The New Components of Compliance Candid Culture: Embracing Employee Complaints Transitioning to a New Era: C&B at Nonprofits Three Ways to Build Successful Manager-Employee Relationships Implementing Successful Learning Programs The Succession Fix Fifth Third Bank: Putting People First Zaxby’s: Making Employees’ Jobs as Palatable as Its Menu Workforce Readiness: Preparing Personnel to Meet Business Goals Kelley Blue Book: Writing the Book on Performance Management Advertisers’ Index Editorial Resources Full Potential TM - June 2008 TM - June 2008 - (Page Intro) TM - June 2008 - TM - June 2008 (Page Cover1) TM - June 2008 - TM - June 2008 (Page Cover2) TM - June 2008 - TM - June 2008 (Page 3) TM - June 2008 - Editor’s Letter (Page 4) TM - June 2008 - Editor’s Letter (Page 5) TM - June 2008 - Editor’s Letter (Page 6) TM - June 2008 - Editor’s Letter (Page 7) TM - June 2008 - Editor’s Letter (Page 8) TM - June 2008 - Contents (Page 9) TM - June 2008 - Contents (Page 10) TM - June 2008 - Contents (Page 11) TM - June 2008 - Human Performance (Page 12) TM - June 2008 - Human Performance (Page 13) TM - June 2008 - Leading Edge (Page 14) TM - June 2008 - Leading Edge (Page 15) TM - June 2008 - Foundations (Page 16) TM - June 2008 - Foundations (Page 17) TM - June 2008 - The New Components of Compliance (Page 18) TM - June 2008 - The New Components of Compliance (Page 19) TM - June 2008 - The New Components of Compliance (Page 20) TM - June 2008 - The New Components of Compliance (Page 21) TM - June 2008 - The New Components of Compliance (Page 22) TM - June 2008 - The New Components of Compliance (Page 23) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 24) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 25) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 26) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 27) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 28) TM - June 2008 - Candid Culture: Embracing Employee Complaints (Page 29) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 30) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 31) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 32) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 33) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 34) TM - June 2008 - Transitioning to a New Era: C&B at Nonprofits (Page 35) TM - June 2008 - Three Ways to Build Successful Manager-Employee Relationships (Page 36) TM - June 2008 - Three Ways to Build Successful Manager-Employee Relationships (Page 37) TM - June 2008 - Three Ways to Build Successful Manager-Employee Relationships (Page 38) TM - June 2008 - Three Ways to Build Successful Manager-Employee Relationships (Page 39) TM - June 2008 - Implementing Successful Learning Programs (Page 40) TM - June 2008 - Implementing Successful Learning Programs (Page 41) TM - June 2008 - The Succession Fix (Page 42) TM - June 2008 - The Succession Fix (Page 43) TM - June 2008 - The Succession Fix (Page 44) TM - June 2008 - The Succession Fix (Page 45) TM - June 2008 - The Succession Fix (Page 46) TM - June 2008 - The Succession Fix (Page 47) TM - June 2008 - The Succession Fix (Page 48) TM - June 2008 - The Succession Fix (Page 49) TM - June 2008 - Fifth Third Bank: Putting People First (Page 50) TM - June 2008 - Fifth Third Bank: Putting People First (Page 51) TM - June 2008 - Zaxby’s: Making Employees’ Jobs as Palatable as Its Menu (Page 52) TM - June 2008 - Zaxby’s: Making Employees’ Jobs as Palatable as Its Menu (Page 53) TM - June 2008 - Zaxby’s: Making Employees’ Jobs as Palatable as Its Menu (Page 54) TM - June 2008 - Zaxby’s: Making Employees’ Jobs as Palatable as Its Menu (Page 55) TM - June 2008 - Workforce Readiness: Preparing Personnel to Meet Business Goals (Page 56) TM - June 2008 - Workforce Readiness: Preparing Personnel to Meet Business Goals (Page 57) TM - June 2008 - Workforce Readiness: Preparing Personnel to Meet Business Goals (Page 58) TM - June 2008 - Workforce Readiness: Preparing Personnel to Meet Business Goals (Page 59) TM - June 2008 - Kelley Blue Book: Writing the Book on Performance Management (Page 60) TM - June 2008 - Kelley Blue Book: Writing the Book on Performance Management (Page 61) TM - June 2008 - Kelley Blue Book: Writing the Book on Performance Management (Page 62) TM - June 2008 - Kelley Blue Book: Writing the Book on Performance Management (Page 63) TM - June 2008 - Kelley Blue Book: Writing the Book on Performance Management (Page 64) TM - June 2008 - Editorial Resources (Page 65) TM - June 2008 - Full Potential (Page 66) TM - June 2008 - Full Potential (Page Cover3) TM - June 2008 - Full Potential (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.