The Importance of Succession Planning and Best Practices
[Pages:25]The Importance of Succession Planning and
Best Practices
Shellie Haroski, SPHR
Questions to consider...
? What percentage of your employees will retire in the next 5 years? 10 years?
? What percentage of your employees are looking for other employment?
? What are you doing about it?
One Approach....
Today's Topics
? What is Succession Planning? ? Why is Succession Planning Important? ? Trends Impacting Marketplace ? Best Practices in Succession Planning ? HR's Role in Planning ? Keys to Success
What is Succession Planning?
A systematic approach to ensuring leadership continuity within an organization by recruiting and/or encouraging
individual employee growth and development.
It's not about having people...it's about having the right people, in the right place, at the right time.
Common Myths About Succession Planning
? External candidates are more qualified, exciting and promising ? The successor has to be ready now ? Succession planning is a single-person event ? Succession planning is a single-occurrence instead of planned
process ? "We have a great internal candidate, we don't need to look
external"
Why the Interest in Succession Planning and Retention?
? Number of people retiring is higher than number of people entering workforce
? Increased costs of external searches ? Loss of organizational memory, "tribal knowledge" ? Tight labor market = shortage of top talent; complexities at executive
level ? Retention of existing talent ? Future of work ? different needs for generations of employees ? Decreased employee loyalty leads to increased turnover
Workforce Trends
? Leadership vacancies ? 72% of companies predict leadership vacancies in the next 5 years*
? Shifting workforce demographics ? baby boomers are transitioning out of workforce, knowledge loss/gap ? Shortfall in number of future leaders ? Increase in attrition in executive level positions
? Continued "rightsizing", downsizing, reorganizations ? 44% of workers aged 45-59 say they will retire before 65 ? 10% of workers aged 50-59 planning to leave full time jobs, will move into
part time roles within 2 years of retirement
*Corporate Leadership Council research (reported by The Gallup Organization)
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