Do You Want to Know More About:
- Reducing recruiting costs by identifying and preparing existing employees for future leadership roles?
- Predicting future leadership needs and making plans to meet them?
- Which criteria to use when promoting employees from within?
Succession Planning Is the Key
Succession planning is a process to create and manage the organization’s talent pipeline. Succession planning often includes:
- Identifying the key positions in an organization and the competencies and experience criteria they require.
- Cultivating a pipeline of high-potential talent from which to select new leadership.
- Understanding the competencies and skills currently available within the organization.
How Can I/O Psychologists Help?
- Facilitation. I/O psychologists can facilitate meetings with senior leaders to understand key talent needs and anticipate future organizational challenges.
- Design & Training. I/O psychologists can design succession planning systems that support organizational goals and educate stakeholders on the process.
- Consensus Building. I/O psychologists can calibrate the management team on the most critical future leadership needs and identify candidates best positioned to meet those needs.
- Assessment. I/O psychologists can assess employees’ competencies to identify those with the aptitude or potential as well as the specific knowledge, skills, and abilities to fill key positions within the organization.
- Development. I/O psychologists can create a development process to prepare individuals for future leadership roles.
- Selection. I/O psychologists can assist the management team with the final determination of the best candidates for a leadership position.
- Onboarding and Transitioning. Through action planning and coaching, I/O psychologists can support selected candidates during their transition to the next role.
Succession Planning Needs: An Example
The following is an example of an organization facing succession planning challenges:
- A large transportation corporation faced an aging workforce and a retiring chief executive officer.
- The organization expected the retirement of roughly 5% of the workforce, or 600–800 people per year for the next five years.
- Executives were unsure how to identify high-potential employees and develop them for leadership roles.
Succession Planning Needs: The Solution
I/O psychologists helped this organization by:
- Facilitating a review of the organization’s business objectives and identifying mission-critical knowledge, skills, and abilities.
- Building competency models to outline individual building blocks for success and aid in selection.
- Assessing internal and external CEO candidates to replace the retiring CEO and offering insight on which candidate could best fill the role.
- Assessing 48 high-potential leaders to fill the anticipated vacancies of the retiring workforce.
- Creating a process to develop leaders by moving them within the organization for increased opportunities and cross-functional expertise
- Establishing an assessment process to identify employees who would make excellent first-level leaders.
Succession Planning Needs: The Results*
This organization benefited by realizing the following results*:
- Retention efforts aimed at redirecting skilled workers from their intended retirement yielded a 30 improvement.
- Potential successors for all key leadership positions were identified, and development plans to prepare these individuals were created.
- Profitability increased through greater efficiency (e.g., shortened ramp-up time) and higher-performing leaders.
*The results here are an example of potential outcomes based on the approach selected to address the situation