Best-in-Class Succession Management

What it is:
1- Succession Management ensures a sustainable pipeline of talent in place.

2- It can be viewed as risk management for people related risk.

3- Defined and well-executed system which identify a variety of current and future mission-critical positions-
hard-to-fill jobs that are essential to an organizations future successand develop a steady pipeline of high-
potential employees who are competent to occupy a number of roles (e.g., leaders who are ready now for a
critical role, leaders who will be ready soon, and leaders whom the organization should keep an eye on).

Why it is so critical now?

Leadership exits have never been so precipitously directed by performance as they are in todays turbulent times.
The stakes for getting succession right are high, and companies that proactively develop their next generation of
leaders will have a distinct competitive advantage.
A Focused Strategy of four As: Through such a process, priority positions are identified, leadership
competencies defined, talent identified and developed, policies prepared, records maintained, accountabilities
clearly stated, and measures used for continuous improvement. The core of developing a robust and reliable
pipeline involves focusing on four important Asalignment, accessibility, assessment, and advancement.

1- Alignment: Integrate succession management with hiring, performance management, development, and
retention systems. These components are explicitly linked with business strategy. Managers use these systems
to assess current performance, identify future potential, recommend developmental opportunities, and
ultimately implement succession planning.

2- Accessibility: At General Mills, succession dialogues are intentionally scheduled to occur right after the board
approves its annual operating plan, allowing leaders to embed talent commitments immediately. They have
designed a one-page synopsis of the most critical elements necessary to facilitate dialogue. While even best-
in-class organizations put some limit on transparency, theres general agreement that communicating openly to
high-potential candidates is advantageous and engenders trust and buy-in from them.

3- Assessment: The process of assessing successors begins with a well-designed competency model based on
the organizations strategic plans.

4- Advancement: Talent development can be reinforced by linking them to managers performance and reward.
At the time of a vacancy, a chain of moves analysis can be conducted to select the potential best candidate
who can be safely transitioned into the vacant position, and identify successors.

Companies should also ensure that they are making the most of retiring workers before leave, ensuring that
theyre involved in development and can transfer their knowledge to younger workers. These efforts will not only
develop the younger workers and keep them engaged while mature workers.

Execution: Three Priorities to Drive

1- Gain Commitment from the Top: Commitment from the board, CEO, and seniors.

2- Ensure Multiple Owners across the Organization: HR can guide the process & manage infrastructure, but
failure of line managers to commit and share ownership can be the death knell for succession.

3- Measure Progress Regularly: Constantly monitored, measured, and improved.