Succession Planning

© 2015 Angott Search Group
•
•
•
•
•
•
Define succession planning
Market trends
Outline the key steps
How to implement a plan
The impact on your business
Q&A
© 2015 Angott Search Group
•
Taken narrowly, “recruitment planning”
for key roles is the heart of succession
planning
© 2015 Angott Search Group
•
•
Many institutions using M&A as a succession
planning tool
Donnelly Penman & Partners statistic
• ↑ Deals
• ↓ Size
© 2015 Angott Search Group
•
•
•
•
•
Deloitte’s recent Business Confidence
Report 2014
52% lack confidence
Focus on retention & engagement
Baby Boomer population
Workforce retiring
© 2015 Angott Search Group
1.
Set your strategic direction
2.
Recognize your key leadership positions
3.
Analyze your current organizational chart & talent
4.
Identify your available talent
5.
Develop those employees to be ready for
advancement
© 2015 Angott Search Group
•
Start with your current mission / strategic
plan
•
Is your bank able to achieve your stated
goals & objectives w/ current team?
•
Review current hiring practices, processes
& procedures
© 2015 Angott Search Group
Assess the “Position Impact” of each of your key roles
Position
Impact / Risk Assessment
Position Title: COO
Classification & Level:
Incumbent:
Department:
Location:
Position Impact:
High
Med
Position Title: CFO
Classification & Level:
Incumbent:
Department:
Location:
Position Impact:
High
Med
Low
Vacancy Risk: Make a judgment
High
Med Low
Vacancy Risk:
High Med
Low
Low
© 2015 Angott Search Group
•
Education
•
Licenses
•
Experience
•
Competencies
© 2015 Angott Search Group
•
Study current internal talent & make
assessment
•
Put formal evaluation process in place
•
Bench strength
© 2015 Angott Search Group
Position Bench Strength Assessment Form
Targeted Positions
Leadership
Level /
Department
Chief Lending Officer
Senior /
Lending
Chief Financial Officer
Senior /
Finance
Chief HR Officer
Senior / HR
Chief Operations Officer
Senior /
Operations
# People
Ready Now
# of People
Ready in
2-3 Years
Action Plan
Internal Candidate
Names
Total
© 2015 Angott Search Group
•
•
Indentify external talent
Prepare an external recruiting plan
• Fundamental issue in succession
planning deals with talent
management
© 2015 Angott Search Group
Pros & Cons:
•
Internal staff development
•
Hiring from outside
© 2015 Angott Search Group
•
Design & implement career development
strategies
•
Retention strategies
•
Put together a recruiting and hiring plan
© 2015 Angott Search Group
•
Guidelines for career development
discussion
•
HR function
•
Manager responsibilities vs. employee
responsibilities
© 2015 Angott Search Group
•
At a minimum annually assess each person’s
successes & failures
•
Evaluate & make changes in the organizational
structure
•
Succession planning has the overall goal of
providing the right leadership at the right place at
the right time with the right skills
© 2015 Angott Search Group
•
Reduces crisis
•
Promotes a “continuity
of the culture”
•
Forces accountability &
talent assessment
•
Adheres to regulatory requirements
© 2015 Angott Search Group
•
•
•
•
•
Understand where you are vulnerable
Important for every size organization
Identify your A, B & C players
Mentoring or cross training program
Develop your infrastructure with strong
professional leadership & development programs
• Talent evaluation program
• Retention strategy for key employees
© 2015 Angott Search Group
© 2015 Angott Search Group