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“70 million baby boomers will retire in the next 15 years and only 15 million new workers will replace them.” – Deloitte Research 2008
“The arrival of Generation Y’s – those born in the late 70’s to mid 90’s – are expected to have on average 10-14 jobs by the time they are 38.”
– U.S. Dept. of Labor
“In India, the supply of corporate executives meets just 1/3 of the demand.” – SHRM Global HR Library
“China needs to grow from 5k to 75k leaders in the next 15 years in order to compete effectively in the global marketplace.” – T&D, “Growing today’s Chinese Leaders for Tomorrow’s Needs.” November 2006
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The DHR Succession Planning process is designed to ensure the continued effective performance of an organization, large or small, by making provisions for the development and replacement of key executives within the firm. By focusing on the development of crucial leadership positions, we can help strategically plan the workforce of the future.
The DHR Succession Planning process includes the recruitment of executives as well as assessment and development of their skills, which prepares them for advancement within the organization.
The DHR Succession Planning process ensures that a company has executives prepared to lead it into the future. In doing so, the prospective makeup of an executive team is addressed during an evaluation, which allows for the development of a diverse workforce, and the opportunity to evaluate the appropriate skill sets needed for the positions.
Situations conducive to a succession planning project include:
- Strategic Workforce Planning
- Limited Internal and External Candidate Pool
- Aggressive Expansion
- Cultural Change
- Retention Issues
- Skills Development and Transfer
- Downsizing
- Business Realignment
The DHR Succession Planning process is a resource with a frame work. It is a practical tool that is readily adaptable to the size, scope and depth of the assessment required.
Steps in the Process include:
- Analyzing succession planning requirements, scope of the project and time frame
- Generating options tailored to the size and level of succession planning needs
- Developing and defining a competency model that is essential to organizational performance, creating assessment and selection tools to assess competency levels of managers
- Identifying gaps in current employee and candidate competency levels
- Developing succession strategies:
- Retention
- Development
- Recruitment
- Assessment & Feedback Discussions
- Coaching & Mentoring
- Planned Job Assignments
- Linking succession planning to HR processes and development of succession planning grids
- Monitoring and evaluating of succession planning on a regular basis
Benefits:
- Succession is linked to strategic planning
- Pivotal roles and potential successors are identified ( or not, depending on depth of talent)
- Talent pools are identified and developed for early and long term needs
- Reviews and strengthens depth of talent
- Senior management is personally involved and held accountable for growing leaders
- Employees are made aware of and committed to their own self development
- Leadership competencies are identified and used for selection, development and recruitment
- High caliber, highly valuable employees are retained
- Effective benchmarking of competencies across functions and regions
- Skills base and knowledge are broadened
- Transparency, fairness and diversity are achieved
For additional information on DHR’s Succession Planning, please contact:
Caroline Edwards
Executive Vice President, Global Head of Succession Planning
DHR International Asia
P: +852 2622 8812
caedwards@dhrinternational.com
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