talent 2020 webinar will your high potentials stick around
TRANSCRIPT
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Talent 2020 Webinar Series“Will Your High Potentials Stick Around?
A Succession Planning Roadmap You Can Use” November 17, 2015
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Welcome! Thank you for joining us for our webinar:
“Will Your High Potentials Stick Around? A Succession Planning Roadmap You Can Use”
We will begin at 12:00 PM CST
While you wait…check out our newest program, Leadership Plus, a year‐long, dynamic development experience for directors and senior leaders
http://forms.talentplus.com/leadershipplus
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Private and Confidential
All materials constituting this presentation (the “Materials”) are confidential and proprietary property solely owned and copyrighted by Talent Plus ®, Inc. (“Talent Plus”). The Materials are intended for use only by the individual or entity that receives the Materials directly from Talent Plus (the “Recipient”) and such individuals associated with the Recipient on a “need to know” basis. The Materials shall not be copied, modified or otherwise reproduced by Recipient without the express written permission of Talent Plus.
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Meet Our Presenters
Libby Farmen, M.S.Chief Consulting Officer
Dr. Brett Wells, Ph.D.Chief Research Officer
Kim ShirkWriter / Senior
Branding Member
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Talent 2020 Webinar Series“Will Your High Potentials Stick Around? A Succession Planning Roadmap You Can Use”
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Registration Question
12%
45%
43%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
I don't know
No
Yes
“Does your organization currently have atalent‐based succession plan in place?”
Percent Responded
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Succession Program Quality
Source: Deloitte 2015 Global Human Capital Trends
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Challenges of Succession Planning
31% of hiring managers over‐rely on their own judgement when hiring
40% of new hires are entertaining other employment options
18% of HR professionals rate bench strength as high
33%of leadership hires are hiring failures
Image source: http://shug‐stepsoffaith.blogspot.com/2011/07/warningchallenges‐ahead.html
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Developing High Potentials
Photo: MoneySupermarket.comSource: http://orgsynergy.com/services/
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Photo: MoneySupermarket.com
Live Poll
Why do people in your organization get promoted?
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Potential
Photo: MoneySupermarket.com Source: http://networkingtimes.com/blog/index.php/2015/07/12/the‐seed‐of‐potential/
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Assessing & Identifying Potential
Photo: MoneySupermarket.com
+ Psychometrically validated tools+ Reliable + Valid+ Fair
+ Tools to help you evaluate+ U.S. Department of Labor,
Employment and Training Administration (2000). Testing and assessment: An employer’s guide to good practices. Retrieved from http://www.onetcenter.org/guides.html#empTestAsse
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Assessing & Identifying Potential
Photo: MoneySupermarket.com
+ Tools to help you evaluate (cont.)+ American Educational Research
Association, American Psychological Association, and National Council for Measurement in Education. (2014). Standards for educational and psychological testing. Washington, DC: American Educational Research Association.
+ Society for Industrial and Organizational Psychology (2003). Principles for the validation and use of personnel selection procedures (4th ed.). Bowling Green, OH: Author.
+ Uniform Guidelines on Employee Selection Procedures, 28 C.F.R. § 5.14 (1978).
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Cost of Turnover
90
80
70
5550
Success Rate for External Hires
Success Rate for Internal Promotions
1015
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
The Case for Internal Development
+ Hits: Promoting from within is successful 40‐45% more often
+ Misses: Promoting from within results in 40‐55% fewer hiring mistakes
+ How much does a mistake cost? Do the math!
Source: Global Leadership Forecast 2014/2015
55 50
10
20
30
40
50
60
70
80
90
Top 20
Med
ian
Global M
edian
Internal Promotion Success RateExternal Hire Success Rate
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
What’s So Cool About Aptitude Testing?
Photo: MoneySupermarket.com
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
The Annual Performance Review
Photo: MoneySupermarket.com
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
The Annual Performance Review
Photo: MoneySupermarket.com
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Brands Who’s Axed Performance Reviews
Photo: MoneySupermarket.com
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Career Investment Discussions
1. Do you have particular talents, skills and/or knowledge skills you would like to see positioned and effectively utilized?
2. As you see your role, what are the key ways I can support your success and maximize your impact?
3. What % of the time are you doing things at work that you enjoy?Photo: MoneySupermarket.com
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Observational Screener (Performance)
1. Are they actively involved and committed to continuous improvement projects?
2. Are they willing to work above and beyond to get the job done? More hours?
3. Can they motivate others to follow their direction and leadership?
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Photo: MoneySupermarket.com
Who Are Your Culture Drivers?
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Observational Screener (Engagement)
1. Do they talk about the company’s mission and why we do business?
2. Do they put in the hours required to get the job done?3. Are they positive when others with whom they work are
negative?
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Roadmap
Assess your talent
population
Plot the data
Identify your HiPos
Create development pathways
Keep it a priority and track success
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
In Review
+ Base it on science+ Track and measure+ Focus on the individual, team and organizational levels
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Questions to Consider
1. How strong is your Talent Bench? 2. Are you developing leaders who don’t manage people? 3. Do you create opportunities for peer mentoring, etc.?4. Is your succession plan sustainable/successful?5. Are you identifying and developing HiPos?
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
Thank You for Joining!
+ Connect with us online.+ www.talentplus.com+ LinkedIn, Facebook,
Twitter, YouTube
+ Have questions? Call us.+ 1.800.VARSITY+ Email your Talent Plus
contact or [email protected]
Copyright © 2015 Talent Plus® | Lincoln, Nebraska
SAVE THE DATE
Leadership Toolbox – Feb. 17th www.talentplus.com/leadershiptoolbox
Leadership Plus Series – March 2016 www.talentplus.com/leadershipplus