Succession Planning

By Robert Reinking posted 12 days ago

  

The Battle is Real

Twenty Percent of most western countries' workforce is over 55 years old.

As a CEO/CAO you have many challenges and sometimes it feels like you have people coming at you from all directions.

  •  How Many Managers are over 55?
  • Are you facing 1-2 retirements per year?
  • Do you have senior managers who are preventing talent from rising to the top?
  • Do you have talented managers leaving the organization?
  • Do you have senior managers sandbagging till they retire?
  • Do you have senior managers taking time off for health reasons?
We Love the Elephant in the Room
ignore-the-elephant-in-the-room
If we just looked at the those who are over 55, you may be facing at least a 20% turnover per year of your senior managers. The cost to the organization is massive and the areas we see the most pain are:
  • Loss of corporate knowledge
  • Costly recruitment processes
  • 3-6 lead months for the new manager to come up to speed.
  • Perceived drop in professionalism and service levels to the organization and community

The Fact:

Staff turnover is a fact of life; however, lack of planning is setting you and your team up for failure, or just more hours to be worked and more criticism of not getting on the front foot.

As a manager, we are tasked with being able to foresee the challenges ahead and mitigate risks ahead to smooth out the path for our teams to follow.

Successful execution in succession planning enables your new team members to feel supported and engaged day one on the job

  Numbers Tell the Truth

succession-planning- pmh-insights-inc
  • If you have 2 managers leaving after ten years of service you are losing 33,000 hours of experience out of your organization
  • If the 2 new managers, you hire take 6 months to get up to speed at a cost of $100,000 per annum salary. You are now $100,000 cash out-of-pocket
  • You are 6 months behind on expectations of the  council/community
  • If it takes 12 weeks to recruit and you spend $20,000 with recruitment companies/HR consultants, you are now $40,000 out-of-pocket Investing prior to staff leaving is critical

Our Objective:

To document and capture as much knowledge from existing staff as possible. This is aimed at maximizing corporate knowledge in order to aid in the process of onboarding new staff, with minimal disruption day to day business operations.

pmh-insights-inc

Our Approach

Will include the following for each staff member involved:
Projects
  • Current projects
  • Future projects
  • Status and progress for both
  • Project risks
  • Opportunities for change     /  Improvements               

Services

  • Current services provided
  • Service risks
  • Opportunities for change/Improvements

Position Role & responsibilities

  • Current role
  • Current  responsibilities
  • Current duties &  tasks
  • Assumed / undocumented                     responsibilities in your current role
  • Location of key documents and files (electronic and copy)
Phil Hicks
CEO PMH Insights Inc
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