This Week's Herman Trend Alert Navigating the Next Year

The Herman Trend Alert July 23, 2008 Fail to Plan and You Plan to Fail According to a recent study of 2,500 senior human resources executives, conducted by the Novations Group, a global consulting firm headquartered in Boston, Massachusetts, fewer than half of the companies that have succession plans update those plans on a regular basis. At the same time, 22 percent of respondents which have succession plans in place, state their organizations often recruits from outside for senior level openings .while ignoring their own preparatory work. Fortunately, succession planning is increasing in importance. Too many companies are in a continuous cycle of recruiting and attrition. Turnover is expensive, not only in terms of dollars, but also in terms of engagement and productivity as well. In the words of Executive Consultant Michelle Knox, organizations need to move beyond "succession planning" to "succession management". “Companies think because they have a plan they’re all set, but the challenge is broader and needs to fit into a process that supports ongoing talent development, not only the need to quickly fill an empty slot." Knox believes organizations that do succession management well, have the entire process owned by the executive team which is then executed by Human Resources. Succession management should also be aligned with corporate strategy and all human capital systems. Instead of slotting a single individual to fill a particular position, wise employers will create talent pools where participants are given access to the tools and resources needed for their own continuing development, Another best practice suggested by Novations is to have individuals nominate themselves. Their individual development needs are then evaluated, a development plan created, and the employees both give and get feedback on progress made. Senior leaders also check the individual's progress throughout the year. Without qualified, experienced people, we have seen entrepreneurs sell their businesses prematurely or simply go out of business. Expect this increased attention to succession management to escalate, as companies realize just how seriously the skilled labor shortages can affect them. Because of these skilled labor shortages, we will see smaller and smaller organizations engage in similar behavior, realizing that succession planning without succession management is virtually a waste of time . © Copyright 1998-2008 by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." RESOLVE TO ADDRESS EMPLOYEE TURNOVER IN 2009 If you knew just how much money turnover is costing your company, you would have handled it ages ago! Turnover costs A LOT and it comes right off the bottom line. Let The Herman Group and its team of very experienced consultants help you address your turnover issues right away. We have an impressive track record and stand ready to help you. Call Carol at 800-227-3566; international, call 336-210-3547 for a no-obligation conference call. EMPLOYEE RETENTION BEGINS WITH GOOD SELECTION If you are not using pre-employment assessments, you are flying without radar---not very smart in today's highly competitive environment. Let us help you better understand your candidates and your employees. In less than 30 minutes, you will know if they can do the job (abilities); their work behaviors, even their personality and attitudes (like integrity & ethics), and those can't be trained. It's very cost effective, too! For more information, contact Joyce at 336-210-3548 or e-mail assessments@hermangroup.com. Validated for many countries and cultures. We offer in-depth help with job descriptions, too! GET INSIDE THE MINDS OF YOUR EMPLOYEES Find out what's really going on inside the hearts and minds of your employees. Our InnerViews interviewing service uses SPHRs and PHRs, certified human resource professionals to probe for the information you really need to know. Exit and Stay Interviews, as well as Why-Didn't-You-Take-Our-Offer Interviews. Call Rosalie Catalano at 937-648-1918 or read more at: http://www.hermangroup.com/retentionconnection/exit_interviews.html. To read this Herman Trend Alert on the web: http://www.hermangroup.com/alert/archive_9-24-2008.html. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. 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