EXECUTIVE COACHING IN YOUR SUCCESSION DEVELOPMENT PLAN
Michelle Payne, MCC CEO, SEE Strategies
“We’re trying to do more with less. Is this really the best use of our resources?”
Why is succession development essential today?
5/50 Crisis
Ready Now?
30% of Fortune 500 CEOs lasted less than 3 years.
2 out of 5 of new CEOs fail in their first 18 months.
Failure rate is higher when talent is hired from outside.
Failure related to leadership style out of touch with modern times
82% of new leaders derail because they fail to build partnerships
Generational Divide
Unlike their parents and grandparents, Gen-X employees do not plan on staying with one company throughout their career.
Boomers – 47+ Security from the institution Promotions based on
longevity Loyalty to the organization Wait to be told what to do Respect based on position
Gen X 35 - 46 Security from within Promotions based on
performance Loyalty to the team Challenge authority You must earn respect
What you will learn from this seminar How to identify the high-potential leaders
in your organization Tips for creating succession development
experiences Ways executive coaching can help in your
succession development program
How to identify high-potential leaders
Establish a business strategy Conduct talent review sessions Ask: What does high-potential
mean to us?
H-P Leader Competencies
Systems thinking vs.
Silo thinking
H - P Leader Competencies
Team-buildingSkills
H-P Leader Competencies
Organization-specific competencies
Reflects diversity or organization/constituency?
Demonstrates technological savvy?
Communicate H - P Designations
I’m a BLUE!
Best Practices Avoid creating in-groups and
out-groups Emphasize continuing
development—not status
Manager scripts“You have the capacity to take on more responsibility so let’s talk about what that could look like. Are you interested?”
Tips for Creating Succession Development Experiences
2-phase strategy Review talent and plan actions Develop and deploy talent
Tip Keep your assessment simple.
Tip Don’t get bogged down in
the planning phase.
Tip Evaluate the outcome of your
succession program—not the process.
Tip Be realistic about
“stretch” assignments.
Ways Executive Coaching can help in your succession development program
"Executives who rise to the C-suite do so largely based upon their ability to consistently make sound decisions. However, while it may take years of solid decision making to reach the boardroom, it often times takes only one bad decision to fall from the ivory tower.” —Mike Myatt
Why good leaders make bad decisionsWe all think that we make decisions by analyzing a problem, looking at all the options, forming a strategy, and then implementing the strategy. In fact, most of us are influenced heavily by four influences that have foiled even the best leaders. —Sydney Finkelstein
4 Red Flags One plan at a time Emotional tagging Self-interest Inappropriate
attachments to people, places, and things
Safeguards Organizational Personal
86% of companies use coaches in leadership development programs
5 reasons to make executive coaching part of your development mix
Source: Larry R. Nordhagen
Provides a safe, confidential environment.
Offers a sounding board.
You are free to discuss challenges without fear of being evaluated negatively.
Source: Larry R. Nordhagen
An Executive Coach
Source: Larry R. Nordhagen
Provides perspective.
Provides resources Pushes you.
Will challenge you to stay focused on your goals, be accountable, and explore new ideas.
Secrets to coaching your High-Potential Leaders
Summary Thriving companies make
succession development a priority investment.
Executive coaching can play a major role in developing your high-potential leaders.