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Executive Coaching career: finding solutions to the challenges of succession planning

Today, companies face several challenges and talent management is one of the greatest. According to a survey conducted by OI Partners, Inc., number one challenge for the HR profession is leadership development and succession planning. Attract, train and retain quality talent is more expensive and has a greater impact on bottom-line than ever before. The retirement of baby boomers' expectations of Generations X and Y employees, and the new definition of "long term" employment add up a fundamental shift in how organizations manage their talent.

An effective way to overcome these challenges is to implement an initiative of succession planning. This proactive approach to ensuring the future leadership talent offers many benefits. Studies have shown that organizations with programs of planning have a retention rate higher human capital and a reduction in recruitment and remuneration.

Succession planning should be more than matching employees anticipated vacancies. Consideration must be made for the future direction of the organization and that management of employees intended career path. This ensures that the employee is engaged in the process, committed to the organization, and has a direct interest in the success of the company.

Barriers to implementing a succession plan

Although there many benefits for succession planning, the challenges are also likely limited resources and expertise within the company. Without the help external consultants and trainers, implementing an initiative of succession planning can drain the resources of an organization. Most programs effectively capitalize on the talent available across the company during the phase of implementation, however, companies often lack the resources necessary for ongoing management. In addition, using external resources brings its expertise in planning and provides an objective perspective.

Coaching as a Resource

Executive Career Coaching can provide support for career management and employee development to the individual level. Using individual coaching and feedback, the coach will guide employees through the choice of the trajectory career within the organization that best fits their interests and abilities. Once a career plan has been chosen coach may help the employee prepare for their next promotion.

A career coach can administer such assessments as the disk, DMP, and the Enneagram to help the employee gain clarity in the areas of motivation, interests, values and strengths. The reactions of the assessments is essential in creating a plan for career management. During the commitment of coaches, staff will compare these data with their experience and training in key leadership positions and determine the best fit. This process ensures that employees are matched with positions correct, which reduces the possibility of employee disengagement and turnover at the executive level.

In addition to tracking career, a career coach will assist management in creating development plans. The steps in the development plan will be based on information collected during a gap analysis. Comparing the current level of employee experience, skills and training necessary for the next promotion will give the coach and the executive a clear picture of where to focus their coaching sessions. Running development plan over the results of the mission management with promotion state.

Benefits of planning

Identifying and developing strong leaders for the future role is essential to the continued success of an organization. Without an effective succession planning programs in place, companies will face greater challenges than those incurred during the implementation of a program, including:

• conduct the "war against Talent
• Less leaders ready to assume new roles
• Barriers to achieving Strategic Objectives

Attracting and retaining high potential employees is costly. However, it is not as expensive as the number business employees with high potential. Studies have shown that the higher yield of 50% to 100% better than average results.

Using these statistics, if an artist produces an average of $ 250,000 new cases each year, a performer than will generate between $ 375,000 and $ 500,000 in new business. By developing and promoting the interpreter than a leadership role, they the potential to increase the productivity of the team. For example, this leader can increase the earnings of a production team $ 2.5M to $ 5M.

Given the possibility of increased profits, meeting the employee's desire for growth career is both a financial and strategic.

Because growth and development are highly sought benefits in an employer potential organizations with the succession of highly publicized initiatives program planning and career management become "employers of choice" making it easier to attract top talent and reduce turnover.

Most employers are unaware of how much the cost of sales business between them every year or how to reduce that number. Assuming a rate of five per cent of turnover and turnover costs twenty-five percent of an employee's annual compensation, an organization with a thousand employees and an average salary of 50.000 $ 1,875,000 $ Result in costs each year. Given that half of turnover is preventable, this organization could save 937,500 dollars per year by investing in strategies for retaining employees.

Additional benefits of using coaching career as a resource for planning programs

Using a career coach in your succession plan for the initiative allows leaders and human resources to focus on effective management and program evaluation. An external career coach provides a confidential environment where employees are free to discuss the challenges and opportunities they face in their careers and develop plans to overcome them.

One of the most major advantages of tender coach prepares existing talent of the organization for future leadership roles. They take the human capital of the organization at a higher level through the use of assessments, powerful questions, and individual development plans. Promoting from within provides benefits, such as:

• Reduced recruitment costs. The need for external recruitment is reduced to fill the positions position reducing costs headhunter (between 25% and 33% of the total remuneration of the candidate) eg. A senior placed by a headhunter with an annual fee of $ 200,000 would cost between $ 50,000 and $ 66,666.

• Reduction of executive compensation. According Towers Perrin, external candidates are generally paid 20% to 30% more than the house that are promoted because the external needs a financial reason to make a career change.

• Promoting internal candidates to the employer offers the advantage of knowing their history, their strengths and development needs. External candidates, unless personally known only reveal as much or as little information they deem appropriate, leaving the organization to rely on the interview process, scores, and references to complete the board.

Initiatives planning Thriving balance the strategic direction of the organization with professional aspirations its high potential employees. They also rely on external consultants and coaches to provide expertise, an objective perspective and additional resources.

Officers engaged to supervise the program notes have a clear direction of where they are and how they will get there. In contrast, managers who are not offered coaching are not as well prepared to map their career path or develop skills they need for future promotions. Executive coaching career facilitates the process of creating a successful career development and future leaders.

About the Author

Jill Frank is “The Promotion Coach.” Get her FREE report, “7 Unintentional Actions That Will Slow Your Climb Up the Corporate Ladder” and FREE advice on corporate advancement at www.corporateadvancementcoach.com

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