Growing your company's leaders : how great organizations use succession management to sustain competitive advantange

Within the next few years, ""baby boomer"" leaders and managers will be retiring in huge numbers. From the executive suite on down, the challenge to put the right person in place for every job is becoming acute. The potential shortfall means organizations must put succession planning at the top of their priority lists. Growing Your Company's Leaders offers the results of a study of five global leaders in succession strategy: Dow Chemical, Dell Computer, Eli Lilly, Pan Canadian Petroleum, and Sonoco. Readers will learn what these and sixteen other high-profile organizations are doing to identify, secure, and prepare the next generation of leaders. This book examines: * the link between succession management and business strategy * the architecture of good plans and how technology can make them better * the importance of individual employee development * why senior management support is crucial * how to monitor the effectiveness of the succession management system." "

Author Notes

Robert M. Fulmer is a distinguished visiting professor at Pepperdine University and is Academic Director at Duke Corporate Education, one of the top executive education programs in the world.

Preface and Acknowledgments	p. ix
Chapter 1 Succession Management: The New Imperative	p. 1
The Old Ways	p. 4
The Reinvention	p. 5
Why the Renewed Interest Today?	p. 8
The Purpose of Effective Succession Management Systems	p. 11
Characteristics of Best Practice Approaches	p. 12
The Key Dimensions of an Effective System	p. 15
Corporate Strategy	p. 15
Sponsors and Owners	p. 16
Talent Identification and Talent Pools	p. 17
Developmental Linkages	p. 18
Assessors	p. 19
Tracking	p. 19
Metrics	p. 20
Our Purpose	p. 21
Chapter 2 Who Should "Own" Succession Management?	p. 23
The Most Critical Owner and Champion: The CEO and the Senior Team	p. 26
Human Resources: The Process Owners	p. 31
Ownership Below the Executive Level: The Implementers	p. 36
Conclusion	p. 42
Chapter 3 Defining and Identifying Talent	p. 45
Competency Models: The Benchmarks for Succession	p. 47
Sample Competency Models in Best Practice Organizations	p. 52
Identification Tools	p. 58
Lilly's "Talent ID Tool"	p. 60
Sonoco's Performance/Promotability Matrix	p. 62
Bank of America	p. 63
Focusing Efforts: Determining the "Mission-Critical" Positions	p. 66
Determining the Talent Pools	p. 68
Sample Best Practice Approaches to Talent Pools	p. 70
Insights from the Research	p. 72
Chapter 4 Linking Succession to Development	p. 75
Weaving Development into Succession	p. 80
The Tools They Use	p. 84
PanCanadian's Leadership Development Framework	p. 86
Tool #1 Internal Leadership and Executive Education	p. 88
Tool #2 Action Learning and Special Job Assignments	p. 90
Tool #3 Mentoring and Coaching	p. 91
Tool #4 External University Courses	p. 93
Tool #5 Web-Based Courses	p. 94
Tool #6 Career Planning and Individual Profiling	p. 95
Tool #7 Performance Management and 360-Degree Feedback	p. 100
Conclusion and Summary Insights from the Research	p. 102
Chapter 5 Measuring and Assuring Long-Term Success	p. 107
What Is Measured?	p. 108
Dow Chemical	p. 109
Eli Lilly and Company	p. 111
Sonoco	p. 113
Dell Computer	p. 113
PanCanadian	p. 113
Bank of America	p. 114
Lessons for Long-Term Success	p. 116
Bank of America	p. 117
Dell Computer	p. 118
Dow Chemical	p. 119
Eli Lilly and Company	p. 120
Sonoco	p. 121
Other Lessons for Success	p. 122
Smooth Transitions	p. 122
The "Right" Developmental Assignments	p. 127
Meaningful Appraisals and Feedback	p. 128
Appropriate Selection Criteria	p. 128
A Range of Good Choices	p. 129
Conclusions About Assessment and Long-Term Success	p. 130
Chapter 6 The Future of Succession Management: Bright Lights, Looming Clouds	p. 133
Bright Lights on the Horizon: Promising Trends for Succession Management	p. 134
Greater Integration and Alignment	p. 134
Technology Moves Succession Planning to the Desktop	p. 136
Increased Rigor in Assessments	p. 138
The Looming Clouds in Succession's Future	p. 138
Finding a Sufficient Supply of Developmental Opportunities	p. 139
Generational Resistance to Certain Opportunities	p. 140
Inconsistencies in Selection Criteria and Rewards	p. 142
Competency Models--A Flawed Foundation for Development?	p. 143
360-Degree Feedback as an Administrative Requirement: Weakening a Powerful Development Tool?	p. 146
The Essentials for Successful Succession	p. 149
Implementing a New System	p. 150
The Foundations for Genuine Success	p. 153
Appendix A Detailed Case Descriptions	p. 159
Dell Computer Company	p. 160
Dow Chemical Company	p. 174
Eli Lilly and Company	p. 191
PanCanadian Petroleum	p. 205
Sonoco Products Company	p. 221
Appendix B Research Methodology	p. 243
Index	p. 247
About the Authors	p. 257

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