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Executive Career Coaching: Providing Solutions To Succession Planning Challenges
By Jill Frank
Organizations today are facing several challenges and talent management is one of the greatest. According to a poll conducted by OI Partners, Inc., the number one challenge facing the HR profession is leadership development and succession planning. Attracting, developing, and retaining quality talent is more costly and has a greater impact on the bottom-line than ever before. Retiring baby-boomers, the expectations of Gen X and Gen Y employees, and the new definition of “long-term” employment add up to a drastic shift in the way organizations are managing their talent.
One effective way to overcome these challenges is to implement a succession planning initiative. This proactive approach to ensuring future leadership talent offers many benefits. Studies have shown that organizations with succession planning programs have a higher retention rate of human capital and a reduction in recruitment and compensation costs.
Succession planning has to be more than matching employees with forecasted vacancies. Consideration must be made for the future direction of the organization as well as the direction of the employees intended career path. This ensures that the employee is engaged in the process, committed to the organization, and has a vested interest in the company’s success.
Obstacles to Implementing a Succession Plan
While there are numerous benefits to succession planning, there are also challenges such as limited resources and expertise within the company. Without the assistance of external consultants and coaches, implementing a succession planning initiative can drain an organization’s resources. The most effective programs capitalize on the talent available throughout the company during the implementation phase, however, companies often lack the resources needed for ongoing management. In addition, utilizing external resources provides expertise in succession planning and offers an objective perspective.
Coaching as a Resource
Executive Career Coaching can provide assistance with career management and employee development at the individual level. Using individual coaching and assessments, the coach will guide the employees through the selection of the career path within the organization that best matches their interests and abilities. Once a career path has been chosen, the coach will help the employee prepare for their next promotion.
The career coach can administer assessments such as the DISC, PVQ, and the Enneagram to help the employee gain clarity in the areas of motivators, interests, values and strengths. The feedback obtained from the assessments is essential in creating a career management plan. During the coaching engagement, employees will compare this information along with their experience and education to key leadership positions and determine the strongest fit. This process ensures that employees are matched with the correct positions, reducing the possibility of employee disengagement and turnover at the executive level.
In addition to career pathing, an executive career coach will assist in the creation of development plans. The steps outlined in the development plan will be based on the information gathered during a gap analysis. Comparing the employee’s current level to the experience, skills, and education needed for the next promotion will give the coach and
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Online University Design
An online university is a web site that provides a complete "one-stop shop" for all your employees' training
needs. By logging into an online university, your employees obtain information about newly released training
programs, guidance on the programs that are appropriate for them, registration services for both online and
classroom courses, and immediate access to their training records.
Online universities are not the exclusive province of large corporations. Small and midsize firms that do not
have their own private networks can provide online university services to their employees using an ASP
(Application Solution Provider) model. Many of the key features of online universities are now offered by a
national and international suppliers on an outsourced basis.
How to Teach Adult Learners
Many aspects of teaching adults are fundamentally different than those employed in teaching children.
Andragogy is a word popularized at the end of the twentieth century to describe the difference. This article
by D. Verne Morland, managing partner of ROI Learning Services, highlights the important principles in
teaching adults and suggests how they can be applied to business training.
How to Write Instructional Articles
Instructional articles are very different from articles in reference manuals, product brochures, or even
professional literature. This article by Herbert L. Bivens, chief learning officer of ROI Learning Services,
defines instructional articles and describes how to write them.
Put Earn in Your Learning
Many companies view training as a component of their employee benefits package - an expense to be controlled,
not an investment to be maximized. This attitude is dangerously outdated. Survival in today's global economy
requires continuous, cost-effective, world-class training. This article by D. Verne Morland, managing partner
of ROI Learning Services, explains how to identify the "earn" in learning and measure the results
as you would with any other business investment.
Online and Blended Course Development
Online courses are self-contained, independent-study programs delivered via the worldwide web. They may be
relatively simple and short, delivering a little knowledge when and where it is needed. Or they may be
sophisticated, multimedia learning experiences that engage students for many hours over several sittings.
Online courses are primarily useful for conveying new information; they are less effective in conveying and
rehearsing new skills and in motivating students to apply their new knowledge.
Blended courses use a combination or blend of instructional methods and delivery technologies to convey
information, skills, and motivation to students. Blended courses offer almost all of the same instructional
methods and benefits as classroom courses, but with the distinct benefit of being delivered virtually.
ROI Learning Services has the expertise to identify which type of course is best for your company's
learning needs and we can deliver high quality programs that will have a measurable impact on your
business results.
Designing Online Courses for Adult Learners
At most schools of education aspiring teachers are taught the elements of pedagogy ? the art and science
of teaching children. Many aspects of teaching adults are fundamentally different than those employed in
teaching children and for this reason a new word gained currency in the late 20th century ? andragogy. This
article highlights the important principles in teaching adults and suggests teaching strategies to support
these principles in online courses for higher education and corporate learning programs.
ROI Learning Scorecard [tm]
The ROI Learning Scorecard [tm] is based on the Balanced Scorecard concept created in 1992 by Dr. Robert S.
Kaplan and Dr. David P. Norton. Having a balanced scorecard requires you to plan, manage, and measure your
organization from four perspectives: 1) The Learning and Growth Perspective, 2) The Business Process
Perspective, 3) The Customer Perspective, and 4) The Financial Perspective. This philosophy is consistent
with ROI Learning's holistic approach to training and organization development. By using our ROI
Learning Scorecard your company will focus on and invest in the right programs to build and nurture a
continuous learning organization.
Education Consulting
Survival in today's global economy requires world-class performance. World-class performance requires continuous,
cost-effective, world-class learning. The consulting and course development services provided by ROI Learning
enable businesses in all industries to achieve world-class learning results while maximize the return on their
learning investments.
How to Save Money on Training
Significant cost savings can be achieved by using technology to deliver training outside the traditional
classroom. This article illustrates the component costs of a hypothetical two-day classroom course delivered
to 20 students ten times a year and explains the significant reduction in training costs that can be achieved
by using a "blended" delivery approach.
How to Use Training to Improve Your Business Results
Training your employees is an investment in your business and like any smart investment it should have a
good rate of return. Although training is not the solution to every problem, where it fits it can improve
your sales and sales productivity; it can lower your costs and improve your gross margin; and it can bring
expenses into line and increase your profitability. This article explains that by investing in the right
programs managers will clearly see the business results and will, at the same time, be creating a highly
competitive, continuous learning organization.
List of Services
ROI Learning is a full-service consulting and development firm for technology-enhanced training. We have
the experience to help you accomplish all of your training objectives. We can help you: analyze your
training needs, start a training program, reduce your training costs, increase your training effectiveness,
reach new audiences cost-effectively, develop and deliver online training programs, and measure the impact
of training on your business. We can also take a more holistic approach and help you with your education
strategy, tactics, programs, and success measures.
executive a clear picture of where to focus their coaching sessions. Execution of the development plan during the coaching engagement results in promotion readiness. Benefits of Succession Planning Identifying and developing strong leaders for future roles is critical to the ongoing success of an organization. Without an effective succession planning program in place, companies will face greater challenges than those incurred during the implementation of a program, including: • Waging the “War on Talent” • Fewer leaders prepared to take on new roles • Obstacles to achieving strategic goals Attracting and retaining high-potential employees is costly. However, it is not as costly as the turnover of high-potential employees. Studies have shown that superior performers are 50% to 100% more effective than the average performer. Using these statistics, if an average performer generates $250,000 in new business each year; a superior performer will generate between $375,000 and $500,000 in new business. By developing and promoting the superior performer to a leadership role, they have the potential to increase the productivity of the team. As an example, this leader can increase the revenues of a team generating $2.5M to $5M. Given the possibility of increased profits, meeting the employee’s desire for career growth is both a financial and strategic advantage. Because growth and development are benefits highly sought after in a potential employer, organizations with highly publicized succession planning initiatives and career management programs become “employers of choice”, thereby making it easier to attract top talent and reduce turnover. Most employers are unaware of how much turnover costs them each year or how to reduce this number. Assuming a fifteen percent turnover rate and turnover costs of twenty-five percent of an employee’s annual compensation, an organization with one thousand employees and an average compensation of $50,000 will incur $1,875,000 in costs each year. Given that half of all turnover is avoidable, this organization could save $937,500 each year by investing in employee retention strategies. The Added Benefits of Using Career Coaching as a Resource for Succession Planning Programs Utilizing a Career Coach in your succession plan initiative allows leaders and Human Resources to focus on effectively managing and evaluating the program. An external career coach provides a confidential environment where the employees are free to discuss the challenges and opportunities they face in their careers and establish plans to overcome them. One of the greatest benefits the coach offers is preparing the organization’s existing talent for future leadership roles. They take the organization’s human capital to the next 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 recruiting is lessened for executive level position, which reduces headhunter fees (between 25% and 33% of the candidate’s total compensation) Ex. An executive placed by a headhunter with an annual compensation package of $200,000 would incur fees between $50,000 and $66,666. • Reduction of executive compensation. According to Towers Perrin, external candidates are generally paid 20% to 30% more than internals that are promoted because externals needs a financial reason to make a career change. • Promoting internal candidates offers the employer the benefit of knowing their track record, strengths, and their development needs. External candidates, unless personally known, only reveal as much or as little information as they deem appropriate, leaving the organization to rely on the interview process, assessments, and references to complete the picture. Thriving succession planning initiatives balance the strategic direction of the organization with the career aspirations of its high potential employees. They also rely on external consultants and coaches to provide expertise, an objective perspective and additional resources. Executives who engage in coaching during the succession program have a clear direction of where they are going and how they are going to get there. In contrast, executives that are not offered coaching are not as well prepared to map out their career path or develop the skills they need for future promotions. Executive career coaching facilitates the process of creating successful careers and developing future leaders. Article Source: http://www.articleblender.com 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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UMSL to acquire Quincy Public Radio Station
The University of Missouri?St. Louis is acquiring Quincy University?s public radio station WQUB 90.3 FM in Quincy, Ill., St. Louis Public Radio officials said today.
The sale of WQUB is expected to be completed in the next three to four months, at which point, St. Louis Public Radio, 90.7 KWMU, will handle operations and programming of the station. Financial terms of the deal were not disclosed.
As part of the St. Louis Public Radio network, WQUB will be called Quincy Public Radio.<div class="feedflare">
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Peabody Energy leases 402 million tons of coal in Wyoming
<img src='http://assets.bizjournals.com/tampabay/CoalTrainPromo*100.jpg?v=1'>Peabody Energy Corp. announced today the lease of 402 million tons of ultra low sulfur coal reserves adjacent to its North Antelope Rochelle Mine (NARM) in the Southern Powder River Basin of Wyoming.
The company bid $1.11 per mineable ton for control of the South Porcupine reserve area. The bid was conducted through a sealed bid auction process.
Peabody plans to incorporate the 5 square-mile block into its mine plan, following a permitting process. The South Porcupine tract adjacent to NARM was...<div class="feedflare">
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Antitrust review ends for Viasystems? acquisition of DDi
<img src='http://assets.bizjournals.com/stlouis/news/Sindelar,DavidPromo2011*100.jpg?v=1'>Officials from Viasystems Group Inc. and DDi Corp. said today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to the previously announced acquisition of DDi by Viasystems has expired without a request for more information by the U.S. Department of Justice or the Federal Trade Commission.
The transaction still requires approval by DDi?s stockholders, and the companies expect the transaction to close by May 31.
Viasystems Group Inc. agreed to acquire...<div class="feedflare">
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Gateway Classic Cars to open Chicago location June 1
<img src='http://assets.bizjournals.com/stlouis/news/GoldMustangWeb*100.jpg?v=1'>Officials from Fairmont City, Ill.-based Gateway Classic Cars said today that the company is opening a location in the Chicago market.
The company has operated a showroom in Fairmont City since 1999. It opened a location in Louisville, Ky., in August, and it will be opening a 45,000 square-foot facility Tinley Park, Ill., next month and hiring two new employees for that location this year.
The company, which had $5.5 million in revenue last year, is investing $209,000 in start-up costs for the...<div class="feedflare">
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OUTTAKES: May 18
<img src='http://assets.bizjournals.com/stlouis/blog/MatejkaCheryl*100.jpg?v=1'>Who knew hanging out with CFOs could be so much fun and so interesting!
That?s Business Journal Brian Cassidy?s takeaway this week. Cassidy got some great shots of our CFO Award winners and finalists and along the way discovered he lives in CFO Award winner Steve Appelbaum?s old house in Kirkwood. It?s a small world, indeed.
Click the photo on the right to see Appelbaum?s picture and more.<div class="feedflare">
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Miriam Foundation establishes Cornelsen Diagnostic Center
<img src='http://assets.bizjournals.com/stlouis/news/MiriamFoundationJoeZapf_Web*100.jpg?v=1'>A $100,000 grant by the Cornelsen Family Charitable Foundation has established the Cornelsen Diagnostic Center, which will be part of the Miriam Learning Center, Miriam Foundation officials said today.
The diagnostic center will provide free and reduced-cost assessment services for children who do not qualify for testing in the school setting and have limited resources to access private assessment services.
The Cornelsen Family Charitable Foundation is providing $25,000 for the next four years...<div class="feedflare">
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Barnes-Jewish to refund $725,185 to Wisconsin Physician Services
<img src='http://assets.bizjournals.com/stlouis/print-edition/Liekweg,Richard--Prime__web*100.jpg?v=1'>Barnes-Jewish Hospital overbilled Medicare for 58 claims between 2008 and 2011, resulting in an overpayment of $725,185, according to a report from the Department of Health and Human Services.
The hospital is refunding the amount of the overpayment to the Medicare contractor involved, Wisconsin Physician Services, as recommended by the HHS report.
The HHS? Office of the Inspector General conducted an audit of Medicare payments made to Barnes-Jewish in 2009 and 2010, specifically looking at $5.6...<div class="feedflare">
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MC Industrial opens office in Indiana
<img src='http://assets.bizjournals.com/stlouis/news/indianalr*100.jpg?v=1'>St. Louis-based MC Industrial, a national construction firm, has opened a 4,300-square-foot office in Portage, Ind. in the northwest region of the state.
MC Industrial will focus on serving metals, petrochemical, power, steel and other industrial markets and clients in the region.
?Northwest Indiana is a thriving industrial construction hub,? MC Industrial President Tom Felton said in a statement. ?The time is right for us to establish a solid, more permanent presence in the region, both...<div class="feedflare">
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Brown Shoe Q1 profit drops 54 percent
<img src='http://assets.bizjournals.com/stlouis/sullivan,dianePromo2012*100.jpg?v=1'>Brown Shoe Co. Inc. today reported net earnings of $1.7 million for the quarter ended April 28, down 54 percent from $3.7 million during the same quarter in 2011.
The drop in profit was primarily due to higher markdowns at both the wholesale and retail level, the company said in a statement.
Brown reported net sales of $626.4 million for the quarter, an increase of 1 percent from $619.6 million during the same quarter last year. Improved weather, both on a quarterly sequential and year-over-year...<div class="feedflare">
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Monsanto commits $50 million to African agricultural growth
Monsanto Co. said today the company is committing $50 million over the next 10 years to support sustained Africa agricultural development and growth. The company is supporting the New Vision for Agriculture Initiative, the Grow Africa Partnership and the G8's New Alliance for Food Security and Nutrition. Creve Coeur-based seed company Monsanto (NYSE: MON), led by Chairman, President and CEO Hugh Grant, reported a $1.6 billion profit on sales of $11.8 billion in fiscal 2011.<div class="feedflare">
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