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BEST PRACTICES FOR C-LEVEL SUCCESSION PLANS Table of Contents Executive Summary………………….………………….3 Case Studies General Electric………………….……………….…......5 Microsoft……………………………………...................7 Mcdonalds……………………………..............……….11 Johnson Controls………………………..…………….11 KONE Oyj …………………………….............……….12 Schindler………………………………................….….14 BAE Systems………………………….........…………..16 Mitsubishi Corporation …………………...........……..19 Samsung Electronics Co., Ltd……….........……….….21 ©Copyright, Best Practice Institute Remote working 2 Case study/Research report on best practices and processes in Succession Planning in industrial and transportation manufacturing companies. Emphasis on succession planning for top critical roles. Executive Summary Featured Companies: Kone, Schindler, BAE, Mitsubishi Corporation and Samsung C-Level Succession Planning Microsoft, General Electric, Johnson Controls and Mcdonalds have quite well publicized C-Level succession planning programs. A recurrent theme running through all their succession plans was regular reviews of the successions, (sometimes up to 6 times a year), which enable the talent planning and fulfilment process to be planned, responsive and agile. Annual Leadership Review Process Succession planning at these companies tends to revolve around an annual leadership review process, (which utilizes extensive individual performance data), to review critical roles in the business. Kone, for example, have an Annual Leadership and Talent Review (LTR) which focuses on the occupants of 500 leadership roles worldwide. During this process high potentials are identified, successors to key jobs are nominated and developmental actions are decided for key positions. While Schindler Group undertake an annual forced ranking of leadership population to identify high performers and leaders with potential for critical roles in leadership and functional expertise. The Management Resource Planning process is Schindler’s annual process for review of performance of current leadership as well as succession planning Attracting Hi-Potentials These companies often form strong relationships with top universities and business schools in order to attract high potential candidates graduate and MBA’s in the science and engineering disciplines. Take Schindler Group, for example who have have special relationships with IMD in Lausanne, INSEAD in Fountainbleau, St Gallen in Switzerland and the London Business School in the UK and they recruit high-potential MBAs (ideally engineering or technical) every year for specific positions with future leadership roles or expert field roles in mind. ©Copyright, Best Practice Institute Remote working 3 Leadership Development program All these companies have a strategic framework of leadership development programs designed to grow and develop high-potentials into both future leaders and functional experts. Among BAE Systems array of programs is the Leader Development Program (LDP), Prism, (which is designed to ready technical experts for critical senior roles), and the Finance GPS Program. Such programs may last anything from about 2 to 4 years, depending on the developmental challenge. Leadership Development Interventions These companies rely on a diverse range of tools and tactics to develop high potential talent into future leaders. Some of the most commonly cited ones are: • Rotational Job Assignments • Technical and professional training to obtain applicable certifications • Pursuit of an advanced degree in a relevant field • Leadership development training • High-impact career development plans • Stretch assignments to build personal leadership skills • Conscious expansion of personal networks • International assignments and exposure • Targeted development of critical thinking skills • Action Learning projects • Face to face forums • Virtual learning modules ©Copyright, Best Practice Institute Remote working 4 General Electric The Management Development and Compensation Committee Charter oversee C-Level succession planning. The committee typically will meet at least six times a year. The purpose of the committee shall be to carry out the board of directors’ overall responsibility relating to organizational strength and executive compensation. The committee has the following authority and responsibilities around succession planning: ‘To assist the board in developing and evaluating potential candidates for executive positions, including the chief executive officer (CEO), and to oversee the development of executive succession plans. This responsibility shall also include overseeing the Company’s talent recruitment and retention efforts. This should include interaction with the Company’s leadership development institute, review of data from the employee survey and regular review of the results of the annual leadership evaluation process.’ GE BOARD’S 6 YEAR CEO SUCCESSION PLANNING PROCESS 2011 Detailed succession planning initiated 2013 Succession timing identified • Management Development and • Board plans for summer 2017 as timing for Compensation Committee (MDCC) CEO transition dedicates portion of every meeting to CEO succession • CEO candidates appointed to larger leadership roles • Candidates moved into CEO preparatory roles • Initial draft of leadership criteria for the next Board increases time spent on ceo CEO is completed 2014 succession Successor criteria refined 2012 • MDCC dedicates additional time to CEO • Leadership criteria for next CEO is refined succession, including pre-Board sessions • Including the previously identified internal • Successor criteria continues to be refined candidates, the CEO succession list expands in light of the business environment and to encompass other key leaders strategic needs of the company ©Copyright, Best Practice Institute Remote working 5 2015 Board considers external 2016 Board and immelt work closely with final candidates; intensifies focus on candidates internal ones • Board visits continue. MDCC work intensifies. Final • Board visits, providing candidates candidates confirmed with increased exposure • Jeff Immelt intensifies in-depth coaching work with • MDCC and Jeff Immelt ensure final candidates targeted development and growth • Final candidates have increased exposure to plans for all CEO candidates investors and media • External candidates reviewed, • Board finalizes succession roadmap including detailed profiles on the • 360 degree leadership assessment on all candidates top 10 • Detailed roadmap developed for summer 2017 CEO • Board refines list to focus on decision and transition internal candidates only; Following review of external candidates, Board determines internal 2017 Final transition planning and succession candidates had best attributes to • Board interviews individual candidates - early May lead company • Individual candidate questions by Board to • Board reaffirms summer 2017 understand their vision for the company as timing for CEO transition, • Final review and evaluation of candidates against with Chairman transition to be strategic needs of the company completed by January 2018 • Board voted on CEO on June 9, 2017 ©Copyright, Best Practice Institute Remote working 6 Microsoft ‘Talent Talks’ is Microsoft Succession Planning Process for the CEO’s Direct Reports Microsoft wanted their leaders to be accountable to building organizational capability, to ensure that their processes were rigorous and that the CEO could get an end-to-end view of the depth of talent. The framework of Talent Talks centers around the following objectives: to identify the strength of the bench, how external talent is being cultivated, work through succession planning and review talent inflow and outflow. Present at each Talent Talk is CEO Satya Nadella, Kathleen Hogan CHRO Microsoft, the talent leader (Joe Whittinghill), the senior leader and an HR partner. During the discussion, they talk about the leaders’ directs, how they’re thinking about their succession planning, their talent, the strength of the bench and any external talent they’ve brought in and are cultivating. The small group also reviews hiring by level, examines the “net talent inflow,” assesses competitor influence and talks about how the leader and the team may be impacted if someone leaves compared to how they’d fare with robust bench strength. As potential successors are identified, their leader asks whether they’re interested in becoming a successor, rather than assuming so and putting them on a list. Hogan mentioned a time when she put successors on a list without speaking to them first—a mistake she didn’t make twice. Talent Talks ensure that leaders create plans that are real, and the potential successors are viable and ready for their roles. his forward-looking approach helps Microsoft avoid being blindsided and also helps cultivate talent in a way that encourages career growth.” Key Interview Excerpts with Gallup and CHRO at Microsoft on C-Level Succession Planning How do you develop talent and prepare your business for the future when your organization spans over 90 countries and more than 110,000 people? Hogan: This was one of the very first questions I asked myself when I stepped into my role three years ago. I had been leading our Services organization, which is Microsoft’s consulting team, so while I had no “direct” HR experience coming into my role, I definitely had a strong focus on the value of our people and the importance of talent. Working with leaders across the company and with our CEO, Satya Nadella, led us to revise our succession
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