Strategic Financial Planning Over The Life Cycle Pdf

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Strategic Financial Planning Over The Life Cycle Pdf

Strategic Financial Planning Over The Life Cycle Pdf

Strategic Lifecycle Financial Planning, A Conceptual Approach to Personal Risk Management, pp. 353-356

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To save content to your account, please confirm that you agree to our terms of use. If this is your first time using this feature, you will be prompted to allow Core to associate with your account. Learn more about storing content in Google Drive. There are typical annual processes that organizations go through—strategic alignment, financial planning, employee satisfaction surveys, reporting, and many other critical processes—to move the organization forward. keep One of the most often overlooked, but one of the most important, is succession planning. Tracking succession planning metrics helps you understand how you’re doing and what you need to do better.

Where an organization goes and its ability to execute its strategy depends largely on having the right talent and leaders at the right time and in the right role. However, more often than not this is clearly not always the case, as can be seen with some of the effects of the Great Resignation. In fact, while 86 percent of leaders believe succession planning is important or an urgent priority, only 14 percent believe they are doing it well.

Adding to the challenge, one of the emerging trends for 2022 is that the future of work is flexible and ambiguous. The world of work is unpredictable, so preparing for multiple futures is critical. Therefore, succession planning is an urgent need for any organization.

Strategic Financial Planning Over The Life Cycle Pdf

In short, succession planning is the process and strategy for identifying and developing talent to fill critical roles in the organization as needed. Typically, HR professionals lead this process along with managers and senior executives.

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There are two types of succession planning criteria. The best approach is to combine the criteria of these two categories to get the most accurate picture of the state of succession planning in your organization.

High-potential employees have the combination of abilities and motivation to succeed in leadership positions in the organization. It is vital that you as an organization retain, nurture and develop these employees and include them in your succession plan. To measure the potential, you can use a 9-box grid:

Succession planning focuses on the two blocks in the upper right corner (stars) and the middle (high performance). These are the employees who will build the future of your organization. To accurately map your employees to this network, you need to:

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If an organization’s most valuable asset is its people, then High Potential (HiPo) is very valuable. HiPo has a combination of ambition, commitment and ability:

Once you’ve identified these people, you’ll want to match them with important roles. You want to have at least two alternates for each important role, ideally HiPo employees. Of course, you must first identify the critical roles in your organization. Mission-critical roles are roles that are very critical to business operations or have unique skill sets or knowledge that will impact the organization over the next 5-10 years.

The percentage of critical roles filled internally measures your ability to nurture internal talent and whether your succession plan is actually working. You can compare this with the percentage (%) of critical positions filled with foreign candidates. You can do the same for management posts.

Strategic Financial Planning Over The Life Cycle Pdf

This is a great way to gauge your organization’s “bench strength” and whether your succession planning is in place. You can get this data from your internal recruiting practices. The percentage of critical external roles tells you whether your employer brand and external recruitment strategy are strong enough to support your succession plan. Again, you can pull this data from your employment statistics.

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This criterion is also called “flight risk”. How likely is a certain (high potential) employee to leave in the next X months? Now there is no way to accurately measure the risk of flight because it is literally in the future. But there are measures that indicate when a high-potential employee might leave.

Additionally, it is possible to measure flight risk through various models and this requires time and appropriate input to ensure accuracy.

This is a sign that if the turnover of high-potential people is increasing, the organization’s succession planning is failing. This represents an effort to retain high-potential employees.

To calculate high potential turnover, divide the number of HiPos who have left by the number of HiPos in the organization. The turnover rate quantifies whether this is a problem (you can measure whether it is above average compared to the rest of the workforce in the organization). HiPos exit interviews are also an effective way to find out why they left and what your organization could do better to retain them.

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Bench power refers to an organization’s ability to hold critical positions internally. A common way to assess bench strength is to look at the percentage of employees or managers (with high potential) that you have identified as ready for a promotion. To get the result, divide the number of jobs up for promotion by the total number of HiPo/Management.

But how do you know when an employee is ready for a promotion? Here are a few things to keep in mind:

It measures the growth rate of employees by the number of promotions, both lateral and vertical. To calculate the career path ratio, divide the total number of (upward) promotions in the organization by all role changes (both lateral and upward). Here’s how to interpret the results

Strategic Financial Planning Over The Life Cycle Pdf

Succession planning isn’t just about encouraging high-potential employees, it’s about everyone along the way. Therefore, good movement, both sideways and upward, is vital.

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Another set of metrics to track are development tools and activities that support effective succession planning. Some of the measures in this direction are:

The percentage of time an employee uses a succession plan to fill an open position (important role or leadership position). This is the test of whether succession planning is just an exercise or actually used for decision making.

You can calculate this by dividing the number of employees promoted in the succession plan by the number of employees promoted to an empty position.

There are other clear indicators that indicate whether or not an organization’s succession plan is working.

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When measuring the state of continuity in your organization, you must choose the appropriate criteria. As we said earlier, the board looks after different numbers from the talent management team. So choose your metrics carefully, collect and analyze data regularly, and make data-driven decisions based on the results. In this way, you ensure that your company’s succession planning process is as efficient as possible.

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Eric Van Volpen, Founder and President. He is an expert in shaping modern HR practices by bringing technological innovations to the field of HR. He is recognized as an HR thought leader and speaks regularly on topics such as people analytics, digital HR and the future of work. Unfortunately, this book cannot be printed from OpenBook. If you need to print pages from this book, we recommend downloading it as a PDF.

Strategic Financial Planning Over The Life Cycle Pdf

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