Succession with performers

There are almost certainly some people in your business who if you were to loose them you are just not going to cry about it. There will however be others who are the life blood of your business perhaps in Project or Executive roles and when they go, it will be a big problem!

In many businesses, succession planning for high performers and talent management is done through a process like making sure you have where possible, at least one off site a ¼ then having drinks with those people you’re a little worried about, to find out what the true story is around their ambitions

The problem with this kind of process and it may not look exactly like this, as it might be a six monthly thing, or you might get one of your team a person you know really well to find out things for you.

Consider four ways of ensuring you know exactly where people are up to on your team, so you don’t get nasty surprises.

  1. Setup agreements with your people so that you’ll let them know if you were ever going to make a move somewhere else with some decent notice and be specific. Ensure in this moment that they also commit to letting you know if they were getting itchy feet or wanted new opportunities, and make sure they commit to giving you the same notice period.
  2. When new people start after 4-12 weeks consider having an up front “Performance Management” style type meeting, this is not to tell them they need to pull their socks up, but more to set the scene for the future, and yes you might even address some tiny niggles early.
  3. Keep the dialogue open between all your team members and understand where your market is at. Are there many opportunities and head hunters calling daily in order to try and snap up your best people. Or is the market really quiet in your neck of the woods.
  4. Find out what your best people value most and make sure you are delivering them what they value. In Sales environments part of this might be about money, but ironically often it may be more about recognition, and often people miss this, until it’s too late.

Have a look at what Jack Welch from GE says about the treatment of people, and just have a think about whether

1) You Agree
2) If you do, is your business treating its people like this? If you don’t, do you have a process that’s really working?

If you are in a business where you often have your people leaving and whether they are good or bad start to look more carefully at what you are and are not doing to mentor your people. The true cost of most team member losses is hidden in many monthly financial reports, why is this?

Well in the past financial reporting has not been smart enough and even today is not able to track the “True cost” of losing a person. Below are some things to consider, the numbers are rough but start to have a think, if you are losing people its probably costing you far more than you imagined! Below the salary is only $70K and being conservative true costs might look like.

If we were to track the true cost to the business of people leaving you would need to consider things like:

Person Leaving Average Salary $70K = $6K per month

  • Recruitment Costs
    – Cost $8K
  • The time it took to get them to full competency (4 months)
    – Cost $24K
  • Time other people “Internal Trainers” spent to get them confident
    – Cost $15K
  • The time peers in the business spent with them (2 months)
    – Cost $12K
  • All the Managers time $120K Salary spent (2 weeks across a year)
    – Cost $5K
  • Loss of productivity from down time while you the role filled
    – Cost $10K
  • HR Team member costs
    – Cost $10K

Total Cost $84K

Now that’s only on the outgoing person who may have only stayed 12 month’s to two years, you will now need to incur all these same costs on retraining the new recruit and if you get it wrong again…

Time & business results

I have friends you can’t meet for morning tea for 8 weeks because they are booked out. Others, you can consistently book a catch-up with so long as you give them 7 days notice and that’s that, every time. Then there are people who will be available tomorrow at 3pm or Friday at 9am and any further out than that and you can forget it!

TIME – Why is that the case?

Is it true that the person booked up for 8 weeks is more important, successful or has more happening in their lives than those you could get an appointment with tomorrow?

INTERESTINGLY IN OUR EXPERIENCE, NO!

Funnily enough, some of the leaders of the biggest organisations in the country operate very much in the now. If it weren’t for some very smart assistants, things would look very different. How might this information influence you and your team’s ability to get results?

Is everybody different around time? What kinds of people are similar and why? We will deal with only one part of this major body of work that up until now been badly under-researched.

How do I know? Well, all the time I see organisations facing people issues where certain portions of populations are extremely reactive and others are the opposite, far too slow to react. Where do you sit? How about your best people when you are “Managing Your Talent”? Are they reactive or more strategic? What’s needed more in your environment?

“Your interpretation of time is not a right or a wrong one. However, if you are too extreme either way with regard to your specific work context and what’s required, you can really lose out.”

What should you do to ensure your thinking around time fits with your business role? Here are three suggestions to consider with regard to the people in your workplace.

1)In a fast-paced sales or back office production environment, you probably want to be able to move quickly and hence timeframes are almost certain to be shorter.

2)In a strategic planning or IT implementation environment, it might pay to have a medium-term time perspective. However, watch out! Get this to be more a long-term perspective and that $500 million dollar IT rollout can easily blow into costing twice as much.

3)In Strategy & Planning roles in major organisations, the people involved are better to have a really good understanding of time in the long term. But they still need to be able to partner with the people on the floor conducting the rollout.

So what if you’ve got people in completely the wrong place?

What if you have people (even managers) on the floor who think learning a set of specific behaviours will take 3 months when your best manager considers it can easily be learnt in 24 hours? A problem in many IT, HR and L&D departments is that when major rollouts occur, the third parties always talk about giving things some time… until the budget’s blown and the business is locked into making even tougher decisions!

When sick where do you go?

The other day for the first time in my life I could not breath while I was going to sleep, I had been to the swimming pool that day and the chlorine was incredibly strong in the children’s pool where I’d been. My symptoms were almost exactly like that of an Asthmatic shortness of breath and no matter how hard I tried no air was getting in?

At the time I though wow – that’s interesting, then what am I going to do, not wanting to wake my partner I got up and Google’d the symptoms. Amazingly I found at least 5 websites with some really serious detailed and well researched answers.

One of these explained a breathing technique which it said worked wonders, having nothing to loose I tried it and within minutes was back to sleep. A couple of days later I was speaking with a client about this and he said wow so did you go straight to the hospital and or a doctor?

I said no actually, I turned on the Web and did some research found some answers and alls well!

You might be asking so what, how does this relate to me and my team? Well have a think about it, you think the people in your team are either good or bad, average or superb.

But maybe they are just missing some of the crucial links they need in order to perform at their roles. Often we go running to the doctor or the hospital when sometimes the best possible thing to do might actually be to sit down with some of the smartest people in our own business or teams and ask them questions or log into the web and start google’ing for answers. How do you identify and manage talent in your organisation?

By then linking up the answers your team finds to expert knowledge based information systems often you can then deal with the same problems 100’s of times faster.

Ironically often we rush off to places for solutions when they lie right at our fingertips, what’s your organisational change process and who do you have internally to role it out.