Vice President Human Resources Global Product Development & Supply, Bristol-Myers Squibb
Developing Leaders and Planning Succession for a New Normal
Getting high potential talent management and succession right was already a challenge pre-pandemic. Today, with talent scarcer than ever, it is an even higher priority for most organizations. HR should not underestimate the complexity involved and the important linkages with other programs. Succession planning is a key part of any business continuity strategy, and the pandemic helped us realize how critical it is.
Identifying and developing talent is smart business for businesses of all sizes. From Fortune 1000’s to small, family-owned operations, preparing now for the inevitability of turnover in key leadership positions means avoiding instability and disruption in the future. The COVID crisis has imparted an urgency to this issue as many companies have begun contemplating the consequences of their senior leadership being unable to perform daily responsibilities. However, during times of uncertainty and crisis, organizations tend to halt all business functions they consider to be non-essential (because of lack of funding, lack of time, etc.), and succession planning and development often fall into this category.
As the world begins to emerge into a post-pandemic economy, this new chapter in our history affords organizations the ability to reflect on their current succession and development processes. Identifying key roles across a corporation, and what skills, knowledge, experience, and traits individuals must possess in order to succeed in those roles is more important than ever. Organizations have been shifting their leadership competency models to align with transformational and servant leadership qualities for some time. However, the pandemic uniquely highlighted the leadership qualities required to lead and maintain stability during times of uncertainty and crisis. Empathy, resilience, agility and the ability to manage distributed and diverse teams have emerged as important competencies to measure and develop, especially for high potential and senior leaders.
HRO Today’s 10th Annual Assessing & Developing High Potentials Summit will discuss the nuances of “Developing Leaders and Planning Succession in a New Normal”. Our expert speaker faculty will discuss the current drivers behind high potential talent management as organizations adapt to a shortage of ready talent, put a greater emphasis on Diversity, Equity, and Inclusion practices, and rethink the future of accelerated development programs.