Gerry McDonough - The Value of Successful Succession Management

Send us a text Summary: Gerry McDonough leads the Advanced Human Capital practice within Ankura, where he also developed the firm’s proprietary Human Equity Value methodology and Culture Key culture measurement system. Prior to joining Ankura, Gerry ran his own human capital consulting firm for 23 years, where he worked on everything from organizational design to executive development and succession.  In this episode, Gerry shares his thoughts on succession management and the value it can bring to an organization when done well.  Chapters: [0:00 - 3:26] Introduction Welcome, Gerry! Today’s Topic: The Value of Successful Succession Management [3:27 - 9:05] What are the issues with conventional succession management Most companies are unprepared for an executive succession Succession management happens too slowly [9:06 - 20:54] Pragmatic improvements to make succession planning more effective Building a succession management plan Looking at succession deeper in the organization (beyond the C-suite) [20:55 - 27:10] Succession planning for all levels of an organization Creating self-sufficiency with plans that can be moved down an organization How to maintain succession plans [27:11 - 30:04] Final Thoughts & Closing Succession management as a business process (as opposed to an HR process) Thanks for listening! Quotes: “86% of leaders believe leadership succession planning is of utmost importance—only 14% think their organizations are doing it well.” “All too often organizations think it's up to the manager to determine a succession plan for their direct reports. That's a little backwards, right? It's got to be a two-way street. . . . It's up to those team members to [think about their career aspirations].”Contact:Gerry's LinkedInDavid's LinkedInDwight's LinkedInProduction by Affogato MediaPodcast Manger: Karissa Harris To schedule a meeting with us: https://salary.com/hrdlconsulting For more HR Data Labs®, enjoy the HR Data Labs Brown Bag Lunch Hours every Friday at 2:00PM-2:30PM EST. Check it out here: https://hrdatalabs.com/brown-bag-lunch/ Produced by Affogato Media