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13 th Annual Farmer Cooperatives Conference SUCCESSION PLANNING Jim Hoyt Vice President Strategic Planning & Corporate Services GROWMARK, Inc.
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Drivers of Change Drivers of Change InternalAssessment Primarily Board Board & Staff Primarily Staff MeasurementReporting ActionsObjectives Mission Vision Mission Vision Values Values Strategic Issues Priorities Strategic Direction Goals Strategies Success Factors Alignment Strategic Planning Process
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STRATEGIC DIRECTION In support of our vision and mission, we will: 1.Foster a strong member system. 2.Grow and expand in and from our core businesses. 3.Expand our marketing territory. 4.Foster vertical integration opportunities which create strategic advantages for the GROWMARK System. 5.Pursue acquisitions, mergers, or business alliances.
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Strategic Issue System Leadership Succession Development It is essential that we work proactively to deepen our bench strength for key System leadership responsibilities. Goal: Extend the corporate depth chart in three additional vice presidents’ areas and implement the CDR tool to individuals identified as “ready” and/or “development” employees. Goal: In conjunction with member cooperative boards of directors, create and recommend individualized plans for the development and succession of board leadership.
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Are You Ready For Key Leadership: Retirements Unexpected Departures Long-term Illness HBBT
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Employee Demographics Age Buckets 20-35 23.9% 36-45 18.5% 46-55 29.5% 55-60 16.8% 61+ 11.1%
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Drivers of Change Aging leadership team Complexity of business Changing business models Experience exodus Institutional memory/accumulated knowledge Workforce demographics Specialization Available and skilled talent pool Competition for best talent Gen X – capabilities and expectations
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Succession Planning Project or Process Assessment of: Current leadership talent Future leadership needs Current bench strength and gaps Increasing bench strength Development programs – Individual – Group
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Depth Chart Key positions Key people Ready now Development needed Mid-management and up Honesty – openness – agreement
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Depth Chart Example Regional Manager (4)MemberServicesAdmin.STAREnergyMgr. Illini FS GMNewCenturyGMAgVantageGM FS PARTNERS GM Member Services GL √√√√ RS √√√√ CG √ BK - (cdr) √ √√√5 KM - (cdr) 5 5 GN- (cdr) 5 55555 FC 5 5 TS √ 55√ SN 5√ DL 5 √√√√5 JK - (cdr) 5 √5555 TA - (cdr) 5 5√
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Development Plan Are you using traditional and creative development programs? Individual and experiential Special project assignments Cohort groups Job rotations 360 evaluation and profiling Mentoring Diversity CEO/VP sign off
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Questions Do you know your bench strength in key positions--mid-management and up? Are you rounding future leaders’ experience? Do employees know they are in a leadership development process and what is expected? Do they want to be? Are you attracting an appropriate percent of external talent? Are you comfortable with “just in time” leadership?
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Shared Responsibility Board: –Strategic Plan –Risk Management –Expect – Understand – Monitor Senior Management: –Plan Design – Cultural Acceptance –Implementation – Active and noticeable participation Mid Management: –Identify and mentor – Ensure development – Special projects –Look for opportunities Cross-train Job rotations
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Board Succession Ask the tough questions Do you have a formalized succession plan? Who are potential directors for your board? Is a directorship an endowment? What is the “right” length of time to serve? Should directors serve as officers until retirement from the board? What is best for your cooperative?
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“Skate to where the puck is going to be” “Skate to where the puck is going to be” The GREAT ONE The GREAT ONE Succession Planning
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