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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 LinkedIn
David's LinkedIn
Dwight's LinkedIn

Production by Affogato Media
Podcast Manger: Karissa Harris

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Shownotes Transcript

Gerry McDonough - The Value of Successful Succession Management