Customer Success
Providing board assurance and reducing risk with succession management analytics.
Overview
A billion-dollar property investment company asked us to help them design more effective succession to evaluate and manage their pipeline and build leaders of tomorrow. We designed and deployed a solution that let the executive team meet their boards expectations and manage future leadership risk.
Industry
Real Estate
Implementation
7 Weeks
Scope
Executive Team
Value Driver
Ability to identify succession risk and implement risk mitigation planning and individual development
Introduction
A listed real estate investment trust approached us with a challenge to design more effective succession planning to evaluate and manage their pipeline, and build leaders of tomorrow. Our team worked closely with them to create and deploy a solution that allowed the executive team to meet their board’s expectations and manage future leadership risk effectively. In this case study, we will explore how we helped the property investment company to identify suitable candidates and more accurately predict readiness using succession analytics.
Challenge
The board had identified executive succession as a top priority, but were not satisfied with existing succession management processes and their psychometric assessments being the only way to evaluate candidates . They wanted an accurate evaluation of bench strength supported by data, and a detailed action plan to reduce risk.
Approach
Our succession assessment, internal training guides and supporting technology follow the same robust approach – identify individual dimensions that create a readiness gap, evaluate each of them, and using a proprietary algorithm provide a very specific readiness timeframe with detailed development actions needed to close the gap. Our succession technology solution creates process efficiency, and analytics improve the analysis and presentation of the data collected.
Solution
The project team called for nominations across the business and created a review council to approve and calibrate the business nominations. Each approved successor was then evaluated on performance, behavioural fit, career experience, cognitive ability, technical knowledge and learning agility and emotional intelligence.
Results and Conclusion
HR presented detailed succession analytics with development budgets at Exco level, and consolidated views of risk at board level, empowering all stakeholders with the information they needed to make better decisions about who to invest in, and how to allocate resources more effectively.
By using succession analytics, the property company accurately identified potential successors and established the succession timeline, reducing selection bias, and managing succession risks. Additionally, the process fostered a culture of equal opportunity, empowering employees to develop specific skills and competencies necessary for future leadership roles.
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