Chartered Management Institute chief executive officer Ann Francke.
PETALING JAYA: Succession planning should be one of the most important aspects of a company to ensure that a strong line of leaders are around to continue doing the job.
Chartered Management Institute (CMI) chief executive officer Ann Francke told StarBiz that to do this, identifying and nurturing that talent is important.
“This means recognising younger members of staff who have both the potential and the desire to move into a role with more responsibility, including leading others,” she said.
According to Francke, a research done by CMI revealed 82% of managers in the United Kingdom are promoted into management roles solely on the basis of functional skills, with no management training.
“This leaves us with millions of ‘accidental managers’. So a bit of forethought from today’s leaders and managers can start to address that shortfall in skilled managers,” she said.
At CMI, there are five generations employed in the workforce which has given it a true competitive advantage.
The professional management institute runs a reverse mentoring programme where senior members of staff meet regularly with younger members to better understand their point of view, their issues and their solutions.
Francke said with diversity of age comes diversity of perspective.
“You gain diversity in their hard skill sets but also in their attitude towards risk, to name just two key things.
“You also gain better insight into your customers – whoever they may be – if they are represented in your organisation,” she said.
She also said younger teams push innovation, whether it is using artificial intelligence, looking for new content channels, embracing creative social media or using applications for internal communications, to name a few.
“Young people are digital natives, people who have lived with smartphones their entire lives and bring a very different point of view to the table.
“Work culture wise, I think the younger generation has helped us to appreciate the different ways in which people thrive and to question some of our assumptions,” she said.
On women participation in top management positions, Francke said diversity in decision-making is a must.
She said accurate findings from research have proven women often have a different viewpoint to issues, including risk management and working practices.
“Women are more likely to request flexible working as they are more likely to have added responsibilities for child care, or caring for ageing parents.
“Employers that respond positively to these requests are more attractive to the best and brightest candidates, who very often are women,” she said.
Unfortunately, research has also shown that while women are well-represented when they join the junior ranks in management consulting firms, they fall away as they get older because the work-life balance they need is simply not there.
“Firms that take on this challenge, that find ways to keep those women on their career path will both benefit from their expertise and also send a strong message to junior staff members that there is a future for them,” Francke said.
Meanwhile, Francke opined that the nurturing and teaching should not only begin once people are out in the workforce, but rather, start from universities.
She said CMI is committed to working with local universities across Malaysia to not only ensure students graduate in their choice of study, but also gain a vocational management accreditation that puts them on a pathway to becoming a chartered manager.
“This helps young graduates progress to greater career success, whatever their chosen field of study.
“Our research confirms that employers really appreciate this designation and see chartered managers as more employable, professional and more likely to be productive in their roles,” she said.
CMI currently works with 25 education institutions to provide a range of UK-regulated professional CMI vocational qualifications and the feedback has been very promising.
“Four out of five told us that they believe gaining that CMI qualification has made them more employable.
“The universities themselves echo that sentiment with nine in 10 telling us that students who graduate on the path to becoming a full chartered manager have a better chance of employment in professional roles and almost eight in 10 will have higher earning potential,” she said.
Furthermore, graduates leave well prepared for the job market and have an enriched background educationally behind them.
“We are proud of our partnerships with many of your excellent universities and I commend them for seeing the value for their students in gaining the CMI dual accreditation alongside their studies.
“This helps to set them up for future success and gives them access to additional resources.
“For a fast-growing economy like Malaysia, it’s worth noting that they also say they have increased their productivity, crucial for every employer,” Francke noted.
Francke said those who know the value of becoming a chartered manager are willing to see potential in their own team and support them on their professional journey.
“When we’re talking about generational leadership changes, having managers across the Malaysian economy who see it as their responsibility to give the next generation the skills they need for success is a pillar in achieving future growth and success – both for the individuals and the country.”
