 SPIKE: Succession Planning Initiative for Key Executives
SPIKE is a Risk Management tool used to ‘contingency plan’ for unexpected critical vacancies. It includes the portion of the recruiting process that can be carried out in advance: Research and Candidate Development. It isn’t necessary for a position to vacate to carry out those initial screening steps and fill a pipeline that will ultimately yield a slate of prospective candidates.
Recruiting firms bundle this phase with the rest of the engagement, which prolongs the vacancy. For the handful of critical positions that the opportunity cost of vacancy is immeasurably high, we offer the service ‘a la carte’ before the incumbent leaves unexpectedly.
If and when the time comes to actively recruit a candidate for that critical vacancy, it is the client’s choice whether to retain us, a recruiting firm, or in-house staff.
Selective Risk Management
The client identifies the key position(s) which, if vacated unexpectedly, would trigger ‘crisis mode’. We craft a position specification that looks both rearward and forward: experience on a resume that is a prerequisite, and definitions of success that illustrate what the candidate must achieve in the short- and/or mid-term.
Candidate Development
Our research staff identifies the universe of likely profiles by industry, function and geography. Our candidate developers then narrow that master list to those who are nominally qualified and interested in a discussion should that specific opportunity ever arise, fully disclosing that the position is not open currently. These prospective candidates comprise a confidential ‘slate’.
Follow-up and Tracking
Every month or quarter thereafter, we contact each of the prospective candidates on the slate and update changes of title, responsibilities, compensation, interest level, etc. If one of the candidates wishes to be removed from potential consideration, we replace him/her with another qualified and interested prospect. The book is therefore continually refreshed with the latest data on the slated candidates.
Cost
The cost for this service is less than for a full recruiting engagement and priced on a per-candidate basis. For example, if the client wishes to identify and track 15 candidates, the book will cost $15x. The monthly updates cost a much lower $y per candidate. Therefore, the ongoing cost for refreshing the information for such a slate would be $15y per month.
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