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Succession planning is crucial for the success of an organization and should be a key focus for C-suite leaders and boards.
However, many organizations are not taking a formal and proactive approach to succession planning, which creates strategic risks.
Russell Reynolds Associates’ Global Leadership Monitor identified three common failings in succession planning:
1. The misalignment of views between board directors and the rest of the leadership team on the sophistication of succession planning creates strategic risks.
2. Next-generation leaders lack confidence in the succession process and are concerned about the future focus of their organization’s succession practices.
3. Organizations are missing development opportunities for successors, and many succession plans are based on existing relationships and performance today, not necessarily potential future leaders. There is a need for greater transparency and communication in the succession planning process and building equitable internal talent pipelines to fuel successive leadership plans at every level.
The authors, Gabrielle Lieberman and Tom Handcock , provide recommendations for effective C-suite succession planning in organizations:
Align C-Suite and the board on enabling success
It suggests creating alignment across C-suite and the board, building next-generation leader cohesion, and focusing on enabling success, not just selecting successors.
Transparency and investment in coaching
They emphasize the importance of thorough understanding and transparency in the succession planning process and the need for investments in assessment, coaching, and rigorous development planning for succession candidates.
Regular reviews on new talent opportunities
Additionally, regular rolling reviews are necessary to consider development and new talent and changes in the external environment.
