75% of executives view succession planning as the top human capital challenge that could derail their company’s attainment of key strategic business objectives. Yet demographic shifts, globalization, emerging communication technologies and rising economic uncertainty have changed the playing field and altered what is required of 21st century leaders. Existing succession planning models have not kept up.
The 3 Main Tenets of Effective Succession Planning
Companies with succession planning systems in place are set up to fail by complex processes. To ensure the ongoing success of the business and its legacy across future generations, organizations must adhere to these three main tenets of succession planning.
- Succession planning should be a program focused on keeping talent in the pipeline. It is an ongoing process of preparation, not a one-time process of pre-selection.
- Succession planning should be uncomplicated. The more complex it is, the less likely it will succeed.
- Succession planning should extend beyond the top executive level to all tiers of the organization that play a pivotal role in the success of the business.
Part 2 of this series will focus on the 5 Key Strategies for Effective Succession Planning. To learn more now about the critical requirements and pitfalls of succession planning, watch, Building the Talent Pipeline to the 21st Century, or download any of existing succession planning white papers and resources directly from my website.
Amy Hirsh Robinson, Principal, Interchange Group
Workforce Strategies for the New Economy