CEOs & CHROs both will agree that effective Succession Planning is extremely critical for De - Risking the organization by Identifying and Developing High Potential Leaders for the key positions. The key benefits of succession planning is to make sure that a company always will have the right leaders for its key positions to ensure sustainability and continuity in business. An effective succession plan identifies potential successor with the critical competencies and leadership skills needed for organization growth.
Informative piece Dr Chandra Mauli Dwivedi . I have a slightly different take. The word #successionplanning creates insecurity in the mind of the person for whose successor is being groomed, unless his / her retirement date is already a settle matter. Without the ownership and support of the current incumbent, complete readiness of a successor is difficult to ensure. Also, such efforts driven by HR or CEO create issues of trust within the teams. It should instead be a part of what we call 'building leadership pipeline'. The responsibility for driving this effort should be with the respective divisional heads, with support from HR (internal and external) and the CEO. It should be one of the people metrics, to review each division's performance by none other than the CEO. With this process, you will naturally have people ready for critical roles and when the time is ripe i.e. an existing incumbent is due to complete his term / leave for any other reason, you declare his successor in good time. Please let me know what you think.
By investing in talent development and succession planning, companies position themselves for long-term resilience and competitiveness in the ever-evolving business landscape.
I'll keep this in mind
Well said!
C - Suite Leadership Consultant- Help Leaders Raise , Effectiveness & Employability
5moWhile I agree with you to a great extent Dr Dwivedi, however experience suggest, " successful succession" , depends on leadership -(- collectively) , limiting responsibility to two isn't a workable / viable option anymore.