According to PwC Saratogas 2008/2009 Human Capital Effectiveness Report, nineteen percent of managers and twenty nine percent of executives will be eligible for retirement within five years. This anticipated baby-boomer drain raises a big red flag, propelling succession planning to the front lines in the quest for future success.
Despite these demographic alarms and the likelihood of sudden changes in the executive ranks, i4cps Taking the Pulse: Succession Planning survey found that most organizations are not well-prepared to fill a vacant leadership position.
To address the issue, the Harvard Business Review article, Solve the Succession Crisis by Growing Inside-Outside Leaders, focuses on CEO development; while The Link Between Succession Planning and Success”Is Your Global Business Ready? identifies key skills and knowledge needed to compete in the future markets.
The reality is that the need for leadership succession is not confined to the CEO suite or even to C-level executives. Todays dynamic, global business environment demands proactive succession planning systems and practices that reach deeper and farther.
You need to have more comprehensive knowledge on your organizations rising stars and a wider awareness of talent outside your organization. Successful succession planning practices can also aid in the retention of top talent while protecting organizations from damaging leadership disruptions.
