Take a New Approach to Succession Planning and Leadership Development

Delivering results — and the 60-hour-a-week grind fests that doing so demanded — often sufficed for “leadership development.” Not anymore.

What’s at stake: It’s time to understand new talent and workforce realities. Organisations that fail to address succession planning and leadership development inadequacies won’t be successful over the long term — rather, they expose themselves to strategic risks.

By the numbers: Protiviti’s latest Top Risks Survey points to succession planning (as well as the ability to attract and retain top talent) as the top risk issue for organisations globally, both today and 10 years from now.

  • According to a survey of 240-plus organisations conducted by the Association for Talent Development, the primary causes of shortcomings in succession planning include limited C-suite bandwidth, insufficient resources, and a lack of knowledge and expertise.

Why it matters: More boards are cognizant of the links between leadership-talent quality and valuable outcomes related to employee experience, engagement, customer experience, profitability, resilience, innovation and more.

What’s next: CEOs, chief human resources officers (CHROs) and other C-suite occupants should expect to receive more questions about their leadership succession and development programmes — and why they are under greater pressure to strengthen and recalibrate these capabilities.

Call to action: Given the challenges and risks swirling around the leadership pipeline, executive teams should make it a priority to invest the time, money and expertise needed to modernise these capabilities for the current workforce and talent marketplace.

Go deeper: Read the full article here.

(The Bulletin — Volume 8, Issue 6)