Many organisations are now fully cognisant of the fact that traditional approaches to succession management are rarely viable. Talented people no longer patiently wait for their leader to exit or be promoted before stepping into their shoes. Additionally flatter structures in larger organisations mean that there is less opportunity for leaders to gradually step up the corporate ladder. Less prepared and stable successors, mean that organisations face considerable risk when their leaders leave or are absent.
Many organisations realise the potential risk, but only take action when it is too late – causing lengthy vacancies in key positions, rushed appointments or forcing unprepared leaders to step up at a major cost to all. Succession management in this respect is similar to IT, you only notice it when it goes wrong, otherwise it is just ‘part of business’.
Succession Management involves several key steps to be successful, Success Profiling, Identifying Talent, Assessing Readiness and Developing Readiness. Actions can be taken both in a centralised and localised manner. In order to understand the risks, often organisations find it beneficial to conduct a Succession Risk Audit.
At each stage of the process, Chandler Macleod has tools and expertise to assist organisations in proactively managing risk, and setting up their future leaders to succeed.View our whitepaper on Talent Management.
For further information please contact us.