Purchase any WEBINAR and get
10% Off
Validity : 24th Mar'24 to 03rd Apr'24
Harvard Business Review stated that the CEO succession process is broken in the U. S. and around the world. This results in poor performance followed by the higher turnover and corporate instability. But organizations need to be thinking broader than just CEO succession – they need to dig deeper into the organization when thinking “succession.” As labor shortages increase, succession planning, and leadership development require strategic initiatives requiring rigorous consideration. Organizations must move away from the “replacement” mindset to measuring success long term. Are the right people moving at the right pace into the right jobs at the right time? Attention should be directed to capturing the intellectual capital that exists within the organization and developing leadership candidates.
Succession planning used to be approached from the perspective of needing to “replace” the CEO and others in the C-Suite. We now know that if organizations wait until those in senior leadership leave unexpectedly, it is too late to look for a replacement. Planning for succession is necessary to ensure the organization’s mission stays intact, that the strategic plan continues unabated and production and economic stability are protected. Succession planning also demonstrates to the wider company that the organization is accountable to all stakeholders and that there is a professional development opportunity for employees to move up the ladder.