Why Succession Planning Matters
Did you know that a recent research study found that 50% of companies with revenue greater than $500 million don’t have a proper CEO succession plan in place? This finding is quite shocking, as succession plans are an essential part of growing and maintaining a healthy company or organization. Without succession plans, not only is a company’s brand and culture at risk, but a lack of proper CEO designation also makes investors, board members and staff unease and uncertain about the company’s future. To learn more about the importance of succession planning, check out the infographic below.
The Key to Effective Succession Planning
An effective succession planning process is essential to all organizations because they are always changing, and CEOs and executives can leave in a hurry. Replacing them can be a lengthy and frustrating process that often takes far longer than any board member might expect. Even companies with a formal succession planning process in place often find […]
How Executive Compensation Improves Succession Planning
Executive compensation packages and succession planning remain unlinked (and separately managed) in many of today’s organizations. Companies that bring the two together, however, are beginning to get some real attention, and there’s a good reason for that. It works. Companies with more incentives tend to perform better overall, and linking those incentives to succession planning […]
Succession Planning: Should You Keep it Internal?
The goal of succession planning is simple: to recruit top talent to fill key positions when they become available with as little transition time as possible. However, the process itself is often more complicated. Which positions are key, for example, and where does that top talent come from? Key positions are whichever positions are vital […]