Organizations fail to pay adequate attention to their leadership pipelines and succession processes. We've witnessed flawed succession practices lead to excessive turnover among senior executives and, in the end, significant value destruction for companies.
Organizations' excessive tendency to hire leaders from outside is one of the biggest problems with succession practices. This propensity incurs three major kinds of costs: underperformance at companies that hire ill-suited external CEOs, the loss of intellectual capital in the C-suites of the organizations that executives leave behind, and for those companies promoting from within, the lower performance of ill-prepared successors.
Continuous monitoring and adaptation are vital components of succession planning oversight. Organizations must regularly review and update their succession plans to accommodate changes in leadership requirements, emerging talents, or unforeseen circumstances. Boards of directors and executive leadership should engage in ongoing dialogue and regular assessments to ensure that the organization's succession planning remains agile, inclusive, and aligned with its long-term vision. By maintaining a vigilant oversight process, organizations can mitigate risks associated with leadership transitions and secure a prosperous future.
Join GCC BDI and James Beasley as we quantify and discuss succession planning oversight.
In this session, we will examine:
Date: 11 December 2023
Platform: Zoom Meeting
Fees: Free for Members and Fellows; by invitation only
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