The Stanford Business School together with The Rock Center for Corporate Governance at Stanford University and The Institute of Executive Development (IED) recently published the findings of their 2014 survey on Senior Executive Succession Planning and Talent Development.
The key findings of the study include:
These findings are in line with a 2013 study done by Robert Half which found that more than half of UK Finance Directors did not have a succession plan in place, a finding that prompted the Financial Times to warn that "a lack of succession plan is bad for business".
The Financial Times is not alone in raising awareness on this issue. After surveying their customers, EY concluded that businesses might be at the brink of a leadership crisis due to the lack of robust succession plans.
What strikes me is that these studies focus just on succession planning at the executive level. If there is a lack of good planning at this level, I wonder what the state of Company wide succession planning must look like. Why is it that succession planning is not done right? Is it because traditional succession planning tools:
Saba’s Succession@Work is unlike traditional succession planning solutions, it
If you are looking to shore up the succession plans for your organization, contact us today.