Getting the Board 'On Board' for Executive Succession: The Powerful Business Case for Succession Planning Beyond the CEO Role
Many executive teams and boards across industries face a long list of daunting challenges, including legal and regulatory changes, increasing intensity of mergers and acquisitions, substantial technological advancements, and massive workforce demographic shifts, including the looming retirement wave across key talent pools. To effectively address these challenges and prepare for the unprecedented departure of leadership talent, organizations should proactively invest in the development of talent management and succession planning capabilities. However, the unfortunate reality across industries is that only 50% of large businesses (Fortune 500) conduct formal succession planning processes for the CEO role, while far fewer medium- and small-businesses have any process for identifying and placing a new CEO. Moreover, the vast majority of businesses do not report any executive planning processes beyond the CEO role. This presentation outlines several key strategies for influencing and developing the board’s capabilities for conducting exemplary executive succession management practices throughout the organization while highlighting the business case and ROI of succession planning capabilities.
Organizations with exemplary talent management systems consistently report that the first and most important step to building a best-in-class process is engaging senior leadership teams and the governing board by demonstrating a compelling business case. Given the myriad challenges facing today’s executive teams and boards, the business case for developing succession management and talent development capabilities must be clear, compelling, and evidence-based. This presentation outlines a set of practical strategies for elevating the strategic priority of succession planning and talent management through engagement and development of the board and senior executive team.
Learn practical strategies for elevating the strategic priority of talent management for senior executive teams and boards;
Discover methods for illustrating the looming retirement wave and impact on future leadership talent needs;
Examine best practices for conducting talent review sessions and assessing strategic talent pools;
Learn ways to benchmark your organization’s succession management and talent development practices against similar organizations;
Develop strategies for communicating the ROI of your organization’s talent management capabilities to relevant internal and external stakeholders;
Assess opportunities for aligning talent management practices with your organization’s diversity initiatives; and
Learn ways to meaningfully engage senior leadership teams in assessing and developing talent throughout your organization.