Succession planning no longer can be an occasional activity for businesses or exclusively an HR responsibility, leadership experts say.
According to the Center for Creative Leadership and author of "Succession Planning and Management: A Guide to Organizational Systems and Practices", to prepare their businesses for the future, “managers and executives need to be hands-on in strengthening organizational talent and filling the leadership pipeline.”
Leader development is a core element for effective succession management, so why is it often overlooked? Many organizations understand succession practices but fall short when it comes to implementation (sounds like an execution challenge!)
BOTTOMLINE: "With a time investment of just eight hours per year per direct report, it can be done, and with the next generation of leaders replacing the retiring baby boomers, it is critical to ensure that tomorrow’s leaders are ready for the road ahead."