More than half of organizations don’t have formal succession planning for their executives, a recent Heidrick & Struggles survey shows Only 22 percent of HR leaders in that same survey describe their companies as having industry-leading effectiveness at identifying and placing senior leaders And almost three-quarters expect at least some of their leadership roles will change significantly in three to five years
The biggest threat to succession planning is uncertainty. Organizations are faced with uncertainty today in every direction. We have a war going on. We’re still trying to come out of this pandemic. There’s the economy for good and bad. If you work in talent, you are probably familiar with hurry up and stop.
– Jason Cerrato, Senior Director of Product Marketing, Eightfold AI
When talent leaders hear “succession planning,” they probably cringe a little bit. After all, succession planning in any organization is traditionally one of the most time-consuming, expensive, and manual parts of the talent management process.
A recent Heidrick & Struggles survey of HR leaders suggests that as many as 30 to 50 percent of companies have no formal detailed succession plan for the CEO.
It doesn’t have to be that way.