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2015 marked a 16-year high for CEOs that left their current position, leaving the boards of those companies to fill the vacancy as best they can. And, more and more, businesses are not prepared for this eventuality in their senior ranks, with succession plans out-of-date or nonexistent.
What can be done? First, any development planning should be done with an understanding that the field of potential leadership candidates is small. According to the latest ‘Recruiter Nation Survey’ released by Jobvite, 56% of recruiters cite the lack of available skilled talent as a key stumbling block in hiring. The companies that fare the best at securing top talent will possess robust and varied compensation efforts that will attract top performers.
Next, consider the following key practices to keep succession planning always “turned on” and prepared for that next turnover:
If you’re this prepared for CEO succession, are you bringing it down to the mid-management levels as well? HR professionals are citing their biggest challenge is finding talented individuals with the key strengths to provide leadership, no matter their place in the org chart.
Businesses are starting to rely more and more on more on sophisticated tools to predict success for candidates moving into and continuing with larger leadership roles. “These assessments give a picture of the candidate’s personality, competencies, cognitive ability, motivations and behavior under stress, which are all critical to understanding how the candidate would perform in the CEO role,” said Stu Crandell, senior vice president of the Korn Ferry Institute. “With the intense scrutiny boards of directors are under when choosing a CEO, the assessments are an invaluable tool and highly predictive of a candidate’s success in the role.”
Leadership Alliance is a certified Korn Ferry associate, and has an array of tools to provide your organization with a clear understanding and recommendation for any candidate considered for CEO succession, as well as comprehensive career development assessments and plans for high potential internal employees.