I have been pondering succession lately, especially as this last week, I visited the USS Missouri Memorial and learned during the first Gulf war, many subject matter experts which were retired had to be brought back to active duty to knowledge share, coach and instruct talent. Planning for known and unknown talent changes is critical. Without a deliberate effort, similarly at war time, a firm can fail if one or more of its leaders and key talent are lost.
Furthermore, statistics from the American Associations of Retired Persons (AARP) claim that every day for nearly two decades, something like 10,000 Americans will be reaching the age of 65. The AARP estimates that as little as 35% of firms have a robust succession plan in place to manage the future change.
This is concerning, if firms are really interested in talents’ full potential and long-term excellence and execution, development opportunities and a rich succession plan are indeed needed. Jack Welch was highly regarded for pinpointing the right talent at the right time and right place and he believed succession planning is a key ingredient for leaders. Are current leaders being held accountable for development for future excellence and execution?
I am curious, what firms are exemplary due to their succession planning being a key priority as part of its strategic business plan? At your firm, are succession tools and plans in place, or are you practicing an informal replacement and reactive talent plan? In your opinion, who are the best authors or gurus of succession planning you highly regard?
