Management succession is one of the most critical strategic risks a corporation faces, particularly as 46% of executive departures are unplanned and 50% of baby-booming senior managers will reach retirement age in the next five years.
Yet 51% of companies do not have a succession plan in place and only 6 percent claim a system in place to build top-flight executive teams.
Management literature shows that failing in leadership transition can be deadly to even the most successful of businesses. Indeed, since it can be a source of such business uncertainty, The Conference Board recommends that succession plans and leadership development strategies be developed and integrated into enterprise-wide risk management programs. It also recommends that corporate executives dedicate full attention to their succession planning duties and use the challenges posed by the economic crisis as an opportunity to improve their companies’ leadership development programs.
Charlesmore Partners has core expertise and developed practices that help clients build and implement effective succession strategies, manage change in organizational leadership and mitigate the risk of leadership discontinuity.
Effective succession management overview presentation