For organizations to succeed, they need to identify, develop, and support the leaders that will drive their future strategy. Effective succession management is therefore essential for continued organizational success.
But what do executives around the world really think about their succession initiatives? Do they have a view on what best practices should be? What do they consider to be the benefits of and the barriers to successful succession management?
Korn Ferry commissioned a global research project on succession management. The results raise some significant concerns over the risks businesses are taking, while at the same time presenting real opportunities for learning and change.
Key findings include:
- Dissatisfaction with the status quo. Only 1/3 of those surveyed reported they are satisfied with the outcomes of their succession program.
- Too much talent “bought,” not “built.” Most agreed that a 2:1 ratio of “build” vs. “buy” is preferred, but the majority still end up going outside more often than they would like to obtain the talent they need.
- Succession planning does not go deep enough. Organizations need to look at the complete leadership pipeline to create a sustainable, consistent flow of leaders.
This is the first in a series of reports that discuss the results of the research and implications of the findings. Our goal is to provide you with tangible, proven advice on the succession management processes and talent strategies required to ensure your business has the future leaders it needs.
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