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Mindful of the links between leadership-talent quality and leadership succession and development programs, corporate boards are asking chief human resources officers (CHROs) tough questions about the efficacy of these capabilities. While boards want to know more about succession plans, many rising leaders and other high-potential (HiPo) employees don’t know enough about their own advancement pathways and development opportunities.
Human Resources (HR) leaders should move swiftly to close this knowledge gap by identifying and remediating shortcomings that hamstring many succession and development programs, and by considering the adoption of higher-caliber leadership succession and development practices. The most prevalent inadequacies include:
These limitations are pervasive: More than half of businesses in Europe do not have a succession plan in place, according to Robert Half’s Boardroom Navigator 2023 research. The main drivers of succession planning shortcomings include limited C-suite bandwidth, insufficient resources and a lack of knowledge and expertise, according to an Association for Talent Development survey.
A prudent way to overcome these obstacles is by deploying the following high-impact succession planning actions:
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