It’s called succession planning: the process for identifying and developing the people within an organization, with the potential to fill key business and leadership positions in the future. When implemented incisively, succession planning should be a natural progression.
It’s a simple, prudent, practical process; yet recent studies and interviews with business executives and directors show that only 46 percent of them have a formal succession plan in place. What’s more, only 25 percent of them said they had an adequate pool of viable candidates for a CEO position. Why is that?