2022 and Beyond - Does your
Organization have a Succession Plan?
The last several years has seen many high-profile CEO retirements and resignations, from Twitter’s Jack Dorsey to Amazon’s Jeff Bezos to GE’s John Flannery… But this is not limited to the F500, with many VP and C-level executives stepping down, either due to retirement or for the next chapter in their career.
The question is: is your organization prepared? If a key leader put their notice in tomorrow, do you have a suitable candidate internally to step up and take their place? Conducting an executive search can take 3-6 months, time you cannot afford while leaving a senior position vacant.
Here’s how to avoid such a surprise:
If possible, include in employment agreements with your key executives a required 90 or 180 day notice to provide for sufficient time for a replacement search.
Focus on employee development and have your identified leaders of the future get face time with your current leadership so they’re groomed and up to speed when the time comes for them to step up to the plate.
Be sure to have a relationship with a trusted retained executive search partner so you can give the green light to initiate a search immediately without wasting time vetting, knowing you have a partner that will get the job done.