With “Baby Boomers” retiring in large numbers and their successors taking on jobs long before they are ready -- what could be more critical to a company’s existence than the choice and development of its leadership? And yet, while companies maintain thorough pools of future candidates who might step into the shoes of a key executive at a moment’s notice, a large number of leaders fail and are ill-prepared to do the jobs for which they supposedly have been developed to do.
Leadership succession is one of the most important leadership activities that a company can undertake.
Decisions about who gets development and who gets a specific job are critical and are certainly correlated to financial performance.
PCG’s succession advisory business is focused beyond the co-creation of a list of successors for key positions and rests on the broader principles of the three E’s:
Identifying opportunities for successors to learn through intentionally providing day-to-day experiences.
Establishing occasions to learn from others both inside and outside of the firm in addition to volunteer opportunities.
Enabling successors’ expertise through formal education focused on building personalized competency-based capabilities.