While corporate boards and CEOs recognize succession planning as one of their fundamental responsibilities, it is not always given the priority that it deserves. Adopting a clear, comprehensive and objective succession planning process is more than just a mark of good governance – it is critical for the healthy performance and sustainability of any organization, and for investor confidence in the case of public companies.
Before making any decisions about leadership succession, a company’s management, together with the board, must articulate a clear strategic vision for the future of the business. It is vital that potential successors – whether for CEO or other senior functional roles – are equipped to lead the business as it will look in the future, not as it stands at the present.
Spencer Stuart has extensive experience advising organizations and helping them prepare for a range of scenarios, from long-term controlled succession to emergency succession.
Our experience with best practices, our market knowledge and widespread access to leadership talent combine to make us a valuable partner for boards, chief executives and HR leaders committed to CEO succession planning.
We often act as a catalyst for boards to rethink or enhance their succession strategy. We take a dispassionate view of all available options, whether a client is considering internal talent alone or also seeking comparative assessment through external benchmarking.
Spencer Stuart works with clients across almost all aspects of the succession planning process including:
- Developing the succession planning approach and process
- Defining the future CEO requirements
- Working with HR directors to assess internal talent
- Benchmarking versus external talent
- Articulating plans across both the short and long term
- Updating assessments and plans over time
- Search
- Transition counsel
To access our special issue of Point of View on succession planning, click here.
Service Leader
Dayton Ogden
You may also contact your Spencer Stuart consultant, nearest office or relevant industry practice.
dicembre 2010
What are the common challenges boards are encountering in their succession planning processes and the best practices for overcoming them?
novembre 2010
An article published in the Harvard Business Review reveals that the relative performance of internal versus external CEO candidates varies depending on whether a company is healthy or in crisis.