
"The thing that wakes me up in the middle of the night is not what might happen to the economy or what our competitors might do next; it is worrying about whether we have the leadership capacity and talent to implement the new and more complex global strategies." --- David Whitwam, Chairman, President, and CEO Whirlpool Corporation
Does your organization need to worry about leadership talent?
- Does your organization have the leadership bench strength to staff its growth plans?
- Has your company experienced a long-term vacancy in a key leadership position (general manager or above) in the last year?
- Did you have to go outside to fill the position?
- What was the cost in lost time and productivity and recruitment?
- Has the organization had to compromise on leadership quality to fill certain positions?
- What percentage of your leaders would be selected if they were applying today for their current positions?
- Have the business challenges faced by your top leaders changed significantly during the past 5 - 10 years?
- Would your current executives say that they felt adequately prepared for their top management role when they first took it on?
- How many people who are ready or are being groomed for promotion typically leave the organization before they get that promotion?
Benefits of Succession Planning:
- Ensures there is talent to meet strategic goals of the organization.
- Aligns training and development to support corporate objectives.
- Provides a source of in-house replacements for key leadership positions.
- Ensures a continuity of management culture by increasing the number of internal hires.
- Prepares individuals for future assignments and positions.
- Accelerates the development of key individuals by incorporating development plans.
- Elevates the organizations competitive advantage by increasing its human capital.
- Creates a vision and pathway for leadership development and retention.
- Fosters a culture of continuous learning.
- Provides an integrated framework for talent management, performance management, training and development and compensation and rewards.