Why you should deal with succession planning now
More than half of 140 North American public and private companies cannot immediately name a successor to their CEO should the need arise, according to a 2010 study conducted by Heidrick & Struggles International, and reported by the Stanford Graduate School of Business. In addition, 39% claimed they have “zero” viable internal candidates and that boards spend only two hours a year on CEO succession planning.
This is the key issue facing organizations across Canada as our society ages and more Baby Boomers reach retirement age. Many organizations are not ready for the impact the large exodus of leaders will have.