How to Take Succession Planning Beyond the C-Suite
When HR leaders talk about succession planning, it's typically accompanied by a frantic warning against the "silver tsunami" of retiring Baby Boomers. And rightfully so, as nearly 4 million Boomers will retire this year, leaving organizations with a notable talent gap in senior leadership. But there's another side to the succession planning story that's often overlooked—and it starts at the point of hire.
The talent gap facing talent management leaders has increasingly more to do with the fundamental approach companies take to find, develop and motivate leaders, than retirement rates. According to a recent report from Careerbuilder, a mere 7 percent of employees aspire to senior or C-suite management, indicating disconnect between the typical leadership path and employee desires.
As a result, companies need to approach succession planning from a more holistic viewpoint: It's not just about filling the leadership bench; it's about working with employees to develop meaningful career paths. KPMG’s annual report reflected a growing consensus among HR leaders that the singular focus on high-potential leaders should be expanded to focus on the talent needs of all employees.
By taking succession beyond the C-suite or key leadership positions and enabling all employees to share their experiences and ambitions, organizations will gain greater visibility into a team's skills, be prepared to quickly fill surprise vacancies with qualified talent and create a more engaged workforce.
To learn more, join HCI's upcoming webinar, “Taking Succession Planning Beyond the C-Suite for Greater Impact,” on Thursday, July 23 with Abbie Bejrowski, Manager of Organization Development & HR Technology at Zimmer Biomet. Bejrowski will discuss the powerful succession planning process that provides her team with the data they need to make smart workforce decisions, while empowering their team members' career aspirations. Other key takeaways will include:
- Key change management considerations when developing your strategy
- The importance of communication and collaboration in creating a sustainable process
- Why succession planning is not a siloed task, but a connector of key talent strategies
Click here to register today!