If you’re like most leaders, these two things top the list of things that keep you up at night (source):
1. Attracting and retaining top talent.
2. Developing the leaders of your organization’s future.
That’s just one of 7 reasons succession planning should be your top business priority for 2017.
As the National Football League prepares for Super Bowl LI and the Patriots and the Falcons head for the final game in front of millions of people, some NFL players are looking ahead to another stage in their career.
“An NFL career average is 3.5 years, so when you’re done playing in the NFL, you are still very young even for the regular work world,” according to James Brewer, NFL Offensive Tackle for the New York Giants.
- Human Capital is CEO’s top business challenge for the 4th year running. It’s at the top of everybody’s list. If it’s not at the top of yours, you’re already behind. CEO’s say failure to attract/retain top talent and developing next-gen leaders are their top two hot button issues. Succession planning addresses both. (Conference Board, 2016)
Spoiler Alert: Probably not the person who is leading your company now.
How long has your company’s CEO been in the role? Given that departing CEO’s have an average tenure of about 9 years (source), if you just hired a new CEO, you’re likely to select another one in less than a decade. If your current CEO has been with you longer, the clock is ticking.
In 2012 I felt the need to explore a new type of leadership development opportunity but was finding a lack of quality options in the marketplace to meet my needs. As a leader who thoroughly enjoys the opportunity to stretch and grow, I’ve always gravitated toward academic institutions that focus on leadership development and business courses when I look outside the walls of Talent Plus ®.