Leadership planning and development is one of those areas of business where organizations are not shy to invest heavily. Focused on the goal of achieving sustainable long-term success and growth, a considerable sum of organizational funds are spent on developing future leaders as organizations strive to maintain continued periods of prosperity.
Many organizations have realized that in order to succeed and have consistent success within the business environment, they must have the right leaders placed within the right roles and at the right time. But amazingly only a handful of organizations have procured ways to follow a proactive and disciplined approach in the process of succession planning. Surprisingly the most unsettling part of the succession planning process is how most of the organizations have resisted change even though there are proven advancements in the broader field of talent management and development.
Organizations conducting succession planning often fail to execute the process due to an array of factors, which usually lead back to a common point. To have a successfully implemented succession planning process, it is vital to have a balanced strategy in place for its execution. Organizations may start the succession planning process for top-tier management positions initially. Having a properly structured succession planning process not only provides the organization with a successor but unlocks an array of other benefits for the organization.