Don’t Be Caught with an “Empty Bench”!
All too often companies and their boards wait too long before planning for C-Level Succession, leaving them to scramble to backfill critical roles.
When you know you have waited too long.
If you check even one of the items below; the time to act is NOW!
- C-level executive has announced a future retirement date on one or multiple occasions.
- The future direction of the organization has outgrown the capabilities of the current C-level executive.
- Significant changes are occurring in the external market that warrants a change in top leadership.
- One or more members of the board are no longer sponsors or aligned with the C-executive.
- C-level executive is no longer aligned with the organization’s business goals and objectives, whether skills or personal belief.
- There are no obvious internal successor candidates who are “position ready.”
- C-level executive is afraid to make critical decisions on behalf of what is best for the organization, for fear of political fallout.
- C-level executive left, and the organization has had to bring back this individual to fill a continued leadership void.
How to be proactive in ensuring a strong TALENT BENCH
- Assess internal successor talent against current and future business goals, minimally once a year.
- Provide clarity around role expectations of respective executive position.
- Expose successor talent to the breadth of other disciplines, business sectors, and key stakeholders, both internal and external to the organization.
- Conduct both formal and informal check-ins with the board to ensure alignment around C-level successor talent.
- Keep an eye on changes in the external environment and modify succession plans accordingly.
- Ensure there is alignment with business/leadership acumen and personal motivation of successor candidates to respective success role profiles.
- Do not wait to begin scanning the external talent market if there are no successor-ready candidates.
- Involve executives who have expressed an interest in retiring in the succession transition process. Consider offering them Retiral Transition Coaching, a proven benefit to the executive and organization.
To ensure your organization is not left with an “Empty Bench,” check out how Paragon can support you.