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Our research at Deloitte shows real market frustration with succession planning efforts: While 86 percent of leaders believe leadership succession planning is an “urgent” or “important” priority, only 14 percent believe they do it well. 1 This gap between intent and reality inspired us to design a year-long research study to identify ...
In our 2016 Board Practices Report, 62% responded that there was no change in the level of disclosure of their company’s succession plan process, compared to 32% in this year’s survey. There is otherwise minimal change since 2016 as to any disclosure increases or decreases or the percentage of companies not disclosing their succession plan ...
As formal a process like succession planning may be—and as vital as it is to a company’s long-term performance—it invariably contains an emotional component. CFOs should keep that in mind when identifying potential successors, and remain focused on leaving the finance function in the hands of a qualified successor—one who will enhance ...
Succession planning creates a stronger organisational culture and allows for higher quality, data-driven decisions on board-composition. Continuously updating succession plans in an organisation makes it more prepared to face disruption and thrive in different conditions. By assessing potential leaders for the succession planning process, skills and capabilities gaps are frequently addressed ...
Family business succession planning is an art in itself. A smooth transition to the next generation requires planning far ahead of time to ensure you've selected the right candidates and can thoroughly vet and prepare your successors.
While organizations realize that succession planning is an important priority, few manage to execute it well. In fact, a 2014 Deloitte study showed real market frustration with succession planning efforts: While 86 percent of leaders saw leadership succession planning as an “urgent” or “important” priority, only 13 percent believed they ...
In succession planning and elsewhere, the family-held business faces the dual challenge of managing business decisions, family needs, and the complex ways they intersect. The “business of the family” and the “business of the business” are equally important, but they are sometimes at odds.
CEO succession planning can be a challenge for businesses today, especially with the increasing turnover and decreasing tenure of CEOs. A Harvard Law School study found that the median CEO tenure among the S&P 500 companies has decreased 20% in less than a decade, from six years in 2013 to 4.8 years in 2022.
Succession planning can vary greatly from one company to the next. In this edition of On the Board’s Agenda, we combine survey data on succession planning strategies to explore variance in responses provided by CEOs and corporate secretaries. They were separately asked to identify who was involved in 1) crafting a succession strategy and 2 ...
EOs, board members, functional executives, and HR leaders. The results of our research suggest that succession planning is most efective when it takes a “centered” approach that focuses on people firs. while main-taining objectivity and procedural discipline. By approaching succession planning in this way, an organization can likely make it ...
