Spencer Stuart: Four questions to kickstart a long-term vision for leadership succession
Amidst the ongoing transformation of the retail sector marked by a growing need for digital innovation and evolving consumer preferences and business models, a pressing query arises: Who will steer retailers through these intricate changes toward the future? It's plausible that the present executive team may not be the answer.
According to a survey conducted by Spencer Stuart, around one-third of HR leaders anticipate that approximately 60 percent of CEOs and their top-level colleagues will step down from their positions within the coming five years.
Spencer Stuart shares four questions boards should answer to develop succession scenarios. It will help them understand their turnover and timelines and identify must-have leadership capabilities, business opportunities and aspirations. Here are the first 3:
- What percentage of CEOs and their direct reports will transition over the next five years?
- What evergreen capabilities are required for a C-suite role?
- What are the biggest strategic opportunities and challenges?