Change is inevitable and it will affect every organization. While many organizations have succession plans in place, this does not mean they have a viable replacement for the departing executive. MERC Partners found that 6 in 10 participants said their company had a succession plan, but 80% said their company would need at least a year to find their replacement.
The following is an excerpt from the article: “It can be a sensitive topic in boardrooms, especially when the senior executives who form part of the subject of that discussion may be present themselves. With the early signs of recovery starting to make an appearance, this is a conversation that should be formally tabled for regular discussion in board meetings. It is the responsibility of all senior managers and business leaders to ensure that they build talent from within the business and also prepare to access talent quickly from outside the business.”
The full article is published on MERC Partners’ website. Read the full article.