In our last blog, we spoke about the spring time job market, and how almost 40% would consider changing their career at this time of year. So if you’re a business owner or CEO, how does this trend impact your day-to-day operations, and what should you be doing about it?
What is succession planning?
We might have given it away already, but regardless of whether you’re a large or relatively small organisation, it’s important to think about identifying top talent and planning progression pathways into senior roles now, not when their notice lands on your desk.
How important is it within your organisation?
The answer is, very!
If you haven’t yet got a succession plan within your business right now, you’re not alone. But here are 5 stats that you might find interesting;
- CEO turnover is now the highest it has been in 20 years, with the average tenure being less than five years. Worryingly, 60% of companies say they do not have a succession plan for their CEO
- Companies spend more than $370 billion on leadership development programs, yet 5 out of 6 HR Managers are dissatisfied with their results
- Only 14% of businesses say they do well with succession planning as a whole. Where does that leave the remaining 86%?
- More than 74% of leaders feel that they are unprepared and lack the basic training for the challenges they face in their roles
- Sixty percent of executives fail within the first 18-months of being promoted or hired.
If you don’t have a plan already in place, chances are that neither has your competitor…
How do you start planning for the future?
There’s no time like the present, so we’ve provided an easy summary:
- Identify the most important roles within your business, and understand what qualities are required from those who fill them
- Understand the ambitions of those within your workforce
- Consider ways of encouraging and facilitating personal and professional development in ways that support future business growth
- Work out how to identify top talent by reviewing performance and aptitude, and have a clear approach to nurture those individuals
- Look at where there are gaps in your team and where your structure is currently lacking in skills
And then what?
Find a recruitment partner who can support your business to grow, flourish and become self-sustaining! At ACJ Search, we know that talent and potential can often be found in some of the most unexpected places.
Part of the work we do with our clients is to understand the existing culture within their organisation, connect with their existing teams to identify where there is potential for development, or highlight where there are potential gaps that need to be filled. We create a profile of the ideal candidate, acknowledging the skills and attributes required to do the job well and we proactively search for the right person within the market.
And we don’t stop there…
If you would like to work with us on your next vacancy, get in touch.
