A recent study from Cutting Edge Information found that 29 percent of companies believe they have no need to implement an executive succession planning system, which the firm called “a glaring and misguided oversight.”
Furthermore, Durham-based Cutting Edge says research shows that 26 percent of the companies the firm surveyed say they don’t even have time to develop a succession plan.
The firm says its report, “Succession Planning for Results,” shows why succession planning systems are critical to maintaining successful operations while transitioning leaders at all levels, not just senior management.
The report features practices and more than 70 metrics from top succession planning companies including GE, Boeing, AT&T, Pfizer and Bank of America. It shows companies how to adopt what they learn from the CEO succession process for each department and manager throughout the organization, says Cutting Edge.
Metrics and practices showcased in the firm’s report, it says, are succession plans, employee reviews and leadership development tools from companies; performance gaps between companies with strong and weak leadership development; views of succession planning processes; goals and performance of succession planning diversity programs; top reasons for implementing performance-based development programs; and measurements used to track succession planning effectiveness.
Cutting Edge: www.cuttingedge.com