If there’s one thing that’s more important than getting the right talent for today, it’s planning for the talent you need tomorrow – particularly when it comes to leadership succession planning. Our research finds that while all acknowledge that leadership is key, organisations are struggling to identify their talent pipeline.
As the current leadership team of any organisation retires or moves to new challenges, it is essential to look forward to who will step into the gap – that’s succession planning, also known as talent pipelining.
With leaders of the Baby Boomer generation retiring in large numbers, it is more pressing than ever to have a clear talent pipeline in place, so that the organisation will be in safe hands when the time comes for new leaders to step up to the plate.
The benefits of succession planning are far-reaching. It means that organisations can feel confident they will consistently have the right person in the right role at the right time, or know where they have critical gaps and need to buy in new talent to increase their leadership bench strength.
Yet many organisations are lacking in this crucial step, leaving them unprepared.
In the Hudson Leadership Survey, a survey of over 100 HR professionals across Australia and New Zealand, 92% of respondents agreed that leadership is important/very important to business success. Yet 46% didn’t have processes in place to proactively identify potential leaders and 32% lacked the processes to recruit and promote new leaders.
In short, many businesses revealed they were flying without a map.
Hudson 2015 Leadership