CEO Succession Planning
CEO and Leadership Succession Planning
The Good Search offers CEO succession recruiting services. In fact, we regularly develop succession benches of potential replacements for C-Level executives and critical senior executive roles. Succession benches inform succession planning and help ensure business continuity at the senior executive level.
In addition, reviewing profiles of potential successors and engaging in confidential conversations with candidates enables organizations to benchmark C-level talent and switch out problem leaders with top-performing candidates.
CEO Succession Planning for Business Continuity
CEO succession planning is essential for ensuring a business can go on without its current CEO. Success planning can also prepare for the potential departure of a key executive. Additionally, it is a way to prepare for a confidential executive search while an incumbent is still in the role.
The Good Search seriously sets the bar for today’s executive recruiting needs and strategies . . . She tirelessly, systematically and creatively researches the market to present a diverse-yet-highly-qualified stable of candidates who have all been thoroughly vetted.
CEO Succession: QUESTIONS A BOARD of directors SHOULD ASK
Is the chosen CEO successor still right for the role?
Is the candidate specification for the CEO successor still applicable?
Are potential successors prepared to assume the role of CEO?
Do you have an updated list of external successors, which also enables you to benchmark internal successors?
Do you have the right leaders on the executive team to ensure your company has the best shot at being successful?
Is the board aligned and ready to have succession planning conversations to assess immediate and longer term needs?
External CEO succession benches provide companies with a current snapshot of the best CEO talent available in the marketplace. The information is essential as companies reorganize and restructure to match force with the New Normal. Succession benches are also essential for the direct reports of the CEO. They prepare for unexpected, planned, and forced departures as well as scout talent new executive roles.
The SARS-CoV-2 pandemic has compelled many organizations to review their projections about how resilient they would be in a crisis and to update CEO succession plans. Many companies have discovered they were not as prepared as they would have liked. That is why succession benches have become a strategic imperative in the age of COVID-19.
Fewer Successors are available from within
Organizational hierarchies have flattened over the years. The number of managerial levels have decreased. With fewer levels, the rungs on the corporate ladder have stretched further apart.
Consequently, when executives climb the corporate ladder, they step into new roles with drastic increases in responsibility and scope. Without intermediate levels to serve as corporate training wheels, it is too easy for new corporate executives to fail.
Fewer internal successors combined with a higher risk of failure means there is only one place a company can go: outside. Companies must improve their succession planning bench strength with potential outside candidates. External benches are an effective way to tee up additional potential replacements for senior-level executives and to ensure continuity of leadership.