The business case for succession planning is not new, but the business mandate has never been stronger. The labor market – both the demand and supply sides – continues to shift. In the U.S. for example, the shifting age mix of workers brings to the fore the need for effective succession planning. We have all seen statistics like these: the Bureau of Labor Statistics (BLS) and the Census Bureau project that there will be almost no growth in the number of younger workers in the U.S. labor force in this decade. Meanwhile, the number of workers age 55 and above will grow by over 40 percent.
The stories below are “hybrid case studies” from our succession planning consulting – no case represents a real company, as all details are disguised. We base these hybrid case studies on succession planning challenges and opportunities that we see again and again.
Mistake 1: Assume that succession management is “just an HR program” rather than a core senior management program.
Mistake 2: Fail to be flexible when flexibility makes better business sense.
Mistake 3: Try to do too much, too fast
Mistake 4: Suffer from internal myopia and assume “nothing will happen to our top people” and that succession planning is something only other companies need to do….