Leadership Assessment, Development, & Succession
Instituting a succession planning and leadership development program are the keys to executive continuity, growth, and longevity. Studies show that the most successful organizations over time are those that develop leadership from within. Comprehensive succession plans cover both unexpected absences and planned departures and reveal an organization’s bench strength as well as weaknesses.
In best practice institutions, Boards are intimately involved with the succession planning and development of potential successors to the CEO and the effectiveness of the executive team as a whole. They are aware of and regularly updated about the succession planning and leadership development of the executives and their potential successors.
As part of the succession planning process, development plans should be created for each executive and shared with the board. The board should have the opportunity to get to know the executives, particularly those who the CEO feels are his or her potential successors.
Comprehensive leadership development and succession planning processes include the following key elements:
- Board Involvement
- Evaluation of the strength, weaknesses, and stability of the executive team
- Formal Assessment Tools
- Talent Matrices
- Retention strategies
- Planned and Contingency Succession Plans
- Development Plans