In today's future-focused environment, building prospective leaders and acknowledging succession planning are the keys to executive continuity, growth and longevity. Studies show that the most successful organizations over time are those that develop future leadership from within. However, even when CEOs and presidents are hired from outside an organization, the institution has the collective responsibility to cultivate future leaders, and they frequently benefit directly in unforeseen ways from having developed a strong bench of executive talent.
Succession plans should foster flexibility, and may change over time based on shifting circumstances; nevertheless, plans for both unexpected contingencies and intended succession should be thought through and put in writing. Succession plans reveal an organization's bench strength as well as weaknesses. Management development programs prepare individuals identified as future top leaders.