Succession talent pools are hollowing out everywhere

Here’s how to revitalize them

By Sandra Oliver

I spoke with a CEO leader recently, who asked, “What is going on in the market? I’ve gotten three calls from three senior CEO search consultants, looking for people with growth potential who can fill C-Suite roles.” Soon after, I talked to a C-Suite executive who’s a frontrunner on her organization’s CEO succession list. The Board asked her to build her own succession plan. Even though her CEO is there for the foreseeable future. 

These kinds of stories are very common today. That’s because “the great resignation” and “the great job switch” over the last few years led people to leave the workforce in record numbers, and lots of people moved to new organizations.

The result?

Almost every organization we work with has new senior leaders or reconfigured teams, and have lost many of their succession candidates below their senior teams.

At the same time, Boards are demanding  more robust succession talent pipelines and processes to help mitigate this substantial business risk.

Organizations are looking for different skillsets for tomorrow’s leaders

Prior to the last few years, talent was more stable. People left or changed jobs but not in record numbers. Organizations understood the capabilities of their team and knew who their successors were. They had time to plan, and assess and develop people. Now, many organizations are starting over and assessing and developing new people. In addition, most companies have made big strategic shifts, so they’re looking for a different set of skills for their leaders of tomorrow. With all this change in the workforce and with increased pressure from above – organizations are looking to rebuild their leadership talent pools.

To support organizations as they tackle this evolving challenge, leadership firms have stepped up – including Impact. We’re helping organizations rejuvenate their succession pipelines, with:

Success profiles

We help companies measure a candidate’s suitability for succession, considering not only what the ideal candidate needs to succeed today, but what they’ll need to meet their organization’s future strategic needs.

Assessments

We help businesses and their Boards gain greater understanding about the  leadership style, needs, strengths and challenges of potential leadership candidates in succession planning. And how well they’ll fit with the organizations, now and in the future.

High potential program

We help high-potential leaders develop themselves in alignment with their organization’s strategy. So they can grow with the business and deliver what they and the organization need to flourish.

C-suite coaching

We work with C-Suite leaders, one-on-one, to help them define their journeys, and identify new tools and practices so they can evolve as leaders, and support and hold them accountable as they implement them.

Enhancing succession planning pipelines and processes is critical during this time of constant change. We can help. Contact us.