I just recently saw the results of a study from Odgers Berntson from 2011 showing some very frightening statistics about executive succession planning. When you look at the numbers below, think about how your organization is handling this issue.
- 17% of organizations expect to lose more than 50% of current leadership by 2016
- 25% expect to lose more than 20% of leadership
- 68% have no executive team replacement strategy
- Next generation of leaders likely to be at least five years younger
- 43% anticipating a shortage of executives by 2016
The first question that comes to mind is, “What are we doing about it?” I would be interested to know if the answers from these same executives have changed since 2011. This shows a clear lack of succession planning, which is something that we see every day. For some reason most organizations don’t do it. As a leader, one of your accountabilities is to find a top-notch replacement for yourself. We all know this, yet it’s often not done effectively.
Think about these statistics and then think about what you can do to ensure you don’t fall into one of them.