A Right Management Study from May 2013 determined that only 4% of businesses in this country believe they have an adequate talent pipeline to meet their future needs. In that same study fully 85% of US Executives said they “…expect to rely on a combination of internal talent development and outside recruitment. In addition, 11% U.S. organizations routinely look externally before filling critical roles.”
If I were a CEO I would be very concerned upon hearing that information. I would want to know why my company does not have a working viable succession plan.
Succession Planning is as simple as it is complex. It takes a great deal of know-how and effort. It is entirely possible that many companies, potentially as many as 96% if only 4% of businesses have an adequate talent pipeline, do not have anyone on their staff who knows how to develop a working and effective talent pipeline. This isn’t as simple as buying a technology product, plugging in some data and proclaiming “Voila, we have a succession plan.” It takes doing specific things effectively and efficiently.