The New Normal for Succession Planning | CEO World Magazine

Organizations envision a “return-to-work” in closer sight as more people continue to get vaccinated for the coronavirus. Alongside this sentiment comes reports warning firms they may find their CEO and C-suite succession bench at risk once they enter a full recovery (see DDI and strategy + business). One reason cited is that a segment of C-suite incumbents and potential successors have been “riding out” the crisis at their current organizations. Simultaneously, the new business environment has reset required leader capabilities, rendering pre-pandemic succession plans less relevant in a post-pandemic world. This article cites ideas on how firms can reassess their succession planning. One idea offered is to “ensure objective and fact-based assessments for all succession candidates to identify readiness, context-specific characteristics, and development priorities.” There is also a call to develop future executives with broader capabilities rather than target development against a narrow role profile. Although many firms paused their succession efforts in 2020, they must now reset and fuel their leadership pipeline to meet the challenges and opportunities ahead.