Succession Bench Retained Search
Succession bench retained search is making sure you have the right talent at the top, which is critical for Board of Directors and CEOs who need to ensure their companies thrive in a dynamically changing marketplace. When you take disruptive technologies, changing customer expectations, and new regulations into account, you need to cultivate executive talent and align teams that can recognize and seize strategic opportunities to compete and win.
With growing baby boomer retirements, executives who exit to become entrepreneurs and investors, the need for companies to retained experienced executive search consultants for a succession bench search is growing.
Greater skills, accomplishments, interpersonal communications skills and solid decision-making traits are strategically important to ensure management continuity, company sustainability, succession planning, and stakeholder profits.
Succession Bench | Internal vs. External | Sustainability
Stakeholders and investors want their companies to succeed. Or, perhaps you want a different corporate leader to take you in a new direction. If you're a board member and know a CXO or SVP may be leaving or retiring soon, be proactive.
When recruiting the best CXOs and SVPs, it takes an average 2-3 months to identify, assess clients, and negotiate agreements terms. That's before benchmarking external candidates against internal candidates to arrive at a concise succession bench of shortlisted applicants.
Oftentimes the Board recognizes they simply need a change in one of the top leadership positions. With the increasing elimination of middle management roles, it's difficult to look internally for companies to grow their own successor talent.
Effective Succession Bench Recruitment Strategy
Identify - Assess - Develop
Define if the role is for a Chance Agent of similar management continuation
Develop stretch assignments and assesses for future development considerations.
Develop coaching & mentoring programs for selective internal candidates.
Identify - Screen - Document - Benchmark
Identify performance objectives and behavioral styles.
Identify and assess KPIs by accomplishments, skills, role fit and team dynamics.
Analyze potential succession scenarios with time and expectation analysis.
Internal vs. External
Compare - Benchmark
Compare values, motivations and relational communication styles.
Compare decision making and DISC traits
Benchmark role and fit and team fit to determine finalists.
Before Executive Hire Starts
Transitions - On-Boarding
Customize Action Plan and On-Boarding for incoming successor.
Develop scheduled plan to inform stakeholders and industry.
Outline events / triggers for and plan for fluid transition.