Congratulations on thinking ahead! While 98% of companies cite CEO succession planning as an essential ingredient of corporate governance, only 35% actually have such a plan in place, according to Noel Tichy in Succession.

You’re on the right track. There are many advantages of succession planning, including cost savings, increased retention, and improved morale.

Succession planning is a key aspect of ensuring a successful future for your organization, so we commend your efforts! In our full report, you’ll receive some strategies that can help you gain commitment to a succession planning initiative.

Great news! You’re among the 98% of organizations who see the value in succession planning.

Succession planning is not a one-size fits all exercise, so it makes sense that your situation is unique. But regardless of your organization’s succession situation, we believe the insights and strategies provided in this survey’s results will be worth your while.

While there are situations that warrant external hiring for senior roles, many experts advise that roughly 80% of your leadership role hires should be filled from within. Promoting internally is less expensive, reduces downtime, and usually yields more successful hires.

Great work! Filling senior leadership roles with internal candidates has many benefits, including reduced costs and less downtime.

Succession planning can be just for the CEO role, or for the first couple of levels of leadership. It can also incorporate other key positions in your organization.

You should definitely have a succession plan in place for your CEO. Depending on your organization’s size and structure, it may also be a good idea to employ succession planning for other key positions.

If you haven’t already, it’s time to put the wheels in motion for your succession plan. Time is of the essence — it can take five years or more to prepare a CEO successor, according to Joseph Bower, author of The CEO Within.

Even if anticipated retirements are a long way away, it’s still a good idea to put the wheels in motion for your succession plan. It can take five years or more to prepare a CEO successor, according to Joseph Bower, author of The CEO Within.

Great! However, it’s important to beware of the “halo” effect, wherein your overall impression of someone biases your opinion of their individual traits, such as their cognitive or leadership abilities.

As you begin implementing your process, beware of the “halo” effect, wherein your overall impression of someone biases your opinion of their individual traits, such as their cognitive or leadership abilities.

Great work — you’re part of only 10% of organizations who view their bench strength as robust, with capable emerging leaders! Be sure to continue to replenish your bench by deploying strategies to continue to attract top talent.

Your organization is suddenly vulnerable to losing a lot of productivity if you have to recruit, hire, train, onboard, and get someone new up to speed when a leadership opening arises.

Well done. You’ve probably already learned that a proven track record in a current position does not necessarily equate to success in a promoted position.

It’s important to remember that a proven track record in a current position does not necessarily equate to success in a promoted position.

Research indicates that few organizations are prepared for the sudden departure of the CEO, so congratulations on being ahead of most other businesses!

Less than half of organizations have a process for CEO succession planning for expected exits, let alone unexpected ones. Plus, hiring leadership from outside the organization can hinder your ability to become a visionary company, according to experts.

Good work. You likely understand that competencies that are not behaviorally-defined can feel meaningless.

Be careful — competencies that are not behaviorally-defined can feel meaningless.

The future leaders of your organization may need different skills than the ones you have now. Be sure to incorporate any anticipated changes into your succession planning strategy.

Even without anticipated changes on the horizon, it’s best to review your succession plans at least annually.

Be sure to continue optimizing your system over time. After all, performance is relatively easy to see. Potential is not.

Most leaders need help to gain visibility into the potential of the organization’s people. Performance is relatively easy to see. Potential is not.

A Conference Board survey found that nearly 2/3 of companies had no leadership development processes in place — congratulations on being in the top 1/3 of companies!

You are not alone. A Conference Board survey found that nearly 2/3 of companies had no leadership development processes in place.

Well done! It’s important to utilize an optimal mix of learning environments. We recommend a best practice mix of 10% classroom, 20% coaching/mentoring, and 70% on-the-job learning.

We recommend a best practice mix of 10% classroom, 20% coaching/mentoring, and 70% on-the-job learning.

Good work. A survey found that 2/3 of companies do not hold managers accountable for developing their people.

You are among the majority — 2/3 of companies do not hold managers accountable for developing their people.

You’re on the path to creating meaningful development plans for your high potentials. Peter Drucker wrote, “Organizations say routinely, ‘People are our greatest asset.’ Yet few practice what they preach.”

Documenting the strengths and developmental gaps of your organization’s future leaders will put you on the path to creating meaningful development plans for your high potentials.

Peter Drucker wrote, “Organizations say routinely, ‘People are our greatest asset.’ Yet few practice what they preach.”