5 Reasons You Need A Succession Plan
One of the most disruptive things that can happen to a company is the sudden need to replace a leader. A 2010 CEO Succession Planning Survey from Heidrick & Struggles and Stanford University found that more than half of companies today cannot immediately name a successor to their CEO should the need arise. Furthermore, KPMG conducted a global survey of 2,300 directors that showed that only 14% of them had a detailed Board succession plan. Without a defined plan in place, a leader’s departure can create confusion and massive risk to an organization’s stability.