The answer, of course, is in the stats! 

In the May 17, 2022, article posted by Linkedin, “5 Shocking Succession Planning Statistics”, the popular internet-based professional networking site contends only 35% of organizations have a formalized succession planning program/process for critical roles. Surprisingly also reporting, a whopping 60% of executives fail within the first 18 months of being promoted or hired.  Additionally, the article asserts that more than 74% of leaders report they are unprepared and lack the training for the challenges they are facing. So, what’s really going on?   

A recent Deloitte study purports that while 86% of leaders believe leadership succession planning is an important priority, but only 14% have confidence and believe they do it well. Therefore, producing a gap between intent and reality.  One Stanford study even insists only 50% of companies have written down the skills required for their leadership.    

Looking at this broad spectrum of succession-related statistics led us to take a closer look at succession planning and viable talent development programs. What we found was unsettling, to say the least.  Not only is there a lack of succession planning tools in the market, but there is also a resounding lack of effective, relative talent management and development programs.  Finding one which includes a component that aligns well with your strategic plan is even more difficult.   

In the simplest terms, Succession Planning is the process of identifying the critical positions within an organization and developing action plans for individuals to assume those positions.  So, this would mean one of the first actions to take is identifying critical titles/roles and what is needed to be successful in those roles. The second action is then to identify potential talent and then develop that talent in a manner that will help them acquire the KSA’s and competencies to be effective in the role.   

This is where the answer to our question lies.  There are no programs or tools in the market which do both.  Help companies identify their specific critical roles including what’s needed for effectiveness and then help them identify and benchmark potential candidates whether inside or outside the organization. Seeking a tool or program that does not marry these 2 components is why 60% of executives fail.   

S³ – Strategic Talent Solutions is a dynamic new program that supports both succession planning and effective talent development.  S3 is also designed to synchronize with your strategic plan to build a comprehensive approach in perfect alignment.