Executive Succession Planning Is a Task for the Board Room standard
Executive succession planning should be an ongoing board function. Best practice organizations are moving executive succession planning and leadership development from the human resources department into the C-suite and the board room in their pursuit of elevated business continuity planning. This is because the business and financial risks of executive mis-hires and misalignment can be as threatening to the viability of an organization as an operations failure or a major data security breach. Given the challenges faced by companies today on many fronts--and because few executives routinely consider succession planning and take stock of who’s on the leadership bench--senior management should consider institutionalizing a board-level function to oversee leadership development and executive succession planning and implementation. Quantifying the Costs Using a ...
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