Succession Planning in a Dynamic Landscape

Over much modern economic history, there has always been a significant factor of variation that has been a dominant consideration for business leaders in planning for change. In past times that factor has most likely been macro-economic and relative to the fortunes of a considerable geographic region, or more specifically to a specific sector and / or market. And although there have been some sudden and unexpected ‘bumps’, for the most part changes were slower and more cyclic. In these circumstances succession planning could often be accommodated through the natural development of a workforce as the ambitious gently rose through an organisation gaining the experience they required for leadership along the way.

Not so now. With unprecedented numbers of Baby Boomers set to retire in the next two decades, combined with the emergence of the digital economy with all the associated pace of change, fortune and mood – things are multi-dimensional and very different. This is spread across many established European economies including Portugal, Finland and Sweden. Additionally, Japan is where we find the world’s oldest population and an expected 1/3 shrink in its total population by 2065.

A recent survey of C-Suite leaders across a range of sectors and geographies reveals ‘business continuity’ as an area of concern at the forefront of their thoughts. Whilst many businesses talk of ‘succession planning’, the reality of what we see is as non-existent as a policy in name only, through to something that is given an airing from time to time when leadership teams have a rare opportunity to breathe and consider the wider threats to their business beyond what they face that day.

With the rate of change affecting many businesses as they grapple to understand what the true ramifications of proliferation in the digital age are for them, a deeper concern is ‘exactly what skills shortages are we planning for?’. According to the World Economic Forum, around 2/3 of children entering education today will in all probability work in roles that do not currently exist. How then do we establish an execute and effective Succession Planning policy?

Whilst much remains unknown, much is known and much is known about how to plan an agile and evolving succession planning strategy. We love to advise on business challenges and we’d love to speak to you. Contact our talented and knowledgeable Executive Search team at info@RedlineExecutive.com and let’s discuss how we face the future with confidence.