Grooming Your Next Generation C-Suite

As you may be aware, C-suite is a slang term for the most important senior
executives at a company, as all the top titles tend to begin with the letter “C”,
such as chief executive officer or chief operating officer. Your company’s C-suite is the most influential group of people in the organization and is crucial to
its success. Therefore, finding and grooming your future C-suite leaders should
be seen as a critical aspect of succession planning.

Do You Have a C-Suite Development
Plan?

According to a 2014 study carried out by Quantum Workplace, only 1 percent of executives believe their succession plan is excellent. Few organizations have a great multi-level succession plan, which makes high-potential employees feel important and leads to great leadership in the long run.
Although executives know the importance of succession planning, few believe their organizations are doing enough to ensure continued success and strong
leadership at the C-suite level. A 2010 Korn/Ferry study shows only 35 percent
of companies have a CEO succession plan in the works, even though 98 percent of organizations acknowledge the importance of such a plan.

6 Keys to Successful Succession
Planning

We have taken this information from a 2014 report on talent development and
succession planning
published by Stanford Business School and the Institute of Executive Development. According to the report, here are the six steps your organization needs to take:

1. Strategic planning: Define the roles, capabilities, and talent required to complete the organization’s strategy today and in the future.


2. Assessing talent: Look at the strength-in-depth available in the company’s executive staff. Find out if you have who you need now and in the future. If you don’t have the required talent right now, you need to develop a strategy to get to that stage.

3. Recruitment: Create a talent pipeline for important roles or jobs within the organization.

4. Assessing performance: Let talented employees know their contributions are valued by the company, and ensure there are ample opportunities for development available to them, as well as the chance to network across divisions and speak with executives.

5. Create a development plan: Individuals should have access to development plans, such as leadership workshops, on-the-job training, and special projects.

6. Employee retention and engagement: In order to keep the most talented team members on board, you need to have a system of rewards in place, recognize their contributions, ensure job autonomy, and emphasize the fact that there are many opportunities for personal growth and career development.
Of course, to put your succession plan into practice, it will be necessary to
overcome a number of challenges. For example, you will need to determine how to identify and assess succession candidates, find the right components for a
successful development plan, and implement the correct procedures for accurate work performance.
In order to complete all of the above steps, you will need the assistance of a
seasoned corporate tax team, such as the one at Singer Tax & Accounting in
Phoenix. Although creating a succession plan to find the cream of the crop can
be a difficult process, companies that follow through are rewarded with a
string of high-quality C-suite candidates that greatly heighten the odds of
long-term success for the organization.