Organizations run on talent, and a company’s ability to develop and execute strategy depends on the quality of leadership talent. The influence and potential impact of leaders is so great that succession planning has a crucial part of overall talent management strategy. Unfortunately, succession planning often consists of relying only on stakeholder opinions and past performance. While these factors are valuable to succession planning, the process must be grounded in harder evidence.
Identifying the skills and behavioral qualities that define successful leaders allows an organization to then identify employees with potential in these areas and single them out for development, stretch assignments, and add them to the department’s succession plan. By identifying those with leadership potential early, organizations can ensure they are more prepared to take on a leadership role and also ensure that the bench strength of the succession plan is grounded in reality.