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The High Cost of Poor Succession Planning.
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- Author(s): Fernandez-Araoz, Claudio; Nagel, Gregory; Green, Carrie
- Source:
Harvard Business Review; May/Jun2021, Vol. 99 Issue 3, p98-107, 10p, 9 Color Photographs- Subject Terms:
- Source:
- Additional Information
- Abstract: Many large companies fail to pay enough attention to their leadership pipelines and succession practices. That leads to excessive turnover at the top and destroys a significant amount of value—close to $1 trillion a year among the S&P 1500 alone, say the authors of this article. The biggest costs are underperformance at companies that hire ill-suited external CEOs, the loss of intellectual capital in the C-suites of organizations that executives leave behind, and for companies promoting from within, the lower performance of ill-prepared successors. Companies and their boards can (and must) do better. The solution isn’t that complicated: Firms need to start succession planning well before they think they need to; make sure they identify and develop rising stars; appoint the most-promising executives to the board to help prepare them to take on the top job; and look at both internal and external candidates. In addition, when working with search consultants, firms should avoid perverse incentives like contingency and percentage fees. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright 2021 Harvard Business Publishing. All Rights Reserved. Additional restrictions may apply including the use of this content as assigned course material. Please consult your institution's librarian about any restrictions that might apply under the license with your institution. For more information and teaching resources from Harvard Business Publishing including Harvard Business School Cases, eLearning products, and business simulations please visit hbsp.harvard.edu. (Copyright applies to all Abstracts.)
- Abstract:
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