Decreased Business Risk: Building & Implementing a Succession Plan

Client’s Challenge

A well-established ESOP company in the building products industry was approaching a critical leadership transition, with key C-level executives and functional leaders nearing retirement. The absence of a structured succession plan posed a risk of creating a leadership vacuum, potentially impacting the organization's future. Recognizing this, the executive leadership team sought a comprehensive succession planning strategy.

Talent Growth Solution

Talent Growth Partners, led by Maria Nicholas-Groves, developed a structured approach to succession planning:

• Readiness Assessment: Utilized a color-coded system to gauge the readiness of potential C-level successors.

• Skills Gap Analysis: Conducted an in-depth analysis to identify skills gaps in the next line of leaders.

• Structural Adjustments: Recommended organizational changes to strengthen the succession plan.

• Education and Training: Identified local academic institutions and specific curricula to bridge identified skills gaps.

Outcome

The engagement led to impactful results:

• Actionable Succession Plan: Developed a well-defined and executable succession strategy.

• Identification of Potential Leaders: Identified internal candidates capable of stepping into leadership roles.

• Targeted Development Programs: Established education and training programs to prepare future leaders.

• Organizational Readiness: Laid a strong foundation for a smooth leadership transition and continued success.

• Decreased Business Risk: Through careful execution, the executive team decreased business continuation risk.