Identifying and developing the next generation of leadership talent is critically important. No decision will have a bigger impact on the performance of an organization and its enduring legacy. Yet, many leaders struggle with effective succession planning.

In this episode of Leadership Lounge, we talk to three of our trusted advisors—James Diggines, Rebecca Slan Jerusalim, and Stacey Shapiro—who share their perspectives on:

• The critical first steps CEOs should take to build effective succession processes
• How to spot leadership potential beyond the obvious candidates
• Common succession planning mistakes that can derail organizations
• Strategies for keeping unsuccessful candidates engaged and motivated
• How succession decisions can transform organizational culture

"Too often succession is really a check the box exercise at a critical point in time, as opposed to having a long-term focus."

Rebecca Slan Jerusalim, Leadership Advisor, Russell Reynolds Associates

Four things you'll learn from this episode:

• Timing is everything in succession planning. Start succession planning as soon as you step into a new leadership role. The longer the duration, the easier it is to develop internal talent.
• Succession isn't replacement—it's development. Effective succession encompasses long-term talent development. Organizations must actively identify and invest in key talent year-over-year.
• Keep your talent pipelines broad and dynamic. Resist the urge to quickly converge on one or two candidates. Business conditions shift, and what you need in a leader today may differ dramatically from what you need tomorrow.
• Transparency builds loyalty. When succession decisions are made, providing clear feedback and development opportunities to unsuccessful candidates can retain crucial senior talent.

A closer look at the research from this episode:

• Board Culture and Director Behavior Study | Russell Reynolds Associates
• Global CFO Turnover Index | Russell Reynolds Associates Russell Reynolds Associates
• Global CHRO Turnover Index | Russell Reynolds Associates Russell Reynolds Associates
• SHRM Succession Planning ROI Study | Society for Human Resources Management