Expert discussion: 5 top insights for future-proof succession planning

Succession planning is more than an HR concern — it’s a strategic imperative. Demand for quality talent is high, but supply is perilously low; executives will need to plan further ahead to find and prepare the next generation of business leaders.

On Wednesday, 5th June, Robert Half and Protiviti co-hosted a lunchtime roundtable at The Shard to discuss the challenges and opportunities of succession planning in a rapidly changing business landscape.

Charlie Grubb (Managing Director of Executive Search at Robert Half) and Matt Duncan (Managing Director at Protiviti) led a panel of CEO and HR leaders in a discussion covering strategies for developing and retaining top talent. Together, they explored common succession challenges and revealed why succession planning without talent development is fundamentally flawed.

Here are five topline highlights from the round table event, including which key ingredients every successful succession plan should have and common areas of oversight.

Transparency is critical for business leaders hoping to hire new talent for succession roles.

Being open and honest about the current state of the business, goals for the future and probable outcomes can significantly impact the fit of a hire and how that person will develop their leadership skills over time.

Transparency is equally as important when assessing potential talent requirements and characteristics for future leadership roles. “I think it's on us to be very transparent,” said one speaker.

“It's honestly asking yourself what do you really need? What does it feel like in your business at the moment? Does this mean that in the first six months, I'm going to have to fight a buyout? They might be qualified in all these ways, but if they haven't got resilience for the first year, then they might not cut it.”

As a chief executive, it's essential to have an outside voice to challenge decisions and prevent a narrow vision of the business, its people, and future opportunities.

A speaker from Protiviti revealed the impact they’d experienced by working with a Gen Z culture advisor they’d met as part of their 3-year generational study in collaboration with the London School of Economics.“I just hadn't had a perspective or energy like that from anybody else in my life,” they said. “He's had a huge impact.”

“Most organisations will find people building relationships based on social demographic backgrounds, religious backgrounds, gender background, or find lots of relationships across those entities.

But it's really hard for generations — there are so many stereotypes that go with it,” said a Protiviti speaker. “To create something which breaks those boundaries and allows us to understand how other people perceive them is really important.”

GENERATIONS: What is the productivity potential of your multigenerational workforce?

Business leaders will find conversations around performance easier if they establish a competency framework to help talent understand the skills, experience, and knowledge they need for any given role.

“It makes the conversation about performance much easier if you can say, ‘this is the framework and what you should be delivering in this role. The two or three areas that you're not good at, we can train into those.’ And if they can't, then they know that they're not at that level,” one business leader said.

Another speaker pointed out that, while training is excellent for honing technical skills, the importance of mentoring shouldn’t be overlooked, “I think mentoring and sharing our real-life experience, we begin to see a real change in difficult moments, and we’ve found a lot of value through it.”

Succession planning without training is often flawed. Potential successors must have the opportunity to develop the necessary skills and competencies to equip them for a future leadership position.

This includes sharing institutional knowledge from leadership to their successors, ensuring they’re equipped to take the reins when the time comes.

“I think it's our job as business leaders to pinpoint the possibilities of where the future lies, the danger spots, blind spots, so people can get their heads around it,” says one speaker. “Whatever’s happening, some people won't keep up. And they’ll work it out six months before you’ve worked it out. If you don’t spot it and you don’t promote something that people are able to catch up or re-shape their role, they’ll quietly fall behind.”

Another speaker agreed, pointing to the myriad of new technologies that businesses are likely to adopt in the near future. “We've talked about AI, which is a classic one, but there are a lot of other technologies within businesses that the younger cohort will be looking at every day. And as managers, we should be leading that transition. So, I think upskilling yourself and understanding the capabilities of AI within your organisation is vital.”

The most effective business leaders are individuals who understand how to help employees reshape their roles and train into new areas as part of strategy, tech, process changes or business restructuring.

“The key is communication. Being really clear about what those expectations are within the organisation in a positive way ensures that people can rise to the occasion and gives them the tools and the opportunity to meet those verticals,” one business leader said.

“When change happens in an organisation, there are going to be some individuals that—just from a mindset or a skill set perspective—can't get there, and then you just need to have those conversations and look externally for the right skills for the next stage of your evolution in business.”

To learn more about where to focus your attention for the future of business, download Protiviti’s Executive Perspectives report. Visit the Robert Half blog for more information on the future of work and how to shape your workforce to meet it.

Charlie Grubb, Senior Managing Director, Robert Half

Charlie Grubb is a Senior Managing Director at Robert Half Executive Search. Drawing more than 3 decades experience in the recruitment industry, Charlie works with clients across the UK assisting them to find the very best talent to complement their C-suite and executive team.

Matt Duncan, Managing Director, Protiviti

Matt Duncan joined Protiviti UK as a Managing Director in September 2022. Based in London, Matt has more than 18 years of experience delivering change successfully for his clients.

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