Building an Effective Leadership Succession Plan

How much time do you spend developing your leadership succession plan? As older leaders begin to retire at greater rates, the 2018 Deloitte Millennial Survey discovered that 65% of potential millennial leaders feel unprepared to take their places. Forbes reports that by 2025, 75% of the workforce will be made up of millennials. These statistics suggest that there’s a leadership crisis on the horizon. Designing a strategy and framework to direct leadership development is mission critical for every organization. Training—and retaining—emerging leaders in your company should be a top priority. Understanding what team members want and expect from an employer will help you develop the right programs and systems to keep your talent engaged in learning, growing, and contributing to your organization.