What Once Was a C-Suite Focus, Succession Planning in 2024 Has Expanded to a Multi-Level, Organization-Wide Focus
Summary
"Todays skills shortage challenge has shifted succession planning beyond the C-suite, requiring a future-focused lens where succession planning is both flexible and agile to address evolving talent needs and organizational changes," said Ruth Sierra, Analyst, Law.com Compass Pacesetter Research. • Traditional succession planning, which narrowly focuses on the transfer of knowledge from leader to potential successor, is too limited; Innovators approach succession planning for all critical roles in the organization and focus on building the skill sets required to reach long-term business growth • Succession planning and talent development have become intertwined with one another, where the latter aims for continuous learning, skills enhancement, and personal growth to fulfill critical roles of a succession planning framework • Implementing an effective succession planning framework requires continuous management, where the framework is flexible to meet the changing needs of the organization • Advanced data analytics are increasingly used to help clients more actively identify high-potential employees, manage skill sets (e.g., skill mapping), and tailor learning paths to individual goals that align with the overall business needs • It has become increasingly important to incorporate DEI into succession planning frameworks to create inclusive talent pipelines and help retain diverse talent • Proactive, strategic succession planning frameworks help "future-proof" an organization, leveraging talent pipelines amid unexpected organizational changes The Pacesetter Advisory Council assessed dozens of providers to arrive at sixteen Innovators recognized for their ability to help clients navigate an increasingly complex market environment. The research and analysis also provide insights into the competitive dynamics and service delivery trends driving convergence across legal, management consulting, multi-service, and leadership development boutique firms. In this report, Law.com Compass Pacesetter Research evaluates the innovation in Succession Planning capabilities and offerings of the following providers: Accenture, BarkerGilmore, Boston Consulting Group (BCG), Burr & Forman, Butzel Long, Deloitte, Development Dimensions International (DDI), Heidrick & Struggles, Katten Muchin Rosenman LLP, Korn Ferry, McKinsey & Company, Mercer, North Highland, PwC, SIGMA Assessments Systems Inc., The RBL Group Law.com Compass Pacesetter Research provides independent, objective research to providers and buyers of professional services and practical insights that inform decision-making processes. ALM delivers leading data, intelligence, insights, events, and audiences essential for growing businesses globally to over 7 million professionals.