Within the next three years, nearly 60% of executives say they intend to change their role — with some planning to leave their company entirely, according to a Sept. 29 report from LHH, a talent solutions provider and global business unit of the Adecco Group.
This major shift in leadership could have significant implications for succession planning, leadership pipelines and retention in coming years, the report found.
And during succession planning, CHROs often play a more critical role than CEOs, particularly when defining the process, shaping criteria and objectively evaluating candidates, according to a report from the HR Policy Association and University of South Carolina’s Center for Executive Succession. In fact, stronger CHRO involvement correlated with stronger outcomes, the report found, and boards with solid succession practices reported significantly higher CHRO engagement.
“Leadership is being redefined. To stay ahead, organizations need executive talent strategies that identify and recruit leaders with the right skills and provide the right support, empathy and partnership they need to succeed in complex, changing environments,” Nicole Gable, president of LHH’s North America recruitment solutions, said in a statement.
In the survey of more than 4,600 executives worldwide, 1 in 3 newly appointed executives said they don’t feel confident in their ability to perform within the first year of a new role. A similar amount said they lack confidence in their leadership team’s ability to perform.
In addition, 30% said their top reason for departure included skill development. Soft skills have grown in importance, especially collaboration, strategic thinking and communication.
The success of succession plans often links to good communication, particularly by helping candidates to feel prepared for their roles, according to a report from McLean & Co.; HR can help facilitate these conversations by identifying communicators, advising them on how to address retention concerns and preparing people managers for succession plans.
