A new report on Succession Planning finds that Innovators are helping clients better prepare to meet future business goals by incorporating a skills-based approach to a succession planning framework for longer-term business impact
NEW YORK, June 11, 2024 /PRNewswire-PRWeb/ -- A new report from Law.com Compass Pacesetter Research (previously known as ALM Intelligence Pacesetter Research) has found that developing an effective succession planning framework has evolved beyond the C-suite with the growing recognition that key talent exists at all levels of the organization and plays a critical role in its long-term success and sustainability. The pandemic seriously disrupted labor markets globally, leading to the Great Resignation, and limited training, mentoring, and coaching programs, in addition to the current generational shift occurring among the workforce, has consequently led to a skills shortage. This skills shortage has created a real challenge for many business leaders as organizations struggle to fill critical roles to ensure long-term viability.
The emphasis on service delivery among Innovators in professional services has evolved, where succession planning is no longer solely focused on the C-suite, done ad-hoc, or in response to a crisis, but to one that is proactive, strategic, and across all levels within the organization. Furthermore, Innovative service providers have integrated a talent development strategy -- often honed internally before becoming client-facing solutions -- focused on building skills capabilities and broadening the leadership talent pool to deliver long-term business growth.
"Today's 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. "Today's Innovators are those professional service providers who help clients develop talent pipelines, filling skill gaps and building skill capabilities needed to meet future business goals."
Key trends identified in this research include:
- 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.
To learn more about the research or to obtain the full version of the Succession Planning 2024 report, go to: http://www.law.com/lawcom-compass/pacesetter-research.
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