Retained Executive Search Succession Bench External and Internal
Making sure you have a solid succession bench with the right talent at the top is critical for Board of Directors and CEOs who need to ensure their companies thrive in a dynamically changing marketplace. When you take disruptive technologies, changing customer expectations, and new regulations into account, you need to cultivate executive talent and align teams that can recognize and seize strategic opportunities to compete and win.
With growing baby boomer retirements, executives who exit to become entrepreneurs and investors, the need for greater skills, accomplishments, and decision making are strategically important to ensure management continuity and stakeholder profits.
Succession Bench Retained Executive Search Process
- Stakeholders and investors want their companies to succeed. Or, perhaps you want a different corporate leader to take you in a new direction. If you’re a board member and know a CXO or SVP may be leaving or retiring soon, be proactive.
- When recruiting the best CXOs and SVPs, it takes an average 2-3 months to identify, assess clients, and negotiate agreements terms. That’s before benchmarking external candidates against internal candidates to arrive at a concise “succession bench” of shortlisted applicants. Streamline this process with a Key Successor Talent strategy.
- Oftentimes the Board recognizes they simply need a change in one of the top leadership positions. With the increasing elimination of middle management roles, it’s difficult to look internally for companies to grow their own successor talent.
Effective Succession Bench Recruitment Strategy
Identify – Assess – Develop
- Define if the role is for a Chance Agent or similar management continuation
- Develop stretch assignments and assess for future development considerations
- Develop coaching & mentoring programs for selective internal candidates
Identify – Benchmark
- Identify performance objectives and behavioral styles
- Identify and assess by accomplishments, skills, role fit, and team dynamics
- Analyze potential succession scenarios with time and expectiation analysis
Compare – Benchmark
Internal vs. External
- Compare values, motiviations, and relational communications styles
- Compare decision making and DISC traits
- Benchmark role fit and team fit to determine finalists
Transition – Onboarding
Before Executive Hire Starts
- Customize Action Plan and Onboarding for incoming successor
- Develop scheduled plan to inform stakeholders and industry
- Outline events / triggers for and plan for fluid transition
- AI & Robotics
- Aerospace / Industrial Power
- Medical Technology & Devices
- Mobile / Wireless / iOT
Proven Recruiting Results
Our expertise in our niche markets as showcased in our case studies and client testimonials, allows NextGen to provide a laser focused solution to succession bench and leadership change recruitment
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