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Succession Planning

An Emerging Board-level Priority

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A recent survey of 60+ companies across various industries highlights a sharp rise in senior leadership and board involvement in succession planning. 63% of companies report active participation from senior leaders and board members, signaling a growing focus on leadership continuity at the highest levels. This aligns with our conversations with senior business leaders, who confirm that leadership succession planning—especially for senior management teams—has become a heightened priority.

The increasing engagement of senior leadership and boards in succession planning reflects a broader trend: top management is now central to these efforts. This shift underscores that talent strategy is no longer just an HR responsibility but a strategic imperative that directly impacts long-term growth and stability.

We identify three key factors driving this intensified focus on succession planning over the past 4–5 years:

Business leader reviewing succession planning framework on laptop

Pandemic and the Great Resignation: A Wake-Up Call

  • The pandemic and subsequent Great Resignation exposed vulnerabilities in leadership pipelines, accelerating the urgency around succession planning. Sudden talent departures and disruptions forced companies to reassess their leadership bench strength, ensuring readiness for unforeseen challenges.
  • In many industries, investments in automation and evolving business models have raised critical questions about future workforce readiness. Senior leadership teams are now focusing on ensuring that their talent pool is equipped to meet these shifting needs, reinforcing the need for succession planning that aligns with the company’s future direction.

Regulatory Oversight:
A New Compliance Priority

  • Succession planning frameworks and talent management are increasingly subject to regulatory scrutiny. Regulators such as the USFDA (pharma) and the Reserve Bank of India (banking) now include talent engagement and succession planning in audits.
  • Traditionally a board-level concern, regulatory compliance now extends beyond financial metrics to encompass governance and talent strategy. This shift has elevated the importance of strong succession frameworks, with boards held accountable for both operational and leadership continuity.
HR professional analyzing leadership succession planning data
Executive team collaborating on succession planning strategy

The Global Talent Race: Strengthening India’s Leadership Pipeline

  • As global firms expand their presence in markets like India, they increasingly rely on local talent for leadership positions within their global frameworks. This trend is pushing Indian companies to strengthen their succession planning processes to remain competitive in the global talent marketplace.
  • The pressure to develop strong leadership from within has never been greater, particularly for firms looking to integrate their India-based leadership into broader global strategies.
    assessments.

Conclusion

Succession planning has moved from a tactical HR process to a strategic business priority. It is now driven by a confluence of factors, including the aftermath of the pandemic, the shift towards automation and new business models, heightened regulatory scrutiny, and the globalization of talent. The involvement of senior leadership and boards is critical to ensuring that succession planning is not only aligned with business goals but is also resilient in the face of an unpredictable future.

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