Success(ion) Planning: India Inc stresses on plans for next-in-lines amid talent war
succession planning more than ever before as an intensifying war for top-deck talent and the rising mobility of key personnel prompt organisations to proactively build up a second and even third line, said board members and chief executives.
Besides, a push from boards and investors amid a manifold increase in the complexity of risks facing any company is leading many — especially in sectors such as financial services and technology, and at large diversified conglomerates — to take succession planning to at least two levels below the CEO and CXOs.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Leadership in AIVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIndian School of BusinessISB Chief Digital OfficerVisit«Succession planning has gained significance, with growing opportunities for top talent leading to a surge in (senior management) mobility,» said Santrupt Misra, group director, Birla Carbon, and HR head, Aditya Birla Group. «As a business grows in size, business continuity becomes important and any disruption can counter continuity, making it more important to plan succession.»
Talent mobility has increased significantly, expanding the possibility of key personnel leaving for another opportunity, disrupting business continuity, Misra said.
CEO exits rose 18% to 166 in calendar 2022 from the year before. In 2023 so far, 157 MDs and CEOs have quit, or are on their way out, according to data from NSE-listed companies compiled by Primeinfobase. Many companies are looking at succession plans for specialists, business heads and top executives in key P&L roles.
These include heads of sales, strategy, M&A, product and design, among
