Hi all! Hoping that others will be willing to share best practices for succession planning. What do you see in your company's data for % of VP+ succession plans with "Ready Now" successors? (Feel free to email me and kara.breda@abbvie.com directily if you prefer to remain off-the-record.)
Or - what range would you expect as a benchmark? We are updating our benchmarks - and had a historic range of 60 - 70% but would like to validate if that is still valid.
Thanks!! Bethany
Hi - Our organization is at 76% Ready Now successors for VP+ positions. Something to know ... our avg org tenure for employees who receive executive compensation is 19 years, so we should have a high % who are Ready Now. We Succession Plan for a broader population than VP+; specifically, all positions with executive compensation - so targets are for this full population, not just VP+. We're in process of updating KPIs for our Talent COE - see below. Note that benchmarks/targets aren't locked in yet:
*Succession Plan Depth (Avg number of unique successors for positions with Succession Plans): Target at least 6 or 7 (under review)
*% Ready Now Successors: Target >45% (under review)
*% of High Potentials in Succession Plans: Target >50% (under review)