Case Story: Succession Planning
Assessing rising internal talent with the needs of executive positions to plan for the future
A multi-billion dollar global materials company was looking to ensure a smooth transition for its senior team closing in on retirement. At the same time, it wanted to put in place a systematic succession planning process. Although a significant industry player, the company was hit hard by the 2008 economic crisis, and the new market environment meant the incoming team needed a different mindset and skillset to lead successfully in the future.
DSI helped assess rising talent within the firm for several executive positions to ensure they were prepared to lead the company into the future. Through market research and stakeholder interviews, we constructed profiles of ideal candidates for each position. We then utilized a peer scoring system against selected criteria to gauge fit of each candidate with the ideal model. Based on the candidates’ fit, we then recommended developmental steps for existing candidates, as well as specific areas to look for in external hires as well.
When the succession planning process launched, the organization was now fully equipped to match candidates with the skills necessary to succeed – both today and into the future.