Succession pipeline absent in many firms

Almost 34 per cent organisations lack an internal succession pipeline, finds a study.

Leadership acquisition challenge is testing for several companies, finds Mercer-Mettl Leadership Hiring Trends 2019.

Among the surveyed 500 global organisations that have offices in India, about 42 per cent confessed to not having a leadership competency framework. Such a framework is necessary in determining the leadership capabilities crucial for organisational success and business bottomline.

The report also concluded that the leadership competency framework ensures 25 per cent increased chance of a company having successful leaders in the future.

The banking, financial services and insurance (BFSI) sector is the leading industry having the most percentage of organisations (78 per cent) leveraging an effective leadership competency framework. On the contrary, in the media and telecom industry, only 10 per cent organisations are using it for their leadership acquisition process.

The skills most commonly assessed by companies in potential leaders are personality skills, domain skills and cognitive skills.

The most commonly used talent assessment tools for successful leadership acquisition include Psychometric Assessments, Taskbased Assessments and Online Leadership Assessments and faceto-face interviews.

The organisations that leverage scientifically validated talent assessment tools for leadership hiring are 35 per cent more likely to succeed as opposed to those using only traditional hiring methods.