Getting Ahead of The Looming C-Suite Succession Crisis
In today’s exceedingly volatile business landscape, one thing remains true: no company can outperform its leadership. However, according to Russell Reynolds Associates’ Global Leadership Monitor, organizations are facing a looming crisis amongst their next generation C-suite leaders. An alarming 71% of next generation C-suite leaders are considering a career move outside their current employer, with turnover intentions […]
Miriam Capelli, Adele Farag, and Scott Smith are Consultants at Russell Reynolds Associates. This post is based on a Russell Reynolds memorandum by Ms. Capelli, Ms. Farag, Mr. Smith, Peter Pickus, Elizabeth Burn, and Sharon Tan.
In today’s exceedingly volatile business landscape, one thing remains true: no company can outperform its leadership. However, according to Russell Reynolds Associates’ Global Leadership Monitor, organizations are facing a looming crisis amongst their next generation C-suite leaders. [1] An alarming 71% of next generation C-suite leaders are considering a career move outside their current employer, [2] with turnover intentions increasing by 14 percentage points over the past two years. [3]
What’s driving this desire to leave? Career advancement (47%), seeking different type of leadership (36%), seeking new responsibilities (35%) and seeking a different company culture (30%) are top reasons for next generation C-suite leaders’ high turnover intent. [4] This reasoning aligns with RRA’s Leadership Confidence Index, which found that next generation C-suite leaders’ confidence in their C-suite has been consistently declining over the last four years. [5]
To better understand this important cohort’s concerns, we interviewed 22 next generation C-suite leaders. These interviews surfaced these leaders’ strategic goals and tactical wants. One thing is clear: without addressing next generation C-suite leaders’ concerns, organizations may soon face a talent deficit at the top
