Succession Planning FAQs
What is benchmarking for succession planning?
Succession benchmarking is when you compare your current incumbent or internal successors against the external market. It is used to evaluate available options for senior roles and identify the different skillsets each one would bring.
Why work with Savannah on benchmarking for succession planning?
We offer a unique combination of innovative technology and human expertise. Our team of leadership consultants use our next-generation AI mapping technology to provide you with clear, accurate insights into your available options for more senior roles. The output includes fully validated, board-ready insights, enabling you to demonstrate good due diligence and achieve alignment on the best path forwards.
Why is benchmarking important for succession planning?
Succession benchmarking shows you how your organisation’s succession planning efforts measure up to industry norms and best practices. It also helps you identify strengths, weaknesses, and areas for improvement, allowing you to make more informed decisions and develop effective succession strategies.
How does Savannah gather benchmarking data for succession planning?
Our expert team of leadership consultants use our next-generation AI technology to gather, validate and analyse vast quantities of company and people data.
What factors should be considered when selecting benchmarking data for succession planning?
Key factors include industry relevance, organisational environment, location, skillsets and diversity. Data on the wider market can also provide important context.
How do you analyse and interpret benchmarking data for succession planning?
We create an assessment framework based on the requirements for the role. This will include quantitative analysis on career paths, organisational exposures and skillsets along with subjective commentary and scoring against the fit for the role. We then use our AI platform, MapX, to categorise career profile data, which is validated by our expert team. The output is a breakdown of all relevant profiles in the market, with each one ranked against your internal options.
How can benchmarking help in developing targeted development plans for potential successors?
Succession benchmarking provides insights into the skills, competencies and experiences of high-performing individuals in comparable organisations. We can use these insights to identify critical success factors and recommend more effective developmental pathways for senior roles.
How does benchmarking contribute to the overall success of succession planning initiatives?
Succession benchmarking enables you to objectively assess your internal successors against external options. This can highlight the strength of talent you already have, expose gaps that need to be filled by external talent, and identify valuable experiences and skillsets that you may want to bring into your organisation. The aim is to provide you with the insights you need to make the right decisions for your business, ensuring you achieve smooth leadership transitions and long-term organisational sustainability.
