Prosper Autumn, Black Country Chamber of Commerce magazine

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EVENTS: PROFESSIONAL DEVELOPMENT Training up business leaders for the next big step Concern as too many boards admit to having ‘no succession strategy’ New research has found that many organisations are struggling with succession strategy, with nearly three-quarters of CEOs and 71 per cent of Boards not participating on or supporting succession strategies. The new research by talent insight experts Armstrong Craven demonstrates that succession planning is far from being a priority for most organisations. The research, which polled over 200 HR and talent professionals, 173 of which were senior leaders, found that only 24 per cent of HR professionals described their organisation as ‘very proficient’ when it came to succession planning. Lack of buy-in A key problem is a lack of buy-in from the C-Suite on the importance of succession planning; the researchers found that in nearly three-quarters of companies, CEOs don’t have responsibility for succession planning, nor do 71 per cent of Boards. On top of this, 29 per cent of HR respondents say it’s a challenge to get succession planning buy-in from the CEO, while 24 per cent say the same about the wider board. With the cost-of-living crisis in full swing, soaring costs, supply chain issues and problems recruiting and retaining staff in a tight labour market, it’s safe to say that both the C-Suite and HR functions have their hands full at the moment. It may be that the lack of C-Suite buy-in is simply because succession planning is low down the list of priorities for most organisations. However, the research also uncovered a level of paranoia among senior managers – 28 per cent of those polled by Armstrong Craven identified concerns around managers having to identify their own potential replacements as a reason for this lack of buy-in. The problem is that businesses without a succession strategy are playing a dangerous game. If there’s one thing the last few years have taught us, it’s that sudden shocks can happen at any time – and strong leadership is key in leading organisations through dramatic change. Burnout Senior management are also part of the ‘Great Resignation’. Indeed, the C-Suite were under added pressure during the pandemic, with responsibility for managing the wellbeing of their employees and the move to remote working. This added pressure has led to many experiencing burnout. Previous research from Kelly Executives shows that 72 per cent of senior executives are planning on leaving their organisation in the next two years. This research – conducted for KellyOCG’s 2022 Global Workforce Report, which surveyed 1,000 decision-makers including C-Suite, directors and senior management at some huge global organisations with a combined revenue of $135billion – showed that there’s widespread dissatisfaction among senior executives. Nearly two-thirds (63 per cent) say their workload is unmanageable while only a third of those surveyed (34 per cent) think they’re receiving a fair remuneration for their efforts – suggesting that almost two-thirds of senior executives think they’re underpaid. Six in ten say they’re not happy in their current job, and less than a third are planning in staying at their company for two years. Agile training programmes from the Black Country Chamber of Commerce provide For more information visit: Director and Board Development - Black Country Chamber of Commerce or contact Calum Nisbet at: calumnisbet@ blackcountrychamber.co.uk 54 PROSPER AUTUMN 2022
fresh and relevant content that confront the challenges business leaders are facing today. Led by business professionals with a wealth of cross-sector experience bringing topics and themes to life with practice, real world examples, our Director and Board Development series builds and reinforces the competencies needed to be an exemplar director and leader by covering the vital aspects of directorship and approaches which make these roles more effective to tackle issues, embrace opportunities and lead transformational change. DATES FOR THE DIARY Your Leadership Approach October 11 1 day workshop Effective directors deploy the strengths and talent to drive their business forward. No universal ‘right’ approach exists and, as such, honing self-awareness and the most appropriate skills for the right situation are needed to influence, enthuse and lead. Member Price: £750 + VAT Non-Member Price: £900 + VAT Building Better Boards November 1 1 day workshop With responsibility for the oversight of strategic change in organisation and legal obligations, Boards need to work together to make informed yet hard choices which are right for the business. Effective Boards consider and value the multitude of voices and experiences of their members to create a fertile ground for debate, discussion, challenge and the convergence of capabilities and ideas. Member Price: £750 + VAT Non-Member Price: £900 + VAT The Role of Finance in Business November 15 & 16 2 day workshop Directors are expected to be familiar with the financial health of their business and be able to interrogate information, be aware of concepts, terminology and other factors to make sound financial judgements in line with their legal responsibilities. This workshop is particularly designed for non– financial directors. Member Price: £1500 + VAT Non-Member Price: £1800 + VAT The Effective Non-Executive Director December 6 1 day workshop Non-Executive Directors (NEDs) are there to provide their experience, perspectives and support Directors and Manager to deliver plans and realise objectives. Alongside the legal responsibilities, NEDs must have highly developed self-awareness, the ability to set strategic direction, influencing skills and conviction. Member Price: £750 + VAT Non-Member Price: £900 + VAT For more information visit: Director and Board Development - Black Country Chamber of Commerce or contact Calum Nisbet at: calumnisbet@ blackcountrychamber.co.uk Leading Strategic Change 2023 date to be confirmed 2-day workshop These highly interactive and practical workshops equip Directors to challenge, drive, and confidently contribute fully to the decision-making process based upon understanding the situational context, drivers and regulatory frameworks their business operates into craft and set meaningful and valuable strategy. Member Price: £1500 + VAT Non-Member Price: £1800 + VAT Training today saves recruitment fees tomorrow Businesses across the UK are being heavily impacted by the rising cost of living and soaring inflation. In a May a survey by the Office of National Statistics (ONS), more than a quarter (26%) of UK businesses cited ‘inflation of goods and services prices’ as the main concern for their business. Additionally, recruiting and retaining staff is now more difficult than ever amid a post-pandemic rise in demand for greater working environments, better known as, ‘The Great Resignation’. This means many business owners are going to be looking at how they can cut costs and improve efficiency in their operation, as well as ensuring they remain attractive to potential and existing employees. A maybe surprising, yet great way to do that is through the use of effective workplace training. Upskilling There’s no doubt that businesses are in a battle for talent at all levels. With the Great Resignation underway, employees have developed higher expectations of their employers. And where some organisations cannot compete with the flexibility of other businesses, they must ensure they are offering rewarding job opportunities. By implementing programmes and initiatives for employees to develop their skills, organisations are making an investment in their future successes. If staff feel like they are being presented with opportunities to develop their existing skills and learn new ones, they are far more likely to feel engaged with their work and become more motivated and loyal to your business as a result. Furthermore, it makes financial sense for businesses to help existing employees upskill. Research by Acas has found the cost of recruiting replacements each year is £5,433 per employee and the cost of lost productivity as new employees get up to speed is £25,181 per employee, totalling £14.9bn each year. PROSPER AUTUMN 2022 55
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