The baseball term bench strength has become a metaphor for smart succession planning.
To a ball team, bench strength means the skill level and number of quality players available to substitute during any given inning. In business, it’s about the depth, the versatility and the competence of high-potential leaders who are ready to be called up to fill senior-level vacancies in the organization.
For a company to build its bench strength, it needs to incorporate a succession planning process into its talent management efforts. But according to one new report, two-fifths of employers have never used succession planning. Less than one in four organizations (23 per cent) have a formal process for succession planning in place; fewer than one in three (31 per cent) opt for a more informal system.