A couple of weeks ago, I blogged about succession planning risks.

Since then, I’ve had several other succession planning and talent management discussions with other smart cookies steeped in succession planning experience.

One interesting point I will delve into down the road is the notion that the majority of leadership development activities may be neglecting a crucial topic: values.

One interesting point I’ll get to right now involves more succession planning pitfalls, which I gleaned during an exchange with Yaarit Silverstone, a managing director in Accenture’s talent and organization performance practice.

To be clear, Silverstone describes these issues as “challenges,” and she agrees that succession planning represents an important risk management area.

“While it is critical to always have one foot in today to ensure that current leaders are functioning effectively, it is equally critical to have one foot in tomorrow to ensure a healthy pipeline of future leaders who are mentored and developed to take the reins in the longer term,” Silverstone emphasizes. “Without succession planning, an organization’s future viability is at risk. Succession planning also reinforces leadership behaviors that help achieve business objectives and addresses weak areas that constrain an organization from having a deep and broad talent pipeline.”

Here are several common succession planning challenges Silverstone mentioned:

• A lack of understanding of the talent within an organization — “what talent is needed and what talent is available”;

• A lack of adequate mentoring and training;

• A lack of integration with performance management and leadership development to provide the right career development opportunities to potential successors; and

• A lack of communication, including “points at which an organization should publicize succession plans and the associated change management impacts.”

Silverstone believes that the development of a talent-focused mind-set in the organization can help companies address each of the challenges listed above. She also points to an interesting change she and her colleagues have witnessed in succession planning programs in recent years.

“Many top companies now believe that nurturing future leaders earlier than other organizations creates a competitive advantage that lasts for decades, as their talent pipelines become bigger, better, and more reliable,” Silverstone explains. “These organizations are now finding that the advantages of building a reputation for developing talent are quite significant, and provide a recognizable advantage in attracting the top college and business-school students.”

By doing so and then grooming this talent, these companies enhance their allure among talented recruits, which, Silverstone adds, establishes a “self-reinforcing cycle that makes their company more dominant every year.” ###