Article Review
Heidrick & Struggles International is an incorporated global executive search firm for management at the senior level. The firm is also the first leadership advisory in the world. The firm’s main focus is on quality service and building of strong leadership teams. This is achieved through its relationship with its clients worldwide. The firm offers services that include executive assessment and professional development.
The company conducted research on ethics and corporate governance. Other research partners included Neisendorf & Associates, which is a human resource risk management and consulting firm, and Lore International Institute, a talent management and professional development firm. The report compiled identifies the need for strategic management in succession planning.
The study showed that the CEOs had a significant level of assurance when they had the right managers for making the required decisions. The corporate leaders are responsible for making decisions that are ethical and in the best interest of the company. The report found out a number of things.
First, the Boards and CEOs have a limited understanding about the character and values of their business leaders compared to their knowledge of professional experience and skills of the business leaders. Secondly, there is existence of poor business support by existing succession management programs. Thirdly, the boards are inadequately involved in progressive management planning.
In conclusion, firms need to trust that their executives are making decisions that ethically acceptable to the shareholders due to increased corporate scrutiny. When assessing executives, it is more important to consider character and value along with business skills and experience. The report comprises of a checklist for the boards and managers to follow in assessing their succession management programs. This helps in reassuring that executives in crucial regions are making ethical and responsible business decisions.
Reference
New report on ethics and corporate governance highlights need for strategic succession management planning. (2004, May 20). PR Newswire. Retrieved from http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/444847261?accountid=27203
