Indian companies get serious about who's next in line
More Indian companies are making sure they have a plan for who takes over when leaders leave.
According to a new Deloitte study, 78% now have formal succession plans—up from last year—and success rates have nearly doubled, with half of top execs promoted from within.
Still, only 23% of boards regularly look at internal CEO candidates, so there's room to grow.
Who's leading the way and how?
The services sector is out front with 84% using formal plans, followed by life sciences and manufacturing.
Most companies rely on job rotations and stretch assignments to build future leaders, while leadership workshops and executive education are also catching on.
Coaching is less effective than before, and nearly half of next-generation leaders in family businesses step in directly at director-level roles.
Family businesses: Big impact, big challenge
Family-run firms drive almost 79% of India's GDP but only 15% have solid succession plans.
That leaves them vulnerable if leadership suddenly changes.
Many face hurdles like complicated ownership structures.