Most companies have an opportunity to improve their succession management programs. The number one challenge for succession management (as identified by both HR leaders and executives) is developing a succession planning strategy. This comprehensive industry study sets out to determine how succession management (when done well) helps improve business performance. Extensive research was conducted into this complex and rapidly evolving market. Through a WhatWorks[R] research methodology, several best practices and trends in succession management processes were uncovered. Interviews and surveys were conducted with business leaders, succession management program managers, and talent managers. Overall, the researchers found that many organizations are spending a lot of energy creating succession plans, but few are able to integrate succession management in all company operations and among all levels of employees. They learned that the companies struggle most with identifying employees with high potential, development planning and global implementation. The key findings addressed in the full report are: (1) great opportunity exists for companies to enhance their succession management strategies; (2) Best-practice organizations address succession management consistently across all key positions at all levels; (3) Development planning is a differentiator between those with high-impact succession management programs and those without such a program; (4) For a company to achieve best-practice succession management, its executives have to be as engaged in succession management as its HR leaders; (5) global succession management is an untapped source of top talent for multinational companies; (6) companies must focus their succession management strategies on both technical/professional and management roles; (7) a strong talent review process is critical for highly effective succession management; and (8) good succession management is clearly correlated to business success. The full report provides supportive data analysis, detailed examples, best practices and actionable steps to help one develop or enhance their organization's succession management strategy. (Contains 1 figure and 5 footnotes.) [This executive summary was co-produced by Bersin & Associates.]