Preparing for succession
Secondly, with a free association task, leaders were asked what “preparing for succession” represented and what came to mind spontaneously when speaking of preparing one’s succession. While both female and male leaders associated succession primarily with durability, they differed again significantly after that.
Female leaders emphasized the importance of anticipation, while their male counterparts focused on the challenges of the transition. Male leaders suggested words such as “fear” and “end,” while female leaders mentioned “success,” “opportunity,” and “pride”. This reflects a more open vision by female leaders, where succession is the beginning of a new phase of life, with a focus on preparing the next gen, whereas male leaders offer a more fatalistic vision, where succession is perceived as the end of a process, an obligation to fulfill.
Male and female leaders exhibited the most differences in the triggers for the succession process. Fifty-eight percent of male leaders kickstart the succession planning process because of imperatives: age, poor health, or a difficult financial situation, versus 23% for female leaders. Female leaders more often engage in the succession process because of a new personal or professional project. Female leaders seem to exhibit a better ability to detach themselves from the ownership role, aspiring for a balanced life with multiple projects.
Male leaders seem to form a stronger association between their identity and their role as business leaders. We heard the comments voiced explicitly by interviewees: “I no longer know who I am if I retire,” and “The worst day of the week is Sunday.” Male leaders tend to adopt a passive approach to succession planning: Succession is often forced on them under obligation or negative circumstances. Female leaders appear more likely to proactively plan for it, with a more positive vision of their personal futures.
On the final issue of the characteristics of the ideal successor, stronger gender differences emerge. Female leaders in the sample emphasized “personal commitment and motivation” (a first-order requirement for 33% of the female respondents), while this item only showed up in third place for male respondents. Even more intriguing, female leaders highlighted the importance of “excellent relational skills,” while male leaders prioritized “strategic thinking.” Once again, the contrast between humans and strategy is evident.