Senior executives are usually senior executives because they have been promoted over the years as recognition of their performance...their operational performance. In addition, most succession planning looks at developing individuals that are exceptional operational thinkers, not strategic thinkers.
Once at the VP level or higher, these employees must affect more change and more influence on the organization to merit their compensation and responsibilities. Organizations cannot afford to pay executive compensation to great operational managers. Senior leaders must drive the future direction of their firms to survive, compete, and reach ever-higher levels of performance. In particular, CEO's should be the embodiment of their organization’s vision and strategic direction. The only way to do so is by operating on a more strategic basis.
Two key ingredients are essential to elevate senior leaders to this more strategic level: better strategic skills, and a greater investment of time. In addition to a myriad of leadership and communication skills, CEO's and other senior leaders must explicitly build the skills necessary to be better planners. These are tough skills to develop, and although there may be some place for limited formal training, job related experiential training is the most effective way to pick up this important skill set.
So how much time is enough? CEO's should dedicate 60%-80% of their time to planning and strategy. Divisional level VP's should dedicate 50%-75%. This includes any activities that will better position the company for the future, as opposed to operational activities that focus on the past, and just getting through the rest of the week.
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