New Delhi, Apr 4 (KNN) About 50 per cent of Indian business leaders believe their successors would come from within the business while 26 per cent say their next in line would come from outside the business, from a competitor organisation or different sector, according to a recent research by Grant Thornton.

Surprisingly 23 per cent of the business leaders haven’t even considered as to where their successors would come from.

The UAE (54 per cent) tops the list of countries where business leaders see their successors coming from within the business while in the Nordic countries, only 21 per cent of business leaders subscribe to this view.

While in BRIC nations as a whole, 40 per cent businesses hold this view, globally 43 per cent business leaders see their successors coming from within the business, according to the survey by assurance, tax and advisory firm, Grant Thornton.

This survey, which involved 3500 interviews with senior executives in 45 economies, also asked business leaders as to whether they were engaging the services of a business coach to further refine their leadership skills. It was found that 48 per cent of businesses in India are either using or have used the services of a business coach to develop their leadership skills. This is in line with the trends in the BRIC and APAC (41 per cent each) and higher than the global average of 35 per cent.

When business leaders were asked about the factors that help them grow their own leadership capabilities, 74 per cent business leaders in India said that their personal leadership skills assessments help them do so, followed by leadership skills assessments from staff (60 per cent and setting challenging goals and monitoring progress (56 per cent).

Business leaders were also asked how important certain attributes are to good leadership. Globally, integrity, a positive attitude and communication came out on top. In India, positive attitude (98 per cent), communication (94 per cent), ability to inspire (98 per cent) and confidence (96 per cent) were among the top leadership attributes.

According to Partner, Business Advisory Services at Grant Thornton, Vinamra Shastri , “It is heartening to see that a large number of business leaders have thought about the issue of succession, which is critical to the long-term growth and sustainability of every business. If 50 per cent of businesses believe that their successors would come from within the business, it becomes imperative for them to spend significant time in coaching future leaders in their organisations.

“These findings are significant in the view of a proposal being considered by SEBI, which, if implemented, will make it mandatory for all listed Indian companies to put a succession plan in place. This is part of the efforts being made by capital market regulator to protect the interests of investors in the event of the untimely death, departure or poor performance of a leader; all of which usually do hurt investor interests.”

Vinamra added, “Business leaders in Asia have been able to observe how management techniques in the West have evolved and matured. The research shows that rather than simply copying and replacing management techniques, they are blending them with their own cultural and management practices to adapt a ‘third way’ for their local market.” (KNN Bureau)