Three out of four C-level executives said succession planning was the most significant challenge for the future, according to a study released by the Society for Human Resource Management Foundation. Next was "providing leaders with the skills they need to be successful," at 71%. "Recruiting and selecting talented employees" came in third at 69%.

"Top executives are beginning to realize the right people are not in the pipeline to fill vacancies left by retiring baby boomers," said Wayne Cascio, chairman of the foundation. "Sadly, too few organizations have developed succession plans or invested in fostering the talent they need for tomorrow."

The survey questioned 526 C-level executives.