One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it's almost a non-event when it happens.

We're living in a different world now in terms of employee needs, and companies have to offer alternative methods for getting the work done. Even under the most difficult circumstances you can have creative flexibility.

You should be accumulating really great relationships throughout your career.

Not everybody is created equal, and it's important for companies to identify those high potentials and treat them differently, accelerate their development and pay them more. That process is so incredibly important to developing first-class leadership in a company.

When I became CEO of Xerox 10 years ago, the company's situation was dire. Debt was mounting, the stock sinking and bankers were calling. People urged me to declare bankruptcy, but I felt personally responsible for tens of thousands of employees.

By the time I stepped down as Xerox's CEO in 2009 - and as chairman in January 2010 - Xerox had become the vibrant, profitable and revitalized company that it still is today. What made the difference was a strong turnaround plan, dedicated people and a firm commitment from company leaders.

Customers require the effective integration of technologies to simplify their workflow and boost efficiency.