Leadership Talent: Winning The Succession Wars
Post by Patsi Krakoff, Psy. D.
The demand for leadership talent drastically exceeds supply. If economic growth continues at a modest two percent for the next 15 years, there would be a require for 1-third a lot more senior leaders than there are these days. Who will replace your retiring executives, and how will you keep your company's leadership pipeline full?
The demand for leadership talent greatly exceeds supply. If economic growth continues at a modest 2 percent for the subsequent 15 years, there would be a want for 1-third a lot more senior leaders than there are right now.
Baby boomers have already started to retire. Most large organizations will have to scramble to meet gaps in senior leadership talent. Who will replace your retiring executives, and how will you preserve your company's leadership pipeline full?
To make matters worse, the global and more dynamic economy of the 21st century needs executive talent with a more complex skill set:
* Greater technological literacy * A sophisticated understanding of global marketplaces* Multicultural fluency * Relationship savvy, with extensive networks of alliances and stakeholders* Leadership abilities more than a delayered, disaggregated and virtual organization
Succession Planning in the 21st Century
In response to these challenges, organizations have a renewed interest in succession planning systems. Although these systems functioned merely as replacement charts in the past, and had been HR executives' function, there are two critical differences right now, emphasizing:
1. Leadership development at all levels (not just senior executives)
2. Responsibility and involvement for leadership development within the work group, with the person's manager and team members (and no longer an HR function)
Distinct Leadership Levels
Most development models fail to take into account leadership needs at all levels. As a individual is promoted from line manager to company manager to functional manager, abilities and specifications alter.
Businesses mistakenly focus on leadership traits, styles and technical competence. They commit a main error when promoting profitable individuals with no acknowledging needed skill set differences at different levels of leadership responsibilities.
The Leadership Pipeline
Hiring gifted folks makes sense as a tactic, but not a technique. Organizations want to develop leaders, not buy them. Investigation and experience demonstrate that potential is not fixed. The far more individuals achieve, the much more they discover. Their willingness to tackle new challenges increases. To capitalize on prospective, companies should define the true work specifications at every single important leadership level. Succession planning systems ought to spell out what's needed to make a profitable transition from one layer of leadership responsibility to the next.
Succession Planning to Fill the Pipeline
The following 5-step program will facilitate succession planning:
1. Tailor a leadership pipeline model to fit your organization's succession needs.two. Clarify standards for performance and potential, in your own language. 3. Document and communicate these standards throughout the organization.four. Evaluate succession candidates by means of a combined possible-efficiency matrix.five. Evaluation plans and progress of the whole pipeline frequently and seriously.