Unless top execs come up with innovative and efficient ways to pass the leadership baton to potential leaders, a leadership crisis might soon arise. But what are the steps that need to be taken in order for organizations to have a plan for their future? Continue reading to learn more about leadership development and succession planning.
In the world of business, a scalable and sustainable succession plan is a critical aspect that plays a vital role in its development and success irrespective of its size. Especially for top level positions, succession planning can mean the difference between success and failure. Despite the criticality of the process, organizations seem to lack in the department.
According to a survey conducted by Ernst and Young, “Only 54% of high performers (companies) have a strong pipeline of future leadership talent.”
Most organizations exhibit a very laid-back attitude when it comes to succession planning. Most of the times, they do not think about leadership development until the need arises. As a result, the gap widens between the existing and next generation of leaders. Unless top execs come up with innovative ways to pass the leadership baton to potential leaders and re-design their strategy accordingly, a leadership crisis might soon arise.
The research survey also includes Professor Boris Groysberg’s (professor at the Harvard Business School) remarks. He says, “Organizations are simply not taking any steps that need to be taken to develop the next generation of leaders. They have a brilliant CEO and executive team; however, when you look at the bench – it’s empty most of the time.”
We are going to take this discussion further and talk about strategic management and leadership in the next blog of the series. Don’t forget to catch up!
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!