|
If you are like most organizations (87%) the answer is no. In a recent national survey, 60% of executives indicated they were unsatisfied with their current position. Of those, 50% cited lack of challenge or career advancement as the principle reason. Grooming your executive talent develops bench strength, builds a stronger organization, and of course, keeps your key executives from being picked off by a competitor. The most effective executive development strategies include mentoring, developmental assignments, 360 degree feedback, and coaching from an external consultant.
Case study: Search for the CEO of a$2 billion organization.
Eighteen months prior to retirement, the CEO announced to the board, those plans for retirement. The board invited all members of senior leadership to become internal candidates and authorized each to hire an external coach. Each coach conducted a 360 degree evaluation to gain insights on the candidate’s strengths and weaknesses, meeting every 6 weeks to work on development. The candidates met one-on-one with each member of the executive committee and continued to work on areas needing development. They also shadowed CEOs in similar-sized but non-competitive organizations on six occasions, not only seeing different leadership styles, but developing a network to call upon in the future. The retiring CEO turned over larger and larger portions of board and executive agendas and an external search was initiated six months before retirement. Six external candidates were compared to the internal candidates, then narrowed to two finalists—one internal and one external. When the internal candidate was chosen, he was truly chosen, not just appointed. There was a high degree of confidence throughout the organization that he was the best possible choice and that he was well prepared for the role.
It’s not enough to identify your successors. You must be willing to invest in their development.
|
