A recent study by Egon Zehnder International, one of the top five global executive search firms in the world today, conducted a recent study which revealed that the number of managers available to step into leadership roles will drop dramatically in the coming years! This critical study disclosed that the average company will be left with just half the talent it needs by 2015. Why? Demographics—there just aren’t that many people around with the right type of skills and experience today.
This means that companies are going to have to get a lot better at identifying and nurturing talent from within, as recruiting externally is going to get tougher and more expensive. Sadly, few organizations acknowledge this harsh reality and even fewer know the proper way to do it well.
Developing future leaders isn’t really that difficult. The problem lies in the fact that time, energy, and dollars invested today may not produce benefits for some time. Therefore, it doesn’t appear to be a value-adding investment. However, when the need for leadership does arrive, the benefits reign supreme in revealing that initial “cost” to actually have been a shrewd “investment”!
Developing future leaders is something that managers should be doing—especially now.
Belts are about as tight as they can be as we claw our way out of the great recession. However, it’s more important than ever to motivate employees. Taking an active interest in the development of top talent is a no-cost way to keep staff members engaged and happy to go above and beyond in their current role, because they see that as the quickest way to advance to their next step with the company.
Try this exercise with your top leadership team. Identify a key leader on your current staff and ask yourself:
- What would happen if that person were to leave the company tomorrow?
- Who would take on that persons’ role and responsibilities?
- What challenges would they struggle with?
- How long would it take the replacement to get up to speed?
- What negative consequences may occur during the transition?
Answers to these questions will give you the starting point to identify potential candidates and their development needs. You might surprise yourself by coming up with a name that wouldn’t normally be the obvious choice.
An emerging trend of proactive talent development is sweeping the nation. A battle is brewing for potential leaders and those not preparing for it will suffer unmeasurable consequences which could mean the difference between success and failure.
We’ve experienced a notable increase in inquiries concerning our Future Leaders program. If you’ve recognized the need for and extreme benefits of such a program, contact our corporate office at 1-800-886-2629 for further details. It may just be one of the best investments you’ve ever made! Don’t delay, call today!