Source | LinkedIn | Steven Howard| Turning Good Managers Into Great Leaders — Leadership Coach | Facilitator | Author
Talent is essential to organizational performance.
Successful company leaders know that it is equally important to be strategic about their leadership pipeline as they are about their company’s physical assets, finances, business models, and marketing strategies.
After all, as Ralph Nader pointed out, “the function of leadership is to produce more leaders, not more followers.”
In today’s flatter organizational structures, mid-level leaders are required to handle and juggle a wide range of ever-increasing responsibilities, while coping with constantly changing corporate strategies, greater interpersonal conflicts, and team members who are frequently less than highly engaged. It is little wonder that the average annual turnover rate of management positions in the U.S. is roughly 25%.
Many organizations, including most fast-growing and privately-owned companies, are forced to fill their new leadership positions through external recruitment, simply because they have not developed the bench strength of leaders with requisite skills to enable internal succession planning. This is a costly strategy, one which also demotivates the current leadership team as they witness new hires taking the roles and responsibilities they desire.
Astute leaders understand the importance of ensuring their leadership pipeline strategy incorporates both their organization’s environment and corporate culture, as well as the leadership capabilities needed to deliver on current and future business strategies, growth plans, and financial success.