Succession planning is a transparent and ongoing process in today’s businesses. Companies are identifying future leaders long before those leadership roles are open. It’s an important step as more than three million Baby Boomers will be eligible to retire this year alone.
With The PPAI Expo taking place in Las Vegas this week, Promotional Consultant Today is sharing key insights from speakers at this year’s event. We start today with these thoughts from motivational speaker and author Michele Wierzgac, MSEd. Do you want to be considered for future leadership roles? Are you prepared? It begins with creating a leadership talent pool, which as Wierzgac explains, is a system developed by an organization to fill the talent pipeline for the future.
Why is it important to identify a leadership talent pool? In her blog, Grooming Leaders: Developing A Leadership Talent Pool, Wierzgac says the key ingredient for a successful talent pool is identifying the leadership strengths and comparing them with the needs of the business. These components create bench strength or talent that is prepared and ready to serve. Committing to and maintaining this philosophy sustains the organization’s future.
In today’s competitive environment, an identified and prepared talent pool communicates to shareholders, customers and the outside world that the company is planning for the future. It builds stakeholder confidence.
Wierzgac refers to the Corporate Leadership Council’s study on succession management, “Hallmarks of Leadership Success.” This study reveals that “top-tiered leadership teams achieve shareholder return that is 10-percent higher than their industry peers.” More importantly, a company that provides a transparent succession plan communicates to current and future employees that management is committed to attracting high-level leadership performers to the organization and it results in higher shareholder return.
How are future leaders identified? Leadership talent pools have various assessments and methodologies in place to appraise potential leaders. Wierzgac says that emotional quotient (EQ), intelligence quotient (IQ), skills, stress management, personality and leadership-style assessments are all traditional ways to identify high-performing future leaders.
Some typical attributes we traditionally associate with leaders include:
- Is a constant learner with a broad base of business knowledge
- Identifies and showcases the talents of others
- Is insightful; sees things from different perspectives
- Is courageous and a risk-taker
- Is respectful of diversity and cultural differences
- Learns from mistakes and is open to feedback
- Values coaching and training
These characteristics show the real leadership is about learning and guiding. Effective leaders are open to learning because the challenges keep ebbing and flowing.
In general, leaders and high performers crave accelerated development, exposure to diversity and cultures, interesting experiences and achieving awards and opportunities to keep them growing and learning. Those in the leadership talent pool must also be told that they are valued and are being groomed to take on more responsibilities. Participation in the talent pool should bring respect, offers of salaries and positions reflecting their value, and involvement in the development of organizational strategy.
So, take a pause in your business to consider the leadership characteristics that your company values. Are you one of these leaders?
Hear Michele Wierzgac at The PPAI Expo 2018: The Power Of Your Informal Networks, Monday, January 15, 2018, 10:40-11:40 am, Breakers H.
Source: Michele Wierzgac, MSEd, speaker and author, promises that you will leave her solution-driven keynotes and workshops with at least one passionate, life transforming, leadership tool—something that will change the way you seek out a solution and practically apply it without getting stuck.
