| The demand for leadership talent greatly exceeds | | | | requirements change.Companies mistakenly focus on |
| supply. If economic growth continues at a modest 2 | | | | leadership traits, styles and technical competence. |
| percent for the next 15 years, there would be a | | | | They commit a major error when promoting |
| need for one-third more senior leaders than there are | | | | successful individuals without acknowledging required |
| today.Baby boomers have already started to retire. | | | | skill set differences at different levels of leadership |
| Most large companies will have to scramble to meet | | | | responsibilities.The Leadership PipelineHiring gifted |
| gaps in senior leadership talent. Who will replace your | | | | people makes sense as a tactic, but not a strategy. |
| retiring executives, and how will you keep your | | | | Companies need to build leaders, not buy them. |
| company's leadership pipeline full?To make matters | | | | Research and experience demonstrate that potential |
| worse, the global and more dynamic economy of the | | | | is not fixed.The more people achieve, the more they |
| 21st century requires executive talent with a more | | | | learn. Their willingness to tackle new challenges |
| complex skill set:*Greater technological literacy | | | | increases. To capitalize on potential, companies must |
| *A sophisticated understanding of global | | | | define the true work requirements at each key |
| marketplaces | | | | leadership level. Succession planning systems must |
| *Multicultural fluency | | | | spell out what's needed to make a successful |
| *Relationship savvy, with extensive networks of | | | | transition from one layer of leadership responsibility |
| alliances and stakeholders | | | | to the next.Succession Planning to Fill the PipelineThe |
| *Leadership skills over a delayered, disaggregated | | | | following five-step plan will facilitate succession |
| and virtual organizationSuccession Planning in the 21st | | | | planning:1. Tailor a leadership pipeline model to fit your |
| CenturyIn response to these challenges, organizations | | | | organization's succession needs.2. Clarify standards for |
| have a renewed interest in succession planning | | | | performance and potential, in your own language.3. |
| systems. While these systems functioned merely as | | | | Document and communicate these standards |
| replacement charts in the past, and were HR | | | | throughout the organization.4. Evaluate succession |
| executives' function, there are two critical differences | | | | candidates through a combined potential-performance |
| today, emphasizing:1. Leadership development at all | | | | matrix.5. Review plans and progress of the entire |
| levels (not just senior executives)2. Responsibility and | | | | pipeline frequently and seriously.Patsi Krakoff, Psy. D. |
| involvement for leadership development within the | | | | writes articles for business and executive coaches |
| work group, with the person's manager and team | | | | and consultants. She provides articles on leadership |
| members (and no longer an HR function)Distinct | | | | and executive development for sale, and formatted |
| Leadership LevelsMost development models fail to | | | | into customized newsletters. Get Patsi's Secrets of |
| consider leadership requirements at all levels. As a | | | | Successful Ezines 7-Step Mini-Course to learn what |
| person is promoted from line manager to business | | | | you need to know to publish a successful ezine. |
| manager to functional manager, skills and | | | | |