Given the shifting demographics of the next 10-15 years, organizations are set to face dramatically high attrition rates among senior executive ranks. Some companies are proactively preparing themselves for this challenge and increasing their investments in identifying and developing future leaders. But many are feeling overwhelmed by the magnitude of the challenge and expressing anxiety and frustration over what they perceive as antiquated talent management principles and tools.
Observing and working with some companies at the forefront of leadership development, here are five good practices (who can really say they are best?) worth highlighting:
1. Define what Leadership Potential means
Start with looking for answer to this simple question: what is the individual's long-term career potential and to what extent does he or she appear to possess the drive and capabilities characteristics of a senior leader?
2. Zero in on development
Focus development efforts on the one or two competencies that if successfully demonstrated by candidates would help build confidence in their ability to be successful one or two levels of leadership above their current role.
3. Focus on high-impact development solutions
Clearly communicate development objectives to the candidate's new leader and other managers in the area to ensure that the candidate receives feedback and support, especially in the crucial early months of the assignment. Emphasize the importance of on-the-job forms of development and deploy intensive feedback and coaching which can best achieve significant changes to behavioral/leadership styles. Executive perspective is usually best addressed through frequent new job experiences.
4. Provide support and reinforcement
Ensure that a proactive development approach is in place to support people in stretch assignments by providing “transitional” coaching to high-potential candidates and implement onboarding processes to help candidates connect with their new leadership teams. Cross “sink or swim” assignments from your list; they mostly lead to lose-lose, disastrous results.
5. Assess development and learning agility
Define performance indicators carefully. For example, the magnitude and pace of change may over time render an executive prior experience obsolete. That is why many companies hold an executive's learning agility as the single best predictor of leadership potential.
