Leadership succession, or lack thereof, is becoming a huge issue for organizations; particularly in the U.S.
According to a study conducted by Right Management, part of the Manpower Group, when it comes to which organizations have a defined, actionable succession plan for developing a pipeline of future leaders, the U.S. came in last place of all of the countries that participated in the study. In short, many companies don’t have a concrete leadership development plan in place in order to continue to grow the future leaders of their organizations.
The article, “What’s Really Going On In The Workplace” shares the following sobering statistics:
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- Only 4% of U.S. employers have a sufficient pipeline to cover their leadership needs.
- Companies are reporting an increase of “poaching” by their competitors; further complicating issues around the lack of leadership talent.
- “Nearly two out of every three employers (63%) now say that other companies are targeting key employees, versus just 42% last year”.
As you can imagine, not having a plan in place for developing future leaders for any business can impact an organization’s ability to survive. Every organization needs to ensure that the following strategies are in place:
- Succession planning, (identifying employees within your company that have the potential to move into leadership and grooming them for leadership opportunities.
- Leadership development programs for internal staff.
- Tuition assistance or reimbursement to help staff enrich their skill sets if funding is available for a program.
- If your organization cannot fund tuition, you can support your employee’s development by allowing them time away from the office for school/career enrichment activities.
- Partner with schools at all levels to teach kids and young adults about the hot jobs in their organizations
To learn more about what was uncovered in this study along with recommendations, click here.
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