Do You Have a Solid Strategy for Developing Your Leadership Pipeline?
Your Leadership Pipeline Makes Planning for the Future Easier
Every company focuses a lot of energy on its sales pipeline, making sure that new business is always growing. Are you spending similar energy on your leadership pipeline? It may seem less critical, but when you spend some time assessing your current employees’ readiness for leadership roles, you may see that it requires a different strategy.
What would happen if one of your senior executives experienced a life-changing event that prevented them from continuing in their role, or if they moved on to a new position? Maybe you have a next-in-line choice that could take over tomorrow, or perhaps you have a promising employee that would be ready to take over after six months of preparation.
But maybe it’s more serious than that. You may have a team with great potential, but none of your star employees could take the helm for two to three years. It’s time to do an assessment and see where you are with your leadership pipeline.
Assess the current situation. Take time to examine the placement of each of your employees in your leadership pipeline, determining the time it would take to have them ready to ascend to the next management position. This exercise will help you understand the depth and strength of your leadership potential.
Create a development plan. Develop an individualized plan for each of your employees as a part of their bigger professional development plan. Figure out which types of training and classes each employee will need, and don’t forget about other types of experiences that are helpful for leadership qualities to develop. Make sure that employees have access to networking opportunities, experience with presenting in meetings, with skills like negotiation or other job skills necessary for leadership in your company.
Invest in tools that help identify leaders. Some of your instincts for choosing ideal leaders can be supplemented with an objective assessment of your employees’ leadership potential. The addition of a behavioral analysis can help you identify leaders, not just by seniority or their job performance in a given role, but with information about their motivations and traits that indicate leadership potential.
Prioritize internal promotion. Many organizations make the mistake of dismissing a leadership development plan because it takes a lot of time and effort. After all, you can always make an outside hire, right?
That’s true, but it’s going to cost you. The cost of onboarding and training and the risk of a poor cultural fit all make an outside hire both more expensive and more of a gamble than promoting an employee that is already engaged and performing well within your company.
To learn more about creating a leadership pipeline, or to access The Predictive Index behavioral analysis, contact PI Consulting Group. We can help you with a specific leadership development goal or start a talent management strategy from scratch. Make an appointment with us to talk further about these opportunities to build a better future for your company.