The next leader of your company may be sitting outside your door. He or she might be the entry-level team member you just hired. These are assets you haven’t tapped into yet, but it’s time to start.
According to the 2014 Report On Senior Executive Succession Planning And Talent Development, companies take about 90 days to replace a senior executive. That’s a long time to halt productivity. The lengthened search is often attributed to the following challenges:
- Outside hires at the executive level are not always a guaranteed match for companies.
- Outside hires cost more money, and compensation issues typically arise.
- Internal candidates are not adequately prepared to take over.
These issues aren’t exclusive to finding top leaders, though. Hiring any level of manager brings these problems, too.
There are four steps to developing an employee. When followed, they help boost employee retention and slow the lag time that comes with replacing leaders. Succession planning isn’t just an investment in future leaders; it’s an investment in the future stability of your company.Read More