By Harrison Monarth
Despite studies showing that succession is an essential part of strategic planning, many companies ignore leadership development to focus on more immediate challenges. But your organization’s future success depends on identifying and developing the next generation of its leaders.
According to a 2014 survey from Deloitte, 86% of business leaders know that their organizations’ future depends on the effectiveness of their leadership pipelines — but a survey of 2,200 global HR leaders found that only 13% are confident in their succession plans, with 54% reporting damage to their businesses due to talent shortages. To improve your leadership development strategy, look at the criteria you’re using to identify potential leaders, what you’re doing to assist with their development, and how you’re measuring their success. Continue reading