Investing in Leadership Development is a 2024 Trend
CEOs Are Investing in Their Leadership Teams This Year | Inc.com
According to the survey of over 1700 small and midsize businesses about priorities for Leadership teams this year, 59% said they are investing in development. This includes investing in training, promotions, and succession planning. As I work with leaders and CEOs, this rings true. The search for impactful development and training opportunities is in full force. I have multiple conversations each week about how to best provide opportunities to prepare team members for the next move.
I encourage Senior leaders to start with Succession planning. When resources are tight, focusing on the most critical and logical next steps for promotion (in response to expansion or planned exits like retirement), Succession planning can add laser focus and clarify priorities for budget and resources.
This is no small task and often leaders reach out not knowing where to start. This is where a trusted advisor can be a significant help in walking you through the process that works for your organization. While each leader can certainly create a succession plan, I find that the tools, resources, and experience I bring can cut the time it takes from the design to implementation and can be a wise investment.
The steps:
Identify the Focus: Choices: Narrow based on job, employees at a particular level, an in tact team, or the entire organization.
Complete a talent assessment of strengths, needs, and potential of each team member.
Based on your assessment, review and compile a short list of potential successors for key roles, the timing, and the gaps needed to close in order for their readiness
Identify and document development activities to prepare each person for a potential promotion, closing the identified gaps
I have a short On Demand video course that provides an overview of a straightforward approach to Succession planning and Talent Development with a few tools to get you started. It will provide you with the foundation to begin the work in your own organization. Use Code Succession24 for 25% off the On Demand Course at Online Courses
Of course if you find you need a little extra support, reach out. That’s where I can help.