Got Talent? Why It’s Important to Build Bench Strength

Recently, I’ve been asked to discuss “bench strength” with a few organizations. All companies need to develop the next generation of leaders if they want to survive, let alone thrive. Unfortunately, few companies master succession management. In a study by the Corporate Leadership Council, 72 percent of companies predict they’ll have an increasing number of leadership vacancies during the next few years. At the same time, 76 percent are “less than confident” in their abilities to adequately staff these positions.

The few companies that apply rigor to identifying and grooming their top players enjoy retention and increased bottom lines. So let’s discuss the practices of an effective succession process. There are three initial steps: