Developing Your External Leadership Pipeline
In our last post, we highlighted the importance of developing your internal leadership pipeline within your organization. As a recap, some of the benefits of doing so include:
- Increased ability to retain and develop top talent
- Increased transparency of potential career paths
- Improved workforce stability
If your company fails to develop a strong internal leadership pipeline, it may be necessary to rely on outside partners. Developing an external leadership pipeline strategy could be an essential ingredient to your organization’s success. It’s important to identify the current gaps in your company’s pipeline of talent and develop a strategy to identify and develop potential sources for top talent. A good place to start is to focus on developing goodwill in your industry and brand your company as an employer of choice. Just as you market to your potential customers, place some emphasis on positioning your organization as an ideal workplace for job candidates. Regularly communicate the value and significance of your products and services to your industry and deputize your employees to share with others the reasons why your company is a great place to work.
Encourage your top executive talent to leverage their professional networks to make sure they maintain strong relationships with former colleagues and strategic allies. One of the most effective methods of activating the professional networks of your existing executive’s talent pool is to provide tools that allow them to nurture and cultivate their network. Empowering your leaders to cultivate their own dream teams can be a highly motivating and rewarding exercise.
It’s never too soon to consider the future of your business and the leaders who will help it grow in the near and distant future. Start developing your leadership pipeline now to ensure greater stability in an ever-changing business environment.
Additional Resource: See the Harvard Business Review article When Growth Stalls. An article that discusses how successful companies lose momentum for four main reasons, one of which discusses the impact of “When Talent Comes Up Short”.
“For nearly four decades, Handler & Associates has partnered with clients to deliver high-quality, challenge-ready executive leaders.”