Leadership retention is an essential component of succession planning, practice and viable sustainability.
The untimely and unplanned loss of leaders can cripple a business and leave it extremely vulnerable.
They leave because they don’t see the future there for them; they aren’t challenged enough; they feel they aren’t growing. It’s rarely about the money.
You can overcome this.
It begins with you having a clear idea where your organisation needs to develop its leadership:
- Is it in ensuring successful execution of the current business model, products, services and existing markets?
- Is it ensuring longevity by preparing for new business models, products, services and markets?
There are powerful case studies that show you need leadership that can do both equally well.
Most established companies focus on execution in the now. They can get disrupted and lose relevance.
Think Microsoft under Steve Ballmer. He took over from Bill Gates and led Microsoft through brilliant sales and growth of their existing products. But 14 years later Microsoft has 1% of its previous market share. They didn’t take advantage of new opportunities and they are so much less dominant now.
Fortunately, Microsoft engaged Satya Nadella who is taking Microsoft on a much-needed renewal journey.
Entrepreneurial companies focus on innovation. They can get taken over, bought out. Sometimes that’s part of the plan.
Often it’s a forced situation because the innovation was flawed for a variety of reasons, such as the idea not acceptable to the market; financial estimations incorrect; inability to overcome distribution issues and so on.
Think Google’s Wallet. Designed to digitise your entire wallet, card, cash and all, the idea became a $500 million mistake and all the involved executives have left Google. Google is big enough to survive the blunder, unlike Nokia and Blackberry.
Very few leaders are very good at both the short term and the long term. Sensibly you’d be better having both sets of talent as collaborative peers. After all, they do need each other.
By ensuring your leaders are chosen, not just for their current roles, but also for future possibilities with a personalised pathway that they have ownership of and is working, you can underwrite the sustainable success of your company.
We work with you to design those personal pathways for your leadership talent.
We use state of the art profiling to assist at depth in developing executive pathways that excite your people and add great value to your company.
If you believe you should be following this idea, please contact David Deane-Spread, our chief education officer, via our website. David will be pleased to assist you to determine the right pathway for your people and your organisation.