The High Cost of CEO Turnover
You read about CEO failure everyday. Another CEO at a well know company does not work out. The results can be very damaging for a company.
I consult with companies in executive selection either from within the company or if necessary from the outside. I provide psychometric testing and an extensive structured interview based on competencies. Unfortunately, companies and Board of Directors often do not create a competency model for executive positions in their leadership pipeline as part of the succession plan. They do not do their due diligence in the development or selection process.
Is your company finding the right successors for top jobs in the organization?
CEO turnover has increased sharply in recent years. CEOs are failing sooner and falling harder, leaving companies in turmoil. At all levels, companies are short on quantity and quality of potential leaders.
There is something wrong with leadership development practices. Organizations are facing unprecedented challenges in finding successors for top jobs and worse, so many leaders fail shortly after landing their positions.
Leadership matters. It motivates people beyond their limitations, unleashes energy and gives people direction, synchronizing their efforts.
Financial results define where a company has already been. In contrast, leadership is a key indicator of the prospects of a company.
The quality of leadership at every level has a huge impact on everyday operations, and it determines the level of engagement of workers.
That is why companies spend so much money on elaborate leadership development programs. Nonetheless, succession planning and leadership development simply are not working.
When a company fails to produce the leaders it needs, executives are recruited from the outside. Needless disruption occurs as they struggle to learn the business and adapt to corporate culture. Seeking a CEO from outside the company is risky, difficult and more costly.
Directors, CEOs, HR executives and other business leaders have fared poorly at selecting and developing organizational leaders. They do not seem to understand what makes a leader or what the job entails. They focus on the wrong people for the wrong reasons.
Many fail to recognize that developing other executives is a major part of the job of every leader, and they tend to start the process far too late. They underestimate what it will take for a leader to develop the capabilities to take a complex organization into a future fraught with rapid and destabilizing change.
Are you helping develop future leaders in your job?
Working with a seasoned executive coach trained in emotional intelligence and incorporating leadership assessments such as the Bar-On EQ-i and CPI 260 can help you become a more inspiring and visionary leader. You can become a leader who models emotional intelligence and social intelligence, and who inspires people to become happily engaged with the strategy and vision of the company.[ad_2]