What steps are you taking to fill your leadership pipeline?
I have been thinking about this, especially as it relates to a lasting leadership legacy.
To be sure, employees, managers, and leaders are facing pressure and challenges like never before seen in our lifetime. They must maintain a steady balance between big-picture, long-term thinking with daily demands and problem solving. Building a strong leadership pipeline is important, but it often falls into the category of non-urgent. For some, succession planning has taken on a new level of urgency.
A Strong Leadership Pipeline in Corporations
In corporations, a lasting leadership legacy is funneled by line, department, or operating managers. After all, they are in prime position to identify potential, recognize developmental needs, and mentor emerging leaders. They encourage rising stars to take on new responsibilities, even if it means moving onto other lines, departments, or business units.
These front-line managers also support senior executives in defining and creating a diverse, equitable, and inclusive leadership development system for the entire company. They identify challenges, issues, and practical solutions, passing on important knowledge and information.
A Strong Leadership Pipeline in Small Businesses
In small business, a lasting leadership legacy is one of the biggest challenges.
According to a recent article in the Harvard Business Review (May 2020), “The Key to Successful Succession Planning for Family Businesses,” most family firms fail to remain a family business past the second generation. For those that do, gaining support of non-family employees for the next generation of leadership is a key challenge. However, research indicates that family successors are often preferred, as long as they support the existing culture and are well-equipped for leadership.
Based on my experience as a coach, preparation, transparency, and accountability are critical for success. You see, when prospective employees understand any foreseen limits in their opportunities for advancement, they won’t feel blind-sided when family members are appointed in leadership positions. Plus, next generation family members who work side-by-side with non-family members can benefit from their experience through training and mentoring. This also allows the next generation family members to demonstrate their competence and accountability.
A lasting leadership legacy, regardless of company size, requires a strong leadership pipeline.
What do you think? What steps are you taking to fill your leadership pipeline? I’d love to hear from you. I can be reached here, on LinkedIn, or give me a call: 561-582-6060.
