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Growing Your Company's Leaders

Growing Your Company's Leaders

Growing Your Company's Leaders

How Great Organizations Use Succession Management to Sustain Competitive Advantage

by Robert Fulmer & Jay Conger

For decades, succession management identified replacements for senior executives who, it was assumed, would eventually depart the organization through death or retirement. In many companies, the planning for succession was one of several “annual events,” without much thought given that the process could be deployed to develop and/or retain talented employees. These days, good workers are often lured away to competing organizations, and companies without strong succession processes are left hanging. Authors Fulmer and Conger explore how the competition for talent is changing, and how several best practice companies have used succession management as a source for strategic advantage.

What You'll Learn

  • Why there's renewed interest in succession. Contemporary succession systems no longer think solely about the replacement of talent; they are also focused on developing the best employees possible. Potential outweighs current performance, and everyone gets involved in the assessment of talent.
  • Who "owns" succession management? Best practice companies have three main groups that make succession management possible and successful - owners/champions, process owners, and implementers.
  • Defining and identifying talent. What kind of talent does your company need? What does it look like? How can it be best developed and deployed?
  • Linking succession to development. Why "rank and yank" employees when your company's future might hinge on a late-blooming superstar?
  • Measuring and ensuring long-term success. Successful succession management systems measure their own record of identifying developmental opportunities and filling them with the right people at the right time.
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