Will your leadership bench be ready to lead your company for the next 10-20 years?
For most companies, the answer is “No”. According to one recent study, only 14% of CEO’s have the leadership talent to execute their strategy today, let alone for the future. There is a whole layer of executive, emerging and key leaders below the C-Suite that remains underinvested in and underserved, leaving them unprepared for the future.
They need to be ready to take the reins. They need to be more innovative. They need to deliver a great employee experience. They’re craving opportunities to be challenged and grow, and if they don’t, they will leave.
Here is more data according to research by Towers Watson:
- More than one-quarter of employees are in a high-retention-risk category, and many are top performers or high potentials and possess critical skills.
- More than 70% of high-retention-risk employees say they have to leave their organization in order to advance their careers.
- The cost to replace highly-trained employees and executives can easily exceed 200% of their annual salary.
- CEO’s say failure to attract/retain top talent and developing next-gen leaders are their top two hot button issues.
- Millennials are the leaders of the future, and 53% aspire to become executives. But only 6% of companies reported they had “excellent” programs in place to develop Millennials (Source: Deloitte Human Capital Trends 2018)