Did you know that according to research from the Corporate Executive Board, 66% of companies invest in programs to identify high-potential employees and help them advance, but only 24% of senior executives at those companies consider the programs to be a success? Moreover, an even lower 13% of these same executives have confidence in the rising leaders at their companies. So, consider the waste of money and resources in programs that don’t work and, conversely, the outsized positive returns from those programs that do.
One global search firm that places thousands of senior executives each year has identified eight competencies that can be developed and correlate with executive and company success:
- Strategic orientation
- Collaboration and influence
- Team leadership
- Developing organizational capabilities
- Change leadership
- Market understanding
- Results orientation
The CFO Alliance recently released a Talent and Workforce Development Special Task Force Report, Building Bench Strength. This report explores and offers best practices in three key areas: Talent Acquisition, Employee Retention and Performance, and Leadership Development.