There is an unstated need to invest in people capability to make them future ready, to engage and retain them. CXOs today carry more pressure to perform quickly and justify boards, shareholders and even investors trust and credibility especially during the downturn.
This translates into a number of executives in their late thirties and early forties who hold board level roles. While chasing the matrix, P&L and analytics, the bigger ask is– are you grooming and investing on your successor? Someone who can think and act with the same agility and responsiveness?
And that’s the reason why companies need to tilt the balance towards identifying and grooming “Level 5 executives”. With succession planning, you can identify the leadership gaps. With some mentoring and interventions, you can help develop effective and successful leaders. And by giving them the right opportunities, organizations assess which employees are ready for leadership transitions early in their careers.