Diversity MBA Magazine - Fall 2008 - (Page 39)

FEATURE promotional opportunities that will showcase their talents to an even greater extent. Stated otherwise, it is important to increase the “bench strength” of individuals who make a solid contribution to the corporate team’s success. After all, the team leader is no more successful than those who follow his or her direction and work shoulder-to-shoulder to help the company maintain industry leadership. “In today’s leaner, flatter organization, leadership isn’t limited to people in the executive suites or corporate board rooms,” Handal says. “Now leadership is everybody’s business. Employees throughout a company recognize their role in fulfilling the company’s mission. They seek the right solutions to the hard challenges. They find strength in others. And they motivate people to go for peak performance.” Properly understood, CSP is a function of human resource development that links the goals of strategic planning, talent management and career planning. For starters, a top priority of progressive organizations is to develop programs and processes that give the organization a competitive edge in responding to changes in the market, enabling it to constantly improve its products or services and enhance its brand image. In this regard, it’s highly important to plan for significant changes in the market by developing talent that exhibits the resilience and flexibility to look outside the box and anticipate business trends well before they become the norm. To this end, a central goal is to retain talented individuals who comprise the pool of likely candidates to be considered for major promotions. Everyone won’t reach the C-suite, but some will. Everyone in the C-suite won’t be a logical candidate for senior-level management, but again, some will. S epte mber 2008 Le ade rshi p G al a I ssu e STORY Inherent Challenges Corporations are evolving entities. Change happens, planned or unplanned, welcomed or not. It is a fiduciary responsibility of the board of directors to ensure smooth transition of senior leadership whether due to filling emergency vacancies or planning for an executive’s retirement. In smaller companies such as family businesses, succession planning takes on a more personal tone. All the family has built could be at risk if the person at the helm doesn’t steer the ship in the right direction. Developing executive leadership by promoting from within sends signals that it is worthwhile to consider a lengthy tenure with the company. After all, if those who have proven themselves as rising stars cannot realistically aspire to move up the managerial ladder, why should they plan on continuing their association with the organization? On the other hand, Handal notes, “When considering a rising star to step into a greater role, managers usually consider his/her ability to be assertive without stepping on people’s toes or egos, prevent miscommunication, manage conflicts with ease, and strengthen relationships with co-workers, vendors and customers. Therefore, when an individual wants to improve in the area of interpersonal skills, the best way is to build credibility through communication and behavior, develop critical listening skills, and enhance conversational skills. All of these areas are essential to paying attention to the needs of clients as well as colleagues.” In some instances, bringing in an outsider to lead the company may be good if the predecessor was ineffective in his or her leadership style or abilities. A fresh face, new spirit and energy can add to the dynamics of a firm supple enough to support a new brand of leadership. However, be aware it may also have the unintended effect of prompting other key senior managers to jump ship. Why stay to be groomed for a slot likely to be filled from the outside? Maintaining orderly transition of managerial authority that perpetuates the corporate vision, advances the corporate mission, and embodies corporate values is one of the most challenging aspects of CSP. If the company is publicly owned, a seamless transition sends signals to investors and customers that the company is on solid footing and their interests will be recognized and preserved. Effective succession planning should be viewed as a proactive means of identifying who is ready to move up now and who can be expected to take on more responsibility in the future. Corporate decision-makers are well advised to consider the benefits of workplace diversity as a means of 39 Succession Planning and Workforce Diversity

Table of Contents Feed for the Digital Edition of Diversity MBA Magazine - Fall 2008

Diversity MBA Magazine - Fall 2008 Contents Letters to the Editor In Your Own Hands Editor's View Business Briefs Off the Shelf Diversity MBA 2008 Awards Gala and Leadership Forum "Diversity Next Practices" Illusion of Inclusion Good Is Not Enough Revisiting Your Personal Brand Discover Your Power Voice Authentic Leadership In An Ever-Changing Marketplace Stopping the Brain Drain: How Companies Can Keep Talented People of Color Corporate Succession Planning - How Do You Fit In? How To Manage Virtual Teams Beyond Demographics Recruit, Recognize, Retain, Reinvest – Winning the Talent Acquisition Game Leave Ego at the Door Modernizing Supplier Diversity Taking the Leadership High Road… When You Can Find It Think Boardroom Bound; It’s Happening Who's Who In Diversity Fail to Succeed 4-Star Start-Up, Chris Ward: Character Above All Get Them at Hello – Tips to Improve Your Marketing Kit Sonny Vu, Entrepreneur A World at Your Fingertips Big Brother Wants Your Bank Account Stepping Off The Corporate Ladder HR Focus with Monica Ross A Unique New England Vacation Bold Caballeros y Noble Bandidas Women of Color and Cancer: The Chicago Phenomenon Being Single Isn't Easy International MBAs Flock To U.S. Schools Smart Strategy Gadgets+Gizmos Advertiser's Index

Diversity MBA Magazine - Fall 2008

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