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Even with a high unemployment rate, more than half of large and
mid-sized companies report not having enough management successors currently
on board, according to a survey by OI Partners-E. K. Ward & Associates (Buffalo),
a leading global career transition and executive coaching firm.
- 54% of companies in the survey said they do not have enough qualified
successors now working for them to succeed their executives and managers
- Only 32% of companies report currently having enough management successors
in place
- 14% of companies are not sure whether they have enough future leaders
already in their organizations
The survey included responses from
212 primarily large and mid-sized employers throughout North America, and has
an error rate of +/- 6.7%, according to OI Partners-E. K. Ward & Associates (Buffalo)
(www.oipartners.net)
“The survey reveals a real opportunity for executives and managers –
especially those now out of work – to show they can accomplish desired
results for a prospective employer,” said Lateyfa Ali, Managing Partner and General
Manager of OI Partners-E. K. Ward &
Associates.
“This is also a wake-up call for current employees to prove they should be
considered for promotion now or be placed on the fast track,” added Ali.
The biggest source of a typical company’s future leaders is its
own high-potential employees. Employers are more often developing their own
high-potential employees into future leaders than they are promoting their
now-ready executives, hiring from their competitors, or recruiting from
outside their industries, according to the survey. (Respondents were allowed
to select more than one answer.)
- 72% of companies plan to internally develop their high-potential employees
to become future top management
- 54% expect to promote their now-ready executives to become management
successors
- 40% plan to hire future leaders from their competitors
- 26% anticipate recruiting future leaders from outside their industries
Companies that currently do not have enough management successors are more
than twice as likely to hire from their competitors, and are almost two times
more likely to hire from outside from their industries, than those that have
enough future management talent already in place, according to the survey.
- 48% of companies without enough management successors plan to hire from
their competitors, compared to only 21% of employers with sufficient
management bench strength
- 28% of companies without enough executive talent plan to hire from outside
their industries, compared to only 16% of employers that already have enough
successors
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The
survey results offer the following considerations for employees and
employers:
- There is an opportunity for
employees – and especially out-of-work executives and managers – to
demonstrate that they can drive value, increase profits, and/or position the
organization as a best in class . “With more than half of companies
reporting they currently lack enough management successors, this is an
opening for both employed and unemployed executives and managers to show they
can help a company win business, achieve its goals, and keep ahead of its
competition,” said Ali.
- Executives and managers who are looking for a new job should determine
whether a prospective employer has enough management successors on board. “Companies
without enough management successors are a real opportunity for people
working for their competitors, and even those from outside of the company’s
industry,” said Ali. “Find out whether a desired employer needs qualified
management successors by contacting current and former employees, consultants
and other vendors, and target those companies.”
- This is a wake-up call for employees
currently working for companies.
“Current employees who aspire to reach the top management levels need
to demonstrate that they should be considered for available higher-level
positions now or in the future, and/or they should be designated as successors,”
said Ali.
- Employers need to establish formal
programs such as succession management to maintain “bench strength” and
knowledge transfer to capture and retain experience and knowledge that may be
embedded in key processes and positions in the organization. A critical aspect of succession planning
is providing the necessary resources to prepare individuals for current and
future leadership positions. 71%
of employers in the survey are currently providing high-potential employees
with coaching and other developmental training to grow them into future
leaders. “Employers need to fully assess the capabilities of current
employees and those outside of their organizations against organizational
strategy/needs and decide which ones to grow as future leaders,” Ali added.
About OI Partners
OI Partners is a leading global career transition and coaching
firm that helps individuals find new careers and employers to improve the
performance of their employees and organizations. OI Partners is comprised of
certified career management professionals who specialize in executive and
group outplacement, executive coaching, leadership development, workforce
planning, and talent management. The company was established in 1987 and is
now located in 200 locally-owned offices in 27 countries with more than 100
U.S. offices. Please visit www.oipartners.net or call
800-232-5285.
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