Companies Should Grow Their Own Leaders.

• Position: Firms should promote promising employees from within - Brief Article

Forward-looking corporations can nurture their leadership development programs through adoption of a breakthrough succession management strategy called acceleration pools, says William C. Byham, chairman and CEO of Development Dimensions International, a global human resource consulting company specializing in leadership development and selection systems design, and author of Grow Your Own Leaders.

Acceleration pools are a systematic method for identifying and developing high-potential people for targeted levels of management, rather than specific jobs. In contrast to older programs, which often were available only to new college graduates or people with just a few years of experience, acceleration pools are open to "late bloomers" or leaders who join a company in mid-career. They accelerate development of high-potential people through stretch jobs and task force assignments that offer the best learning and the best opportunities for displaying abilities.

Organizations worldwide are facing a shortage of quality leaders at both executive and general management levels for a wide variety of reasons, including rapid growth, a surge in retirements, and increased turnover. Surveys show that about three-fourths of them are not confident in their capability to staff strategic leadership positions effectively over the next five years. One study by the Corporate Leadership Council found that many executives were held back by a lack of...