Develop your next executive team.
Author | Francom, Sarah Ryther |
Position | From the Editor - Editorial |
So much goes into running a successful business, but perhaps nothing plays a more impactful role than the executive team making the do-or-die decisions. In this issue of Utah Business, we present our inaugural CXO of the Year awards program, which honors a selection of Utah's top C-level executives who are integral to their companies' success. Read how they do it beginning on page 70.
Finding the right executive talent to propel your company forward is not a task to take lightly--and it's certainly not easy. Several studies have reported that executive management is one of the nation's top workforce crises. According to Harvard Business Review, "Nearly 60 percent of companies are facing leadership talent shortages that are impeding their performance And according to the "2014 Succession Planning and Talent Development Survey," conducted by the Rock Center for Corporate Governance at Stanford University and The Institute of Executive Development, "only 46 percent of respondents have a formal process for developing. successor candidates for key executive. positions." The report also found that only 25 percent have an adequate pool of candidates ready to take over senior exec positions.
Whether due to retiring. Boomers, poor succession planning or lack of internal leadership development, executive talent--which is crucial to business success--is becoming increasingly difficult to find.
Leadership development should be a priority in all organizations, and not just during succession planning. While it's important to have someone lined up to quickly take over a key role as, a senior executive retires or exits the company, general...
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