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This book chronicles the action that businesses need to take to prepare ... SUMMARIES FREE AT MCECOR.COM ... YOUR CORPOR
BUSINESS BOOK SUMMARIES

BOOK of the MONTH

This book summary is provided for busy professionals to review some of the key principals discussed in our recommended monthly business books. The summary is not intended to be a replacement or substitute for the actual books. Our subscribers are encouraged to buy the actual books if the summary resonates with them.

FEEDING YOUR LEADERSHIP PIPELINE: Author(s): Daniel R. Tobin

Introduction: By 2030, 78 million baby boomers will turn 65, the typical retirement age. Waves of retirement occur and generations age in cycles, but the baby boomer rush presents particular problems for the American workforce. This book chronicles the action that businesses need to take to prepare for this critical leadership transition. Having developed essential skills and experience vital to the success of their companies, most baby boomer workers will have assumed important leadership positions by the time they retire. This will create openings that need to be filled not only by those with the necessary skills but also by people who have pertinent experience and the right attitude toward the company. Traditionally, succession planning has depended largely on the leaders themselves since they are typically the ones who select their replacements.

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“In the coming years, the business industry in the United States will face a critical transition.”

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Identifying Your Company’s High-Potential Talent 1. Knowing and Managing Yourself. Employees who can manage themselves have a high emotional intelligence, healthy selfconfidence and the ability to train themselves in new areas. They also tend to have good time management practices and can think creatively and flexibly.

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2. Knowing and Managing Others. The primary skills needed center on both oral and written communication. Employees must be able to give instruction, build successful teams, delegate wisely and coach others on how to develop their skills. 3. Knowing and Managing the Business. Hi-Pos must be able to understand the business and make good business decisions. These leaders can successfully solve problems, create strategic plans and understand financial situations. They can react to local or global economic indicators and make necessary changes to the structure of the organization.

Components of a Leadership Development Program 1. Education Sessions. Education sessions give future leaders the chance to explore new ideas and exchange thoughts on lessons while also building their social skills. Instructors can arrange education sessions in a series that spans the length of the program and often requires class attendance outside of work. 2. Experiential and Action Learning. Provide Hi-Pos with projects that will help them develop their skills. Tie these projects directly with education sessions. They can be team-based or for individuals. Challenge them to work in areas that are not their specialty, but that will help them gain a fuller understanding of how the business works. 3. Individual Development Plans and Guidance. Individual Development Plans, or IDPs, should differ based on the candidate and their progress. Businesses can use assessment tools to track Hi-Po’s learning progress with collaboration between the Hi-Po’s instructor, manager, mentor, and the Human Resources department. 4. Mentoring, Coaching, and Reinforcement. Mentoring stems from IDPs, but companies can also choose several strategies for personal training. Some companies may prefer to link candidates with senior business executives while others opt for more general coaching that can occur more frequently. Another option is to use a reinforcement strategy that incorporates LDP concepts in communication with managers, peers, and employee’s day-to-day.

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LDP Education Sessions The goal of the business LDP is to create well-rounded leaders who can successfully manage the company, plan innovatively for the future and develop the organization’s culture and values. The methods to reach this goal are varied, and even with the four LDP components, businesses still must decide which mediums of teaching they will use to train Hi-Pos.

LDP Experience and Action Learning The first few sessions should carefully set out the main points of the LDP, namely what it means to be a leader in the company and what leadership qualities the business is looking for. Ideally, the first week should begin with a welcome dinner, planned for a weekend so that all participants can meet each other and establish early contacts. These dinners are excellent bonding opportunities. The first session of classes, usually one or two in a day, should end with a more private dinner with assigned teams. The third day of training should conclude with a dinner with company executives.

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Participant Assessment and Program Evaluation Companies can keep their traditional assessment practices or branch out into new models that allow for a complete participant analysis. The 360-degree assessment is a standard method; this entails companies gathering input from the participant, their managers, their peers, and their employees. This type of information is useful when companies want a full look at members with views on both their strengths and weaknesses.

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When using a 360-degree assessment, necessary qualities to consider are trust and confidentiality. Without trust, employees cannot give honest accounts to one another and the reports may encourage backstabbing.

LDP Mentoring, Coaching and Reinforcement The last part of the LDP process is mentoring and coaching. The mentoring process is an education process with a manager or peer that helps the participant learn more about leadership position. Mentors should learn as much about their jobs and positions as Hi-Pos should learn about their leadership training. Coaching is a different aspect of the teaching process. Coaches serve as developmentalists, helping participants in the program to overcome their problems. Hi-Pos need both mentoring and coaching to learn how to be effective leaders.

How Much Will It Cost? Cost of developing an LDP can be an issue, especially for small to mid-sized companies. To decide if the LDP is worthwhile, companies should examine the total costs of recruiting senior executives from outside the enterprise or

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promoting someone without the same training from inside the enterprise. The adverse effects on employee morale and learning time can be far more costly than the expense of creating a successful LDP.

ENJOYED THIS SUMMARY? WANT TO FIND OUT MORE? This summary represents our opinion of the key concepts contained in this recommended book. It is intended for busy professionals to gain quick insight on latest business books. It is not intended to be a replacement or substitute for the actual book. If you would like more information about the topic, we encourage you to purchase the book (available online and in bookstores). Note: We do not receive compensation for making this recommendation.

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“Succession planning is primarily about building - and not

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just preserving shareholder VALUE” - Anonymous

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