Strengthen your Bench Strength
Companies have always to think ahead of their future leaders, and keep a list of “Bench Strength”; potential candidates who could step into the shoes of their senior managers. However, it’s not about just preparing the list, because even if those potential candidates weren’t prepared enough they might fail in doing their future jobs. It’s more about training and transferring that business knowledge from senior management to their successors, transferring and capturing “the crème del la crème” knowledge of senior management. It’s about who, how, when and what sort of knowledge.
It’s also about motivating, engaging, retaining and developing employees, and hiring new employees to fill the positions of those potential candidates when they are promoted, whether from within or from outside the organisation. Sometimes brining new blood to the organisation to bring new ideas or new knowledge.
It’s about keeping the knowledge cycle going, and the recruiting –developing – retaining (RDR) cycle working and working and so forth, and this will lead to creating new knowledge by bringing new talented employees, sharing and retaining that knowledge.
Some studies shows that few companies do that, and this is not surprising, because excellent organisations are few organisations, and this requires a spectacular amount of commitment and dedication from senior management, and a solid succession plan which will eventually strengthen its bench strength.