Title: Anyone for Dominoes?
Author: Nicole Murray
Imagine the following scenario: ABC Acme Corporation press release “ABC Acme Corporation announces the retirement of CEO and Founder, Tom Jones. Mr. Jones founded ABC in 1985. For the last 38 years, he has effectively led the growth and expansion into the global market. Janice Jones, Tom’s daughter, will succeed him as CEO. Janice has worked in the capacity of Chief Revenue Officer at ABC Acme Corporation for the last 7 years. Janice’s successor has yet to be named. Janice is looking forward to carrying out ABC’s rich tradition of sustainability and growth through hiring and promoting from within….”
Companies both large and small experience change and growth. The fictitious scenario above is more common than one might think. Tom Jones has built a successful company through good leadership, perseverance, and hiring the right people. Let’s take a moment to play out the rest of the scenario. Once Janice’s position as the new CEO is effective, she decides to promote Jake Johnson, Chief Financial Officer, to her recently vacated CRO position. This will mean that Janice is essentially beginning her career as CEO facing vacancies in two crucially important executive positions: one vacancy and one newly filled position.
Janice’s promotion and decision to have Jake succeed her has created an environment ripe for what is known as a talent domino. Most of us know and understand the term domino effect which is defined as an accumulative effect when one event initiates a succession of similar events. When this occurs, there are often gaps in leadership positions that can lead to issues of disorder, imbalance, and organizational inefficiencies. For example, who will now fill the shoes of CFO, and will a replacement have the requisite competencies and skill sets? And, if it’s an internal promotion, who will fill that newly vacant position?
If the former CEO had a targeted focus on talent development, then ABC may not face what is referred to as a “talent domino”. If not, it can take months to recruit or promote, hire, train, and acclimate new hires into ABC Acme Corporation’s rich culture.
Prominent research by Deloitte results in the belief that 86% of business leaders agree that success hinges on their rising leaders… But only 14% have confidence in their rising leaders.
Strategic Talent Solutions or S3, a talent succession and development program powered by Solutions At Work and Potentia.works, is designed to assist companies like ABC in preventing a talent domino. S3 supports developing successful strategies in succession planning as well as the identification and progression of talent.
Visit https://mysolutionsatwork.com/solutions/s3-strategic-talent-solutions/ and take the “Succession Ready?” survey today. This survey is a tool designed to help you analyze your organization’s talent readiness. Whether your focus is on succession planning or identifying and developing internal talent, S3 is designed to make immediate contributions to your success!