EXECUTIVE SUCCESSION PLANNING – TRY “BOARDROOM APPRENTICESHIPS”
The world’s major corporations have made a science of top executive development and succession planning — shaping the next generation of “hi-pot” execs is vital for long-term success. But, as an article in the March issue of online governance monthly Boardroom INSIDER notes, prepping these future leaders for their corporate boardroom role is still largely ignored.
BI publisher and governance speaker Ralph Ward writes that, while rising execs often present to the company’s board and act as director info resources, “this is only a small part of what they need to learn about boardsmanship.” Ward proposes that corporations add structured board apprenticeship to their exec development programs. Current company directors and C-level executives work their contacts to help rising managers gain seats on outside boards, and this “boardroom seat time becomes a part of the succession and development process the company formally supports.”
Company subsidiaries and joint ventures, or industry association boards are are few of the other board resources that can be tapped, say Ward, who notes that past CEO fears about execs on outside boards being poached away are fading. “Hobbling your high-pots’ growth just makes them more likely to seek greener fields.”
Other articles in the March issue include:
NOW ON AUDIOBOOK.
— Here’s why you have more “board experience” than you think (and why your current resume hides it).
— How women can jump the career obstacles they face into the boardroom.
— Finding your board search mentors and networks.
— How board searches really work (and how to turn flaws in the process to your advantage).
— Gaining the attention of board contacts and search firms.
— Prepping for a board interview… and for your first board meeting.