A recent report from The Conference Board and Stanford Business School suggests that the time is right for asking this question.
GIBS Information Centre / GIBSIC‘s insight:
boards, team work : “. . . help their boards gain a stronger grasp of their top teams. Here they are:
- 1. Create a talent development program with board involvement. “The development of promising employees should not end with their promotion to a senior management level. As leader of the organization, the CEO has the responsibility to create and implement a development program for direct reports, and the board should ensure that this work is carried out,” notes the summary on the Stanford GSB site.
- 2. Connect talent development with succession. “The talent development program should be formally connected to the CEO succession process, and the progress of individual executives should be reviewed in the context of their potential to assume the CEO position.”
- 3. Play an active role. “While the CEO is ultimately responsible for the development of his or her direct reports, directors should move beyond interacting with executives ‘when circumstances warrant.’ They can volunteer to serve as informal mentors or advisors and, with the approval of the CEO, meet periodically with executives in the context of their everyday work environment.”
- 4. Measure and reward progress. “Companies’ succession plans and talent development programs should be benchmarked against those of industry peers. Further, the CEO should be held accountable for the development of his or her direct reports, with talent development included as a key performance indicator (KPI) for his or her executive compensation program.”
Ackn. Conference Board , Stanford Business School, 2014
See on www.inc.com