What is a Leadership Pipeline?
Your business will always have to recreate itself at best and may even go backwards if you don't have a leadership pipeline established. What exactly is a leadership pipeline you ask? It is a pipeline of talent filled with future leaders of your business. It is the inventory of talent being trained and groomed to be the next level of leaders of your business. They are your future.
Why a Leadership Pipeline?
A leadership pipeline allows you to build bench strength. As you fill the pipeline with talent you need to hire for culture fit, attitude and character above all else. Of course you must also consider the job role and personality match as well. To be sure, future leaders need to be hired that have a future of growth with the company. So in essence, the leadership pipeline is the bank of future leaders learning the business and gaining key insights while working for the organization.
What are the Benefits of a Leadership Pipeline?
First and foremost the ROI (return on investment) for a leadership pipeline is tremendous. It sets your company up properly for future growth. It allows you to train new leaders proactively and have them prepared before they need to fill a leadership role. One of the strongest attributes is that it supports promotion from within. Promoting leaders from within helps to create a strong and dynamic culture. It also adds to the motivational support of the employees as they see the future growth at the company as more than lip service.
Redundancy in key roles and functions is also a benefit of a leadership pipeline. I can remember before I was in a leadership role many years ago , while being trained for it, that I was able to step in and act as a proxy for the leaders while they were away. It offered me a chance to grow and learn, while it allowed the leaders to take time away from their jobs without having to stay plugged in via email or phone while away. It benefited us all.
At some point in the life cycle of every business, succession planning must be considered. With a leadership pipeline, the most critical part has already been established, future leaders. It gives you the time and opportunity as a business to evaluate the future leaders and prepare them to lead the company as intended going forward.
Last but not least, delegation is a great benefit of a leadership pipeline. Not only does it allow the current leaders to be able to garner help when overloaded, it also provides a learning opportunity to the future leaders. If you go to episode 43 you can see the power that delegation really is. I cannot understate the power of delegation on both sides of the equation.
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