In this episode of @TheScienceofLeadership, Tom Collins and Harry Travis discuss the importance of identifying and developing future leaders. Tom and Harry discuss the need for leaders to train and develop their bench, those who will replace them. They explore the challenges of measuring and prioritizing leadership development, as well as the importance of preparing individuals for greater leadership roles. They share stories and examples of successful and unsuccessful succession planning in various industries. The conversation highlights the need for leaders to prioritize training their replacements and create a culture of professional development and mentorship. Harry Travis, MBA has held multiple senior leadership positions with Baxter Healthcare, Cardinal Health, Accredo/Medco, and Aetna. He was the President and CEO of etectRx, Inc, a digital health startup and then joined CVS Caremark as the Senior Vice President, Member Services Operations, where he led over 20,000 associates serving over 110 million enrollees nationwide. Key concepts in this episode include leadership development, succession planning, training, bench strength, organizational stability, continuity, professional development, and mentorship. Takeaways • Identifying and developing future leaders is a crucial responsibility of leaders. • Training and developing the bench ensures organizational stability and continuity. • Succession planning creates a strategic advantage for organizations. • Building a culture of professional development and mentorship is essential for leadership longevity. • Leaders should have candid conversations with their team members to understand their personal goals and align them with development opportunities. • Leaders should prioritize training their replacements and make it known to others that they are being groomed for leadership roles. Key References: Reasons people don’t train their replacements Fear of Being Replaced • O’Reilly, C. A., & Pfeffer, J. (2000). Hidden Value: How Great Companies Achieve Extraordinary Results with Ordinary People. Harvard Business Review Press. Ego and Identity Tied to Leadership Position • Campbell, W. K., Goodie, A. S., & Foster, J. D. (2004). Narcissism, confidence, and risk attitude. Journal of Behavioral Decision Making, 17(4), 297-311. Lack of Time and Resources • Groves, K. S. (2007). Integrating leadership development and succession planning best practices. Journal of Management Development, 26(3), 239-260. Perceived Lack of Suitable Candidates • Ready, D. A., & Conger, J. A. (2007). Make your company a talent factory. Harvard Business Review, 85(6), 68-77. Organizational Culture • Garman, A. N., & Glawe, J. (2004). Succession planning. Consulting Psychology Journal: Practice and Research, 56(2), 119-128. Misaligned Incentives • Fulmer, R. M., & Conger, J. A. (2004). Growing your company’s leaders: How great organizations use succession management to sustain competitive advantage. AMACOM. Unclear Transition Plan • Rothwell, W. J. (2010). Effective Succession Planning: Ensuring Leadership Continuity and Building Talent from Within (4th ed.). AMACOM. Overconfidence in Personal Longevity • Carucci, R. (2018). Why so many succession plans fail. Harvard Business Review. Reasons leaders should train their replacements Organizational Continuity and Stability • Succession Planning: Rothwell, W. J. (2010). Effective Succession Planning: Ensuring Leadership Continuity and Building Talent from Within (4th ed.). AMACOM. • Leadership Pipelines: Charan, R., Drotter, S., & Noel, J. (2011). The Leadership Pipeline: How to Build the Leadership Powered Company (2nd ed.). Wiley. 2. Strategic Advantage • Talent Development: Groves, K. S. (2007). Integrating leadership development and succession planning best practices. Journal of Management Development, 26(3), 239-260. • Competitive Edge: Kim, S. (2003). Linking employee assessments to succession planning. Public Personnel Management, 32(4), 533-547. 3. Culture of Empowerment and Mentorship • Empowering Future Leaders: Day, D. V., & Halpin, S. M. (2004). Growing leaders for tomorrow: An introduction. In Day, D. V., Zaccaro, S. J., & Halpin, S. M. (Eds.), Leader Development for Transforming Organizations (pp. 3-24). Psychology Press. • Distributed Leadership: Kouzes, J. M., & Posner, B. Z. (2012). The Leadership Challenge: How to Make Extraordinary Things Happen in Organizations (5th ed.). Wiley. Leadership Longevity • Sustainable Leadership: Hargreaves, A., & Fink, D. (2006). Sustainable Leadership. Wiley. • Decreased Burnout: Garman, A. N., & Glawe, J. (2004). Succession planning. Consulting Psychology Journal: Practice and Research, 56(2), 119-128. 5. Organizational Learning • Argote, L., & Ingram, P. (2000). Knowledge transfer: A basis for competitive advantage in firms. Organizational Behavior and Human Decision Processes, 82(1), 150-169.
