Benefits Of An Effective Leadership Program Essay

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As the generation known as the “baby boomers” are growing older, retirement is seen in the near future for most. According to the Insured Retirement Institute (IRI) (2016), there are around 76 million Baby Boomers in the United States, 40 million of which are either 65 years of age or older. It is estimated that nearly 10,000 of them retire every day, and it will continue through the year of 2030 (IRI, 2016). These men and women have worked their entire career working their way up the ladder to success, dominating CEO or higher-level management positions. Due to the fact that a large portion of the leadership positions are or will soon be open, it begs the question; who will take over these roles? It is key for an organization to have an effective leadership programs in place that are comprised of accurately identifying high potentials and training these individuals to fulfill the positions. Successful programs should be able to accurately recognize, coach, and retain the high potentials employees. However, a 2011 study of 1,098 senior managers and executives conducted by the American Management Association (AMA) Enterprise, found that 23% of the organizations have not developed a management succession program. In order for these high-potential employees to be recognized and promoted to levels complementary of their talent, it is imperative that organizations have a strong plan set in place.
Literature Review In order to create an effective leadership strategy that
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