Effective Managerial And Executive Selection

3330 Words Dec 14th, 2014 14 Pages
Effective Managerial and Executive Selection
The Pending Need
Four key words sum up the topic of effective managerial selection: Need, Scarcity, Strategy and Potential. In today’s business environment, the need for effective managerial and executive talent is strong and the stakes are high. According to Strategic Finance, approximately 40% of the workforce in the United States is poised to retire within 20 years (Chavez). The problem most firms are facing is the pool for this top level talent is relatively small. Most companies are not prepared with a strategic plan to fill these openings with high quality leaders. Effective leadership is the key indicator of global competitive advantage in the modern era and is critical not only for leadership at the top but for acquiring, developing, and managing of human resources for sustainability through succession planning (Waldo).
Many organizational leaders realize the pending need and are concerned about finding, developing and retaining the next generation of leaders. As the global economic recession fades, most economists and business leaders expected tidal wave of retirement. Despite this acknowledgement and concern, many organizations are not prepared for unexpected changes in leadership, let alone the long-term development of key internal candidates with potential at lower levels (Miller). Even though replacement planning for key positions should be an important component of continuity planning, it is often neglected in…
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