Fireside chats are an important part of our retreats at Big Rock Valley because these deceptively casual conversations enable entrepreneurs to process challenges from a fresh perspective and identify what’s really holding them back. One of the most frequent topics is the difficulty of attracting talented employees, which raises a related issue: the lack of succession planning. Very few leaders are thinking about who is going to follow in their footsteps.
My response is to encourage CEOs to embrace the concept of “going young,” by which I mean being intentional about recruiting fresh talent and developing future leaders.
This has been on my mind for some time. For one thing, our organization has had a wave of retirements in recent years, which was a concern because we’ve always had a wealth of institutional memory. As we thought about filling positions, it prompted me to take a hard look at our organizational structure.
Another factor, Ed Lowe was very clear about wanting his foundation to go on forever. This has challenged me not only to consider succession planning at the top, but throughout our organization. In addition to making sure our team members have appropriate skills and are a strong culture fit — they also need to be able to evolve as the foundation does. It’s about where we’re headed, not where we’ve been. Adaptability is critical.
It’s important to point out that “going young” is not necessarily about age. It’s also about tenure. Too often leadership roles go to individuals who have spent the most years in the organization. Yet by “promoting up,” you could wind up with a mediocre manager and lose a talented performer. New hires, regardless of their age or time spent in your organization, can bring a wealth of talent and fresh perspectives.
A few things that are working well for us in terms of talent acquisition and development:
- Creating a culture where everyone leads. About four years ago, we introduced an internal program called Meaningful Leadership. Although originally intended to break down silos across departments, it came at an important time when new managers were emerging in our organization. The program spans an entire year, and participants meet monthly. Everyone takes a turn at facilitating the sessions where we discuss everything from positive intelligence to managing your boss and mentoring others. The idea is to equip participants with leadership tools to help them wherever they sit in the organizational chart — and develop lasting, trusting relationships with each other.
- Leveraging internships. Two years ago, I started a leadership internship program for college students. We hit a home run right off the bat and found an amazing individual with a great deal of potential who fit our culture, and we immediately hired her. On our second internship, we found another talented performer and made him an offer. Although he ended up going somewhere else, I still count the internship as a success. We got a lot of value out of his participation, and it was a low risk to see if there was a good fit.
- Immersion and mentoring. Hallmarks of our internship program and leadership development initiatives include both structure and opportunities for feedback. For example, I have weekly meetings with our interns, and we try to give them ownership of impactful projects. I like to put new talent in the room when decisions are made so they can see the depth of conversations taking place. Going on site visits is also important, enabling newer leaders to spend time with the second-stage entrepreneurs we serve and better understand them. What’s more, the conversations you can have on the way to and from the site visits are invaluable. It’s a different kind of interchange — one that you can’t have in a classroom.
To recap, “going young” is a shift in philosophy. It’s not necessarily about age, but whether people can grow into a role quickly. It reflects an intersection of succession planning, talent recruitment and leadership development — development being a crucial part, because I believe that everyone leads, no matter where they are in the organization. It’s something you have to be thoughtful about. It doesn’t just happen.