Pat Nazemetz, former Chief Ethics Officer at the Xerox Corporation, believes succession planning, although often neglected, is vital to every organization. Of course succession planning and succession development are two distinct processes, and companies (or board members, rather) often focus on planning at the expense of development. Succession planning could really be another facet of talent development. Spot talent early with easy-to-use metrics and begin coaching leaders to move through the company and gain as much experience as possible.
Pat Nazemetz, Former Chief Ethics Officer at Xerox Corporation, discuss how intergenerational or cross-generational leadership does not require a specific program — it is really about allowing leadership to evolve organically from within a team. This more plastic development permits different people to lead depending on their exertise and skills, promoting communication and skills-sharing between diverse demographic groups.
Firms are often worried about measuring and increasing their return on investment (ROI). However, most companies only focus on financial capital and forget that human capital is equally important. Patricia Nazemetz, former Chief Ethics Officer at Xerox, believes that success depends on a businesses’ ability to build on peoples’ basic skills. Moreover, identifying the right skills for your company can differentiate your company from competitors.
What do you think? In today’s service-oriented economy, is human capital more or less important than before?