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By Ellen Pearlman
Strategic Thinker:
Marshall Goldsmith
Credentials:
Goldsmith has worked with over 100 major CEOs and their management teams, has been ranked among the top ten executive educators by the Wall Street Journal, and one of the five most respected executive coaches by Forbes. He is the author or coeditor of 24 books, including What Got You Here Won't Get You There, the recipient of the 2007 Harold Longman Award for Business Book of the Year. He is cofounder of Marshall Goldsmith Partners.
Big Idea:
Preparing your successor and you for the transition takes advance planning.
Book:
Succession: Are You Ready? Published by Harvard Business Press, February 2009
Blog:
http://marshallgoldsmithlibrary.com
At a time when reducing costs is top of mind and corporate layoffs are announced on a daily basis, most CIOs are probably not expending a lot of effort thinking about succession planning. However, I found a book by Marshall Goldsmith (Succession: Are You Ready?) valuable for today's executive since the advice it provides is helpful in good times and bad. The lessons Goldsmith has learned from three decades of working with CEOs and their management teams is applicable to grooming your next-in-line for success and planning your own transition when you retire from your current line of work-or are forced out-and prepare to enter the next phase of your life.
While Goldsmith's book is targeted to CEOs he says his advice is applicable for any leader going through a transition process. His views regarding preparing for transition are pertinent for any baby boomer executive who hasn't started to prepare for life after leaving the executive suite. Many have no idea just how challenging that process can be. Furthermore, recognizing that it is time to move on can be difficult for some executives to acknowledge. "It is easy to fall in love with the baton of leadership," says Goldsmith. But, "passing the baton is the final challenge of great leadership."
For executives who have worked continuously for decades, often at the expense of time spent with family and friends, getting off the express train and figuring out what to do next can be a struggle. And for those executives who are forced out of their positions before they are ready to depart, facing the future can be daunting. Many corporate executives have grown used to the perks of their job, their status and the power that comes with their position. So letting that go can be painful. Finding a new way to make a contribution is important for people who are not ready to slam on the brakes when they leave corporate life. Leisure time is not something that most executives are used to and may not be relished when they have it.
Next: Creating a Great Rest of Your Life
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