A Leadership Development Checklist

by Jeffrey M. Cohn, Rakesh Khurana, and Laura Reeves

To grow great leaders, companies should do the following:

Launch a formal, high-level succession-planning conference for senior executives facilitated by corporate HR and outside experts; outline the leadership development process; and cascade it through the company.

Create leadership development programs that fill holes in your company's talent portfolio to ensure a deep bench for critical positions in the firm.

Let HR create tools and facilitate their use, but require the business units to own the leadership development activities.

Have the board oversee all leadership development initiatives, and insist on continual communication by CEOs and other senior managers on their commitment to leadership development.

Reshuffle rising stars throughout the company, taking care that A players are exchanged for other A players.

Make sure that your leadership development program is aligned with your strategy, reinforces your company's brand, and has support from your employees.