PRESS RELEASE: May 31, 2007

THE LOOMING LEADERSHIP VOID:
75% OF BUSINESSES ARE FACING IMMINENT LEADERSHIP CRISIS
IS YOUR COMPANY ONE OF THEM?

FOR IMMEDIATE RELEASE:

Consider these stark statistics:

• 50% of all companies recently surveyed say they expect to lose more than half of their senior managers in the next three years (RHR International study)
• 15% say they expect to lose 75% or more (RHR International study)
• More than 6 out of 10 respondents to an Ernst & Young survey say expected retirements over the next five years will cause a major ‘brain drain’ in at least some business functions

The reality of business leadership today is that as Baby Boomers start to retire in the next few years this will leave companies with substantial executive voids.  Many top executives don’t recognize this looming leadership void, and succession planning is not a priority. When retirements come, and no one is available to step up, businesses can nosedive, or minimally face unnecessary stress and instability.

So how can a current business leader know if they are facing a crisis? Eric Herzog, Ph.D., author of the book Future Leaders, is perhaps the nation’s most influential and knowledgeable expert on leadership development. He has worked with many large companies including JP Morgan Chase, Cosco Wholesale, Hyundai Motor America, and Honeywell, helping them establish foolproof leadership development programs and organizational strategies.

“Current leaders are often so focused on growth and operational planning, they fail to ‘look within’ and prepare for the future in terms of leadership,” says Herzog.  “The demographics are not in businesses’ favor in terms of current leaders retiring.”

Herzog says executives should ask themselves several key questions:

• Do you have replacements for your key positions right now? 
• What percentage of individuals in key positions will soon be retirement-eligible?  Within what time frame will they retire? 
• Is internal leadership development sufficient to replace retirement-eligible employees?
• Do you currently have management vacancies you can not fill?
• Are the leaders you are developing now sufficiently ‘promotable?’
• Does your corporate strategy call for rapid growth?

“There are three things every executive should know,” adds Herzog.

“Demographics dictate the majority of key people are rapidly moving to retirement; ‘rightsizing’ and self directed work teams have ‘flattened’ organizations resulting in a smaller leadership pool; and competition for resources and a short-term focus have compromised leadership development.”

So what’s an executive to do if they determine a leadership crisis is on the horizon?

Herzog’s company, Quest Consulting & Training Corporation developed Leader-Led Leadership Development®, which enables companies to quantify potential leadership shortages, obtain the executive involvement needed for success, and develop an internal development program within just a few months.

“Good business leaders are known for ‘big picture’ planning and sustained corporate growth,” notes Herzog.  “But the best leaders see the future and take the necessary steps to prepare leaders for tomorrow … today.”

Dr. Eric Herzog is founder and president of Quest Consulting & Training Corporation, a leading organizational consulting and development firm. His innovative programs on change management, strategic planning, team building and leadership development have resulted in dramatically improved performance for hundreds of companies in various industries. Herzog received his doctorate from the MIT Sloan School of Management.

Future Leaders is available for purchase at www.amazon.com, www.atlasbooks.com, and other online booksellers. It can also be ordered at any major bookstore. More information is available at www.preparingfutureleaders.com.

Advance Review Copies of Future Leaders Available

Contact:
Dan Smith
856-489-8654, ext. 101
dan@smithpublicity.com