Successful
Succession
There are many ways to practice the craft of lifelong learning. Training and educating employees and providing a clear path for succession in specific company positions are methods getting a significant amount of attention these days.
The recent announcement by General Electric that Jeffrey Immelt will succeed longtime chair Jack Welch culminates many months of speculation about Welch’s successor. Never before has the changing of the guard at a major corporation generated so much interest, not only in the business world, but even among the general public.
It is all for good reason. Welch’s career represents an almost unprecedented streak of profits and an enormous increase in stock value for the company. Except for a few brief periods in recent years, General Electric has had the highest market capitalization of any company in the world.
But this is not merely a flash in the pan. In a day and age when bi-directional loyalty between companies and their employees seems to be a thing of the past, GE has been the acknowledged leader of corporate training programs, actively developing its people and their leadership skills.
Successful succession is not an afterthought at GE or other visionary companies. And what sets them apart is not what they do for those in the upper echelons of the company, but what occurs throughout the entire organization. It is a proactive program that results in a better organization and makes employees better contributors to the company and society. Well-planned learning programs can enhance human capital while providing companies and individuals with a competitive advantage.
The passing of the torch from Welch to Immelt will be successful because it was planned and not just an accident or the result of political maneuvering. And it is a striking example of General Electric’s belief in one of the core values of the LF industry: lifelong learning is an essential element for success.
Given the press that the GE event has generated, boards everywhere will be examining their training and succession management programs. The tight labor market for skilled employees is another factor that has led companies to step up their efforts to attract and retain their workers.
Many think that only technology workers receive training preferences, but this is not the case. Computers have made it easier and more economical for companies to offer training to employees at all levels. These programs can deliver not only basic training, but can provide succession planning and cross-training to all employees.
Online and distance-learning programs permit an "anywhere, anytime" approach to providing instruction across a whole range of industries and occupations. As reported in the September 2000 issue of e-learning magazine, research firm International Data Corporation (IDC) predicts that the online learning market will reach $11.2 billion in 2003. Much of that, no doubt, will come from the corporate business and training sector.
In addition to formal courses, companies must examine how they cross-train their employees. In larger companies with multiple divisions, a few years in several businesses under the same corporate umbrella can produce a well-rounded employee. As employees move from one area to another, they can usually bring with them a fresh approach to solving the challenges of the new environment. This form of successful succession can be very important.
Some might say that this is a luxury only larger companies can afford, but it can be equally effective for small- or medium-sized companies to provide similar, if smaller-scale, on-the-job training programs. In the small business environment, where each person carries a larger share of the company’s burden, such a program can mean the difference between success and failure when employees leave the company or are out sick for an extended period.
Looking at fresh ideas keeps a business vital, and training and other forms of lifelong learning are great sources of fresh ideas. Many organizations give lip service to how well their employees are treated and how much they contribute to the company’s success. Fewer have a formal learning program in place. It is not that difficult to do. All that is required is the willingness to act.
