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Perspective

During a meeting this week meeting with the CEO and head of human resources of this multifamily company, we touched on succession planning at the executive level, but they also described an “identified” staff program that was instituted over 10 years ago.  Essentially, the program focuses on the individuals with the highest potential in the company, regardless of level or rank, and targets them for an extraordinary level of developmental attention.  There is no limit to what the company will do to promote their growth and development, and they are not subject to the rigid compensation guidelines in place for most of other staff.  The program has achieved great success.  Over the past decade there has been practically no attrition of this group. Most of the identified professionals have been promoted to leadership positions and have been instrumental in recruiting more “stars” for the team.  It seemed like simple math after hearing the story. 

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.

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