imapMyTeam Blog

Is Your Bench Strong Enough to Compete?

(If so congratulations; you are, however, in the minority)

One key to business success is your companies ‘bench strength.’ The following bench strength statistics caught my eye over the last few days:

·         15%: The percentage of companies that believe they have adequate mid-level bench strength to meet future business needs. That means 85% don't!  This data is from a recent global leadership evaluation and forecast.

·         22.3%: According to an article from the Wharton School of Business this percentage represents the astounding variation in revenue performance attributed to mid-level managers; while an earlier study revealed the impact of CEO’s and CFO’s explain less than 5% of the variation in firm performance among Fortune 800 companies.

In business, bench strength is critically important because organizations continuously go through turnover, restructuring, and changes in business strategy. Whenever a critical person leaves (whether in leadership, management, or line operations), the organization should have a "ready successor" or plan for a replacement in order to avoid business interruption.

So what steps should you take to build and protect your bench strength – and how does imapMyTeam® help you do that?

·        Take Care of Your Employees: Everyone talks about the importance of motivated and engaged employees — imapMyTeam® is a guide to treating your employees respectfully, building trust, coaching them to succeed.

·         Understand What You Have: You have the ability to evaluate your people individually and on a team level faster

·         Provide Strategic Opportunities:  Choose job assignments carefully

·         Relationships Matter: Embrace the link between great relationships and individual/team success; model it daily.

·         Communicate Organizational and Leadership Values: Use imapMyTeam® data to further ensure your message gets through

·         Observe the New Golden Rule: Remember treating people the way they need to be treated often works better than treating them as you need to be treated

Having adequate bench strength is an essential element to achieving sustained success. Make imapMyTeam®part of your plan to invest in the strength of your bench.