The Executive Talent Gap and How Companies are Filling It
The shortage is real—but there is a solution
Today, businesses in every industry need executives who are not only tech savvy, but also have the skills necessary to lead their teams to success and win market share over competitors. In a study done by the MBA Focus Advisory Council, companies are facing a talent shortage when it comes to filling executive positions. Whether it’s because baby boomers in these top spots are either retiring or getting ready to retire, or there’s an increasing demand for highly qualified candidates, the challenge is real and only those companies that figure out an appropriate solution will be able to fill those gaps.
An article on BrainWorks.com, an executive recruiting firm, stated that top-performing professionals are in such demand that they have their choice of positions—so companies that don’t hire the top guns right away will miss out as these professionals are snatched up by competitors.
So the question is, what are leading companies doing to combat this problem?
1. Getting schooled
It’s no secret that MBA graduates can often propel their careers and move into higher positions after earning their degrees. But many companies aren’t waiting for these professionals to graduate—they’re fast-tracking them into leadership positions. According to www.businessbecause.com, developing leaders has become a priority for numerous companies and many of them are reaching out to MBA students to pull them into their leadership development pipeline.
2. Paving the way with specialized programs
Many companies are filling their executive gaps by creating their own pathways to the top. Top global organizations are implementing specialized programs that offer MBA graduates the opportunity to move their way into executive positions.
Amazon.com, for example, has an MBA pathway program in place that provides different routes to take toward attaining leadership roles within the organization. “MBAs are an important leadership pipeline at Amazon and we have many MBA opportunities,” said Miriam Park, the director of University Programs at Amazon.
3. Footing the bill for advanced degrees
When it comes to developing a team of highly-skilled executives, advanced education is a key solution. Many top companies around the world recognize the value of advanced education in executive development and are willing to pay for it.
While tuition assistance is not a new concept, it’s a strategy that affords organizations the ability to develop those employees who’ve demonstrated a desire to move up the ladder, many of whom continue to work while pursuing their graduate degrees. This type of arrangement is a win-win because the employer benefits from the employee’s increased skills while the employee can more easily afford the endeavor.
Some of the companies featured on Business Insider that provide tuition:
- Bank of America
- Best Buy
- Home Depot
- Proctor & Gamble
- Wells Fargo
For companies to stay competitive, they need strong leadership at the top. And while the talent shortage is a reality that business owners have to contend with, many of the most successful organizations have honed in on effective solutions.
If you’re ready to pursue your MBA—and a top leadership position—CSUMB’s online MBA program gives you the flexibility to pursue your degree and your career.