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Great Leaders are Replaceable

Writer's picture: Jim Boomer, ShareholderJim Boomer, Shareholder

Red paper boat shaped like an arrow pointing to the right

What would happen if you had to stop working tomorrow? Would your roles and responsibilities within your firm transition seamlessly? Or would there be utter chaos?

 

We spend a great deal of time talking and thinking about the need to develop the next generation of leaders at the top of the firm, but what about all the other critical areas of the firm beyond the partner group? Technology, human resources, training and learning, marketing... the list goes on. Are you paying attention to developing the next wave of leadership in those areas as well?

 

Are you ready for a six-month sabbatical?

During a Boomer CIO Circle meeting, one of our consultants asked the group: “In 30 days you are leaving for a six-month sabbatical. How do you prepare to hand off your job duties?” This obviously requires a little more planning than a standard weeklong vacation.  

 

In this scenario, you need to take stock of your job duties and the skill level of those around you. Have you documented your responsibilities and processes? How about your relationships with clients, vendors and partners? Could those be handed off seamlessly? What about the projects you’re currently working on? Does anyone else have the knowledge and capability to manage those in your absence?

 

Are you a bottleneck?

For many people, this exercise seems too daunting. They’ll simply say that no one else on their team can do what they do. But consider this: if the firm’s sustainability depends on you, you are a bottleneck. You are a liability and impede the path to progress. It sounds harsh, but it’s true.

 

Everyone likes to believe they’re irreplaceable. But you arrived at where you are in your career because people in your past offered you the opportunity to learn and advance. Are you giving your team members those same opportunities? A true leader owes it to their team and firm to pay it forward.

 

One of the CIOs in our group shared his leadership philosophy. He continually develops his team members for promotion, even if there isn’t currently an opportunity to move up in the firm. Sometimes, this means they leave the firm for other opportunities. In fact, he actually helps them find opportunities to advance in their careers, even if it means losing their talent. Why? He believes he’s building loyalty that will be repaid when he has an attractive position open in the future. Plus, he aspires to move up to other endeavors in his own career and is looking for a successor. By investing in his people, he always has a list of capable and willing candidates.

 

Are you a multiplier or a diminisher?

In her book, Multipliers: How the Best Leaders Make Everyone Smarter, author Liz Wiseman argues that leaders fall into two categories: multipliers and diminishers. Multipliers look beyond their own genius and focus on extracting and extending the genius of others, thus getting more from their entire team. Diminishers, on the other hand, believe intelligence is rare, and they’re one of the few recipients of actual intellectual ability. Diminishers get things done, but the people around them feel drained and underutilized.

 

This concept perfectly fits how leaders and firms must prepare for the future. It’s time to stop acting like diminishers and start becoming multipliers. Treat people like the intelligent beings they are. Give them challenging tasks to help them develop the skills to prepare them to replace us eventually.

 

Think of it this way: wouldn’t it be great to return from a vacation without an overflowing inbox? How nice would it be to attend a conference and not need to call in during every break to put out fires? By making yourself replaceable, you create the human redundancy necessary to take that six-month sabbatical without creating chaos.

 

Where to start

The time to start is now. Take yourself through this mental exercise: How would you prepare if you had 30 days to prepare for an extended absence? Start making a list of the tasks or duties no one else in your firm knows how to do. Make a list of the clients that recognize you as their only point of contact. Develop a list of the projects you’re working on that no one else in the firm is aware of. Then, look for opportunities to let other team members take on responsibilities in those areas. Train and coach them up now. Adopting the multiplier mindset will benefit everyone: the firm, your team and, most importantly, you.

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