Today, more and more organizations face a shortage of leaders at both the executive and general management levels. This shortage is driven by a variety of factors, including rapid growth, a dramatic rise in retirements, poaching of key people by competitors, and the difficulty of retaining talented people. And it’s happening at a time when leadership is increasingly important to an organization’s success.

To contend with this reality, organizations essentially have three options: 1) intensify their efforts to hire hard-to-find, increasingly expensive people from outside their organization; 2) do nothing and likely experience a competitive decline, which could lead to being acquired or going out of business; or 3) tap into the quality ...

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