This is an era in which the demand for leadership greatly exceeds the supply. Signs of this imbalance are everywhere. Almost every issue of the Wall Street Journal carries news about a major corporation bringing in a top executive from outside the organization. Executive search firms are flourishing because of the demand for leadership talent. Consulting firms are offering six-figure starting salaries to make sure they get their fair share of newly minted MBAs from top schools. No less a consulting firm than McKinsey has spent a great deal of time formulating a strategy to cope with the "war for talent." And just about every major organization is attempting to hire "stars," offering enormous compensation to entice the best and the ...

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