The Generational Transmission of Wealth

Published: May 23, 2013

The rising star was humbled by receiving an award named for a former rising star that had forged a legacy in the organization. Who knows, someday an award might be christened in her honor and bestowed upon one of her children's peers. Succession moves in dynamic cycles as the wealth of knowledge is passed on and new leaders are created.

Hand-crafted recruitment and generous employee development feed sustainability. Starting with a clear understanding of mission and culture, talent is chosen with stewardship for the future. Identify a good fit. Assess strengths and opportunities. Invest resources in growth. Push the expectations to empower advancement. Reward performance and thank mistakes. Celebrate learning and pass the torch.

Succession planning is not complex. It takes a leap of faith that surrounding your rising stars with opportunities will eventually pay organizational dividends. Strong leaders give away their leadership. They dare their peers to improve upon the recipe. They populate their vision with brilliance.

Photo of Steve Ritter, the co-founder of The Center for Team Excellence

Steve Ritter

Steve Ritter is an internationally recognized expert on team dynamics whose clients include Fortune 500 companies, professional sports teams, and many educational organizations. He is on the faculty of the Center for Professional Excellence at Elmhurst College where he earned the President's Award for Excellence in Teaching. Steve is the former Senior Vice President, Director of Human Resources at Leaders Bank, named the #1 Best Place to Work in Illinois in 2006 and winner of the American Psychological Association's Psychologically Healthy Workplace Award in 2010. Steve provides ongoing workplace culture consultation to many thriving companies including Kraft Foods, Advocate Health Care, Kellogg's, the Chicago White Sox, AthletiCo, and Northwestern Mutual Financial Network.