Top Five Painfully Common Business Problems solved by Legacy Thinking
At Rootstock, we believe with heartfelt passion that legacy thinking is the way to go.
But our approach is more than mere belief. Legacy thinking solves painfully common core business problems.
Problem #1: It’s expensive to lose leaders.
Studies show that it costs up to 200-300% of a leader's yearly salary to replace that leader. That’s just the money side.
There is also the incalculable toll: like disruptions to team morale. That ache can be felt for months and years to come.
Legacy thinking insulates against leadership attrition. By focusing on employee development early and providing a growth path over the career, people are more apt to stay with the company.
Problem #2: New leaders often don’t work out.
New leaders take up-to-two years to become as productive as an insider with their same job. New leaders are also 61% more likely to be fired than an internally promoted leader.
Legacy thinking builds a leadership pipeline. This way, when growth happens, the organization will have a better chance to fill leadership roles with internal candidates.
Problem #3: People explore other options when they don’t see a growth path.
People want to grow in their careers. The moment that an employee has to ask “what’s my growth path?”, it’s too late. They are already on LinkedIn pushing that “secret” button that lets people know they’re looking.
Legacy thinking preemptively answers a big question: Is there a path to growth for me here? The legacy-minded organization will already have people growing at all levels. These living examples will serve as testimonies to others.
Problem #4: People leave leaders, not organizations.
The number one reason people leave an organization is bad leadership. Why was an unqualified person promoted to a leadership position in the first place? Answer: there was no runway to prepare people to lead BEFORE they mess it up.
Legacy thinking puts an early focus on leader development. This way, the leader has a better chance of succeeding when the stakes are higher.
Problem #5: People struggle to feel a sense of deeper purpose and direction at work.
Studies show that people are craving deeper purpose in their work. Just doing a job doesn’t fulfill that deeper existential desire for meaning.
Legacy thinking puts a focus on purpose, vision, and values. This way, we answer some of those looming big questions.
Purpose: why do we get out of bed every day?
Vision: What will it look like to work here 5, 10, or 20 years from now?
Values: What are the behaviors that we accept, reject, and tolerate at work and how do those make me a better person?
Here’s the Bottom Line:
Adopting legacy thinking not only safeguards against common pitfalls but also fosters a culture of continuous growth, purpose, and strong leadership within an organization. It is more than a mindset; it is a strategic approach to building a sustainable and thriving workplace.
Yours in Legacy Leadership,
Tony Woodall
Founder, Rootstock