Many top executives recognize that shortages of leadership talent pose serious risks for their organization. The inevitable retirement of Baby Boomers from top management ranks, along with the dearth of experienced talent at the next level, makes leadership development a critical problem today.

But the challenge is no longer as simple as: How do we invest in developing future leaders? It’s more urgent and more complicated than that. Four questions top management needs to be asking are:

1. What are the most critical jobs for implementing our future strategy and what specific succession planning steps are we taking for those positions?

For example, the Franciscan Health System, which includes six full service hospitals in Washington State, has a committee of senior executives oversee its leadership development program. The committee uses the system’s strategic plan when selecting candidates for the leadership development pool.

Who will they need to run the new outpatient center in two years? And what leadership roles must be filled in the years ahead to grow the oncology service line? Working from the strategic plan continually focuses talent investments where they are most needed to drive the business.

2. How are we going to accelerate the development of our future leaders?

Five keys to accelerating leadership development are outlined in our book. The Executive Guide to High-Impact Talent Management. One is clearly defining the specific leadership behaviors most essential to your organization’s future. For Google this has meant recognizing the need for different types of leaders, some generalists and some specialists.

Laszlo Bock, Google’s senior vice president for people operations, says, “Some leaders excel technically, and some stand out because they’re innovative, creative thinkers.” You can’t develop leaders faster unless you’re crystal clear about the skills they’ll need in the future.

3. Where are we going to get hard-to-replace leadership talent if we can’t develop it internally?

Do you have a strategy for cherry-picking talent from competitors or other sources? Stealing talent from other organizations is viable if you have a strong brand and an appealing culture. It also means your top leaders must have a great and convincing story to tell about the company’s future.

What assumptions is your executive team making about their ability to source top leadership talent externally? Are you being realistic about this challenge?

4. Are there veteran leaders we should be trying to retain longer?

Since the Great Recession, firms have been more concerned about aging Baby Boomers staying on the job too long, than leaving too soon. But the issue of succession and retiring at the right time – for the company and the individual – is definitely an inconsistent problem. Some leaders need to move on, while others should be retained as a critical asset to the organization and its future.

Are you doing whatever you can to keep your most valuable veteran leaders engaged with the company longer? Are you unintentionally driving them out? With the growing shortage of experienced leadership talent in many sectors, you can’t afford to leave these outcomes to chance.

“Accelerating Leadership Development: Lessons From the Leading Edge” is one of my most popular programs. Contact me if you want to explore ways we can jumpstart your efforts to close the leadership skills gap in your organization.