Redshaw works with his staffers to help them advance, using their annual reviews to look at strengths, weaknesses and development paths. He then puts people in situations that test them and sends them for formal training. He says he has also established a management structure "that cares about and knows that development is important."

"You've got to have a culture that allows people to fail. That's where a lot of the learning is," Redshaw adds.

Others have adopted similar approaches to getting the next generation ready for executive jobs.

John Schindler, CIO at Kichler Lighting in Cleveland, has a chart that identifies "fast-track individuals." He details their training and development needs along with their goals for professional development.

"I know the individuals I'll be grooming and investing time in," he says.