Secrets to an effective leadership development
A company’s qualified leadership helps achieve the expectations of investors, customers, and employees, as well as sets the stage for growth. Therefore, developing the next generation of effective leaders is probably the most critical strategy of a company when considering long-term development.
First step: Defining leadership style in your corporation
One main reason for the high failure ratio of new CEOs (with more than half of those having less than 4-year duration at the position) is that they did not fit in the organization. That is why you need to determine the best leadership style for your organization in the beginning. If there is a glaring cultural conflict between the candidate and your existing corporate’s culture, get prepared to look for a more suitable candidate who possesses the specific qualifications your organisation requires.
Second step: Prepare a succession plan for crucial roles
After defining the desired style of leadership, you can find appropriate candidate both internally and externally. In most cases, hiring internal leadership is less costly and faster than external recruitment. Identify the leadership gaps by comparing your current leadership pipeline with your requirements. From the result excluded, build a succession plan for positions that are potential to be vacant in the future.
Third step: Build a career planning and skills roadmap for future leaders
If you do not provide your employees with advancement opportunities and career planning, your rivals will. In today’s business context, you can only gain in retention, loyalty and protection of the leadership pipeline by actively supporting career planning for employees.
Besides, a skills roadmap for potential leaders should be established. As new skills can be learnt both inside and outside the classroom, your leadership programme must support not only conventional but also non-traditional learning.
Forth step: Develop retention programmes for current and future leaders
Beside increasing pay to your potential leaders, goal alignment helps top employees stay focused on the right track. Another way to retain and motivate future leaders is to involve them in the decision-making process. This teaches them the stated mission, values, and goals of the organization.