Does your company actively engage in effective leadership development? Does the company think about how to support rising stars or plan for inevitable changes at the executive level? A recent report from Stanford University Graduate School of Business highlights challenges that many businesses face when creating a succession plan for executive leadership and when developing talent in the organizational pipeline.
One key finding highlights that regular leadership development and training, including mentors and executive coaches, are valuable and potent tools for planning for change and growth. Here are some practical strategies from the report to consider:
Effective Strategies for Fostering Executive Leadership
1. Assess Talent: Your team, including your executive staff, board of directors and human resources personnel, needs a strong understanding of the strengths and capabilities of current and upcoming talent in the organization. Using assessment tools, like the DiSC® personality assessment, provides critical information for the development of future leaders.
2. Create a Culture that Supports Development: In the report, one company stated that people assumed that executive coaches were called in only to help employees who were struggling. The idea of leadership development was seen as more of a reprimand than a sign of preparing someone for a leadership role. Creating a culture that supports the growth of people who show potential for executive roles makes leadership development a seamless element of overall strategy.
3. Define a Plan for Leadership Development: While there is no predicting exactly what challenges a business may face, weathering those changes is easier when there a clear understanding of the roles and responsibilities of key executives and the types of skills that they need to succeed, including effective management and executive presence. Use this kind of information to define a plan to support or foster development of current and potential leaders.
Planning for the future and preparing for change is integral to the success of any business. Supporting leadership development and creating a concrete plan for action and implementation are a key foundation to building that success for your organization.