Blog 3 - Developing The Next Generation Of Leaders
Developing The
Next Generation Of Leaders
Businesses invest billions of dollars on leadership development each year. Because of the lack of in-demand talent and the high costs of attracting and maintaining it, many companies are focusing on internal talent. According to a recent survey, employees are more inclined to stay with a company that provides leadership training. However, 47% of respondents are dissatisfied with their employer's current learning and development opportunities, preferring more flexibility and real-world application whenever possible. (Friedman. E, 2020)
In
today's political and social atmosphere, doing leadership development correctly
provides up a wide variety of possibilities. It is possible to achieve
anything. A line-level employee would never be requested to engage in a
"think tank" in the past. Leaders must now recognize that their
strength lies in the people who execute the work – in the individuals who
contribute depth, value, and passion to high-level strategy and thought
processes. (Sanders. L, 2021)
Why Is Leadership Development Important?
So why
is leadership development important? According to the research, leadership
development enables organizations to do the following 4 things that drive
sustained success:
- Improve bottom-line
financial performance.
Companies that rate highly for their investments in
human capital deliver stock market returns 5 times higher than
those of companies with less emphasis on human capital. Leadership development
builds capacity to reduce costs, drive new lines of revenue, and improve
customer satisfaction.
- Attract and retain talent.
Leadership development boosts employee engagement, increases the organization’s ability to deal with gaps in
the talent pipeline, and reduces the headaches and costs associated with
turnover. Great leaders attract, hire, and inspire great people. A manager
without strong leadership skills will struggle to attract and retain
high-performing employees.
- Drive strategy execution.
Effective leadership development isn’t development
for its own sake. Organizations need a leadership strategy that closely
connects with the business strategy and equips employees with
the leadership skills needed to implement it. Leadership development allows
organizations to shape the culture and strategy of the business.
- Increase success in
navigating change.
Leadership
development increases people’s ability to lead in a disruptive world. When organizations look beyond developing senior executives
and high potentials to unlock the full potential of their talent pools, agility
is magnified.
(Leading Effectively Staff,
2020)
Strategies to develop leaders
1. Learning Channels
Collaboration is made possible by learning channels. Leadership cohorts can easily share information and interact by using virtual collaboration tools.
2. Personal Learning Clouds
The personal learning
cloud (PLC) is a hybrid of massive open online courses (MOOCs) and learning
platforms that allows people to consume interactive knowledge online at their
own pace. Corporate training and development departments are developing their
own education ecosystems and platforms to let employees obtain certifications
by studying certain skills on demand. Several consulting firms also provide
enablement tools that link learner requirements with on-demand solutions.
Regardless of the approach, PLCs allow employees to progress at the speed of
the company or at their own pace, whichever is appropriate
3. Mentorin
A mentorship program can help discover and prepare high-potential employees and ramp them up rapidly by providing a sounding board for developing leaders as they think through scenarios and difficulties. When combined with development that follows employees throughout their whole development journey, mentoring helps firms customize learning because it may be a source of aid at their time of need.
4 . Connections
Creating space for connecting points
outside of the primary focal area is a great leadership development opportunity. What are the implications of the regions
in which the up-and-coming leaders will
invest? Is there an opportunity to cultivate and build effective relationships?
Consider chances for experiential
learning that will improve your performance.
(Sanders. L, 2021)
References
Friedman. E, (2020) Top Five Issues Facing Human Resources In 2020. [online] Available from http:// www.forbes.com /Forbes. [Accessed 07 April 2022].
Sanders. L, (2021). 4 Strategies for Developing the Next Generation of Leaders [online], Available from https://trainingindustry.com/Leadership. [Accessed 07 April 2022].
Leading Effectively Staff, (2020) 4 Reasons to Invest in Leadership Development. [online], Available from
https://www.ccl.org/[Accessed 07 April 2022].
Acording to your blog i highly agread with you because Employee engagement, increases the organization’s ability to deal with gaps in the talent pipeline, and reduces the headaches and costs associated with turnover. Great leaders attract, hire, and inspire great people. A manager without strong leadership skills will struggle to attract and retain high-performing employees.👍all the best
ReplyDeleteThank you Lakshitha
DeleteLeadership development is an essential requirement because of it's benefits for the organization.Great leadership
ReplyDeleteskills drive the Organizational goals and strategies to great extent by improving the bottom line financial performance ,
and attracting+ retaining talent.
Your article provides a clear explanation about the topic.
Good job Venushka.
Thank you Anuradha
DeleteAs clearly explained by you, leadership development is an important function of HR. Leadership development will enable employees to move up the hierarchy and also fill the vacancies arising within the organisation. It will also improve employee morale and increase employee retention. Good article. All the Best!
ReplyDeleteThank you Dilini
DeleteIt's a topic that needs to be addressed .All the problems we face today are the lack of a real leader and the lack of alternatives. I strongly agree with you and thank you for choosing such a timely topic.Best of luck👍👍👍
ReplyDeleteThank you Kumudu
DeleteNext generation leaders are not inevitable to specific generation. Its anyone who is interested and willing to growth their capacity to increase in organizations change, challenge and growth. In your article you have clearly explained leadership development important and what are the strategies of develop leaders. Important artical. Good luck
ReplyDeleteBetter topic for the HRM. managers are there but real leaders are rare.. therefore HRM definitely have to develop the real leaders. it helps to get a better performance from the organization. you explained the points very clearly. good job!
ReplyDeleteThank you Aparna
DeleteLeadership development is one of the most highlighted topics these days. Every organization is searching for next-generation leaders. This blog clearly highlighted the strategies to develop leaders and its importance.
ReplyDeleteHR plays a crucial role in leadership development. Employees will be able to advance in the organization through leadership development, as well as fill open positions.Well-written blog.
ReplyDeleteLeadership development boosts employee engagement, increases the organization's ability to deal with gaps in the talent and reduces the costs associated with turnover. Great leaders attract, hire, and inspire great people. This blog highlighted the all aspects well.
ReplyDeleteIdentifying and developing the next generation of leaders is a key retainment strategy.
ReplyDeleteWell said, good luck Venushka.
Leadership is an influencing behavior. Leaders influence other employees to act with vision and values of the organization. Actually leaders are not born, they are made. To become leaders not by the title, but by the spirit leadership development is important. Venushka, you have clearly explained the importance of leadership and strategies on leadership development. More responsibility lies with the HR team in leadership development as it is vital to the long term success of the organization. Good article. Well done
ReplyDeleteIt's an issue that must be addressed. All of our current problems stem from a lack of a true leader and viable alternatives. I completely agree with you, and I appreciate you picking such a current topic. Best wishes
ReplyDeleteLeadership development raises employee engagement, improves the organization's ability to deal with skill gaps, and lowers turnover costs. Great leaders are able to attract, hire, and encourage outstanding employees. Good job
ReplyDeleteThis article discussed employee importance of leadership development motivation and managers and leaders should apply tactics to boost employee motivation, which is a critical and ongoing aspect for every firm.
ReplyDeleteManagers should give the opportunity to the younger generation employees to develop their carrier. That will help to identify the next generation leaders.
ReplyDelete