Employers are facing the worst talent shortage since 2007.1 Recent headlines claim the U.S. is close to full employment, with the unemployment rate dropping to 4.4 percent (the lowest since May 2001).2
It’s becoming increasingly difficult to find great leaders, and companies feel the crunch:
It takes more than a nice open position to convince rising leaders to leave their current roles. And it takes more than training to prepare them for future leadership positions. As Baby Boomers leave the workforce at an unprecedented pace and inexperienced leaders step in to take their place, accelerated development programs are your best strategy to ensure they hone key leadership capabilities fast.
Yet, companies aren’t doing a stellar job of implementing effective leadership programs.
Organizations realize the need to address leadership development challenges is par- amount-89% rate it as ‘very important.’ However, 56% report they are not ready to meet leadership demands.5
For those with training programs in place, only 40% believe their programs deliver ‘some’ value. Twenty-four percent state they yield ‘little to no value.’5
These numbers will do little to overcome the talent gap and create a succession pipeline that is teeming with ready-now successors. In an increasingly tight talent market, your organization can’t afford to flounder your way through development programs. Deloitte University Press believes “the traditional leadership development paradigm is simply not delivering what is expected and necessary.“5
So why do we continue to use the same, tired models, hoping for different results? Leveraging a new approach is necessary to overcome the leadership capability gap present in our workforce today.
Your next great hire already works for you.
It’s possible that you don’t need to look outside your organization for new recruits -your A-Team may already be in your backyard. Your current talent is invested in your company, understands your culture, and knows how business gets done. It’s up to you to challenge them, cultivate their skills, and retain them for the long-haul.
Effective leadership development shouldn’t be viewed as a training manual, a one-hour session, or even a one- or two-day workshop. It also shouldn’t fall on your current leaders. As Bersin reports:7
Deploying a variety of learning approaches is essential to increase the leadership skills in your rising talent. A multimodal learning approach using proactive coaching, seminars, cohort learning sessions, and skill-development projects reinforces learnings and solidifies gains.
Measurable, actionable results are achieved when individuals have a clear plan to apply the learnings to their everyday jobs. The most impactful learnings come through real-life, stretch assignments.8 These assignments need to be backed with coaching support to objectively assess successes and growth opportunities, visible executive and management support within your organization, and cohort development opportunities so rising leaders hone their ability to share and grow from one another.
These stretch assignments create risk for the employee, tunnel their vision into select leadership competencies vital for your business, and allow them to make direct contributions. While short-term business ROI is not the main purpose of accelerated leadership development programs, it is often a result when future leaders are challenged to leverage their learnings in real-life situations. This is the ultimate win-win.
Unlock the potential of your current talent and drive organizational results today!
With approximately $164B spent on development programs,9 those valuable resources can’t be wasted on under-delivered training. Leveraging a fresh take on leadership development means:
Start utilizing these ideas today to have the biggest impact on employee advancement and transform the results of your leadership development efforts.
1. Employers Are Facing the Worst Talent Shortage since 2007, SHRM.org, 2016
2. The Employment Situation-April 2017, Bureau of Labor Statistics, May 5, 2017
3. Employers Are Facing the Worst Talent Shortage since 2007, SHRM.org, 2016
4. 20th CEO Survey, PwC, 2017
5. Global Human Capital Trends 2016, Deloitte University Press, 2016
6. Employee Engagement & Loyalty Statistics: The Ultimate Collection, Access Perks, 2017
7. The Future of Leadership in a Changing Workplace, Bersin by Deloitte, 2016
8. Blended Learning for Leadership: The CCL Approach, Center for Creative Leadership, 2014
9. Training Industry Report, Trainingmag.com, 2014