Given: High-performing leaders that are motivated are in a state of tension to go FROM a clearly understood current state TO a highly desired future state that benefits individuals, their teams, and their organization.
Loss of Talent Across the Board: According to a recent Pew study, boomers are leaving the workforce at a rate of approximately 5900 per day. Since COVID-19, that rate per day is increasing, especially among those with a 4-year college degree. The bottom line is that companies are losing a significant number of employees that possess valuable work experience.
Human Resources – Many human resources functional processes that are used to attract, acquire, retain, develop and grow leadership talent are ineffective and most human resources professionals have not been trained, nor do they have practical experience, in how to capture and improve their processes.
Implications: (1) Many companies are experiencing a shortage of supply for both external and internal leadership talent as a result of ineffective talent development initiatives and inadequate succession planning and execution; (2) Demand for leadership talent is increasing and it is expensive, in terms of lost productivity, to acquire and retain; (3) Top leadership talent recognizes their market value and many of them are choosing to leverage it in the open market.
Assumptions: Developing talent requires a significant investment and it is frequently unsuccessful. According to a McKinsey & Company study, leadership development programs fail because of the following: (1) training is done in a “one size fits all” approach; (2) the training is not transferred to the work environment; (3) the development of the leader does not consider the mental models (an individual’s beliefs about how the world works) that drives the executive leader’s behavior; (4) the organization fails to measure the results achieved vs. the investment incurred.
Challenge: How to “jump start” your leadership talent development and succession program, while developing sustainable human resource processes to mitigate the reasons why leadership talent development fails to live up to expectations.
What works? Tailored. Focused. Solutions.
Provide Real-time Evaluation and Coaching: (1) Develop a prioritized list of the leaders you want to retain and develop; (2) Identify and tailor specific assessments for the individual leaders; (3) Leaders complete the assessments to identify strengths / weaknesses / gaps; (4) Establish a tailored Leader Development Plan (LDP) with the input of the leader’s manager and each leader; (5) Assign each leader to a team to resolve a significant business challenge, while providing real-time coaching and development throughout the life of the project.
While, Resolving Real-life Business Challenges: (1) Executive management prioritizes / scopes business challenges they want resolved; (2) Form teams comprised of the leaders they intend to retain and develop; (3) Conduct a formal team launch among the teams; (3) Train teams on the applicable methods required to resolve the business challenges; (4) Teams develop and implement solutions; (5) Teams present their approach, solution, recommended next steps, and lessons learned to executive management.
Tailored. Focused. Solutions. If you, or an executive that you know, would be interested in meeting one of our representatives to discuss how we can help you realize the benefits of our results-based and proven approach, contact Incline Insights, LLC.
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