This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/09/23/how-strong-is-your-c-suite-bullpen-preparing-the-next-generation-of-leaders/
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by Jennifer Mackin, ForbesBook author of “Leaders Deserve Better: A Leadership Development Revolution“
About $350 billion a year is spent on leadership development, but many companies aren’t getting much bang out of their buck. Studies indicate that lots of senior executives don’t think the next wave is prepared well enough to assume larger leadership roles.
With many companies in a transitional phase, either due to people retiring or radical changes prompted by the COVID-19 pandemic, having ill-equipped leaders taking over can compound problems. Some businesses will suffer if they don’t make major changes in how they develop leaders. With baby boomer leaders nearing retirement, there are fewer people in the workforce that are capable of doing the work required. Generation X has smaller numbers of people and hasn’t been invested in leadership development like boomers have.
Many CEOs complain that their people aren’t ready to lead into the future. The source of the problem is leaders don’t know what to do differently to strengthen their people.
A leader’s primary role is to coach and to create an environment that perpetually develops new leaders. There are ways they can refocus on that. One of those ways is for executives to align business strategies with their people strategies. Here are some tips on how senior management can link the two and develop leaders in the process:
See the need to prioritize people strategies.
Strategic plans must address more than the financial component. Too often CEOs and senior leaders put their people at the bottom of their strategic plans and fail to connect their business strategies with their people strategies. People are the most integral component of your strategies. If you decide, for… Read More
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