New Ways to Develop New Leaders
The traditional process of executive development cannot prepare a new set of leaders with all the right competencies and skills fast enough to replace the imminent departure of the current senior leaders. The deadline for having a new pool of qualified senior executives in place varies from company to company, depending on their own internal demographics, and their competitive and strategic needs, but it is certainly within the next 10 years - and probably closer to five years. And, with so many companies in need (and some just recognizing their need), headhunters are likely to be very busy as companies try to solve their own short-term executive shortages by hiring in competent, prepared professionals, some of whom do not see opportunities for themselves in their current companies or industries.
Developing the right people rapidly requires six things:
- An executive development strategy. Development of key executive competencies - assuming the right people are in position - must be tied to the competencies that people need to execute business strategy.
- Top-level support for executive development. Particularly now, when executive development has become a priority in most large organizations, senior executives' active involvement in everything from evaluation to instruction to coaching is absolutely essential.
- A clear picture of the future executive. There are five distinct qualities or personal attributes future executives will need to be able to respond to the new challenges facing them. They must be collaborative, empathetic, capable designers, instinctive and "present," and technology adopters.
- Ways to characterize the gaps between what you have and what you need. An executive profile is the first step in filling skills gaps. What social (network-building skills, relationships across and outside the organization), intellectual (professional expertise, curiosity), and emotional (self-awareness, authenticity, empathy) skills do your executives need to drive performance?
- The right programs for your culture. Based on the strategy and the need for executives with the right competencies, your executive development programs also must reflect the corporate culture.
- A variety of programs. The full range of development options need not be in place in every company, but there is general need for a robust mix of experience-based learning, e-learning, coaching and mentoring, and face-to-face learning in executive development programs.
This Re.sults report explains workforce changes and other circumstances that are driving the need for increased attention to executive development. It also details current executive development trends and recommendations for action in response to those trends.