Are you Identifying and Developing Your Next Generation of Leaders?
Written by: Donna Thaxter, Training, Coaching and Personal Development Consultant
The dynamics of leadership are shifting as the torch is increasingly being passed from Baby Boomers to Generation X and Millennial managers. Understanding these shifts and preparing for the future is critical for today’s organizations. This article explores the makeup of today's business leaders, the impending leadership gap, and the steps businesses can take to identify and develop their next generation of leaders.
Demographics of Business Leadership:
Today’s leadership hierarchy comprises Baby Boomers, Generation X, and Millennials. Baby Boomers, born between 1946 and 1964, have held most leadership positions in recent decades but are now retiring in large numbers. Generation X, born between 1965 and 1980, represents a smaller portion of the workforce but currently holds a large percentage of leadership positions, while Millennials, born between 1981 and 1996, make up a growing segment of the workforce and, over the next decade will increasingly represent a majority of the workforce including those that are in leadership positions.
Identify Your Organization’s Future Leaders:
To do this, you must first get clarity around the leadership competencies your company values. These competencies may, among others, include modeling strong ethics, strategic thinking, hiring and selection skills, emotional intelligence, communicating clear goals, and driving results. Once you are clear on your developmental priorities, identify individual contributors within your organization who demonstrate and embody these aptitudes.
The Impact of Training, Coaching and Feedback:
After identifying your pool of emerging leaders and their development priorities, you’ll need to determine the appropriate mix of training, coaching, and mentoring to help them advance their leadership style and prepare for new roles. Focus your training and development efforts on the leadership competencies you identified and incorporate your unique business context, including strategic priorities and market, regulatory, technological, and social challenges the company and the industry face in the foreseeable future. In a 2019 article on the impact of leadership development, SHRM highlighted research that concluded that when companies expand their leadership development programs to lower levels within the organization (i.e., emerging leaders), they are four times more likely to financially outperform those that don’t.
Spillane Consulting Associates (SCA) Can Help:
Spillane Consulting Associates offers Leadership Development training and coaching programs that address your organization's specific needs. These programs include group training sessions, one-on-one coaching, or assistance with customized Emerging Leader program design. With SCA's expertise, your organization can cultivate the leaders of tomorrow and ensure a successful transition into leadership. Contact our Director, Bill Dolan, for more information about these professional development options. You can reach Bill via email (WDolan@scapartnering.com) or phone (617-694-2617).
