In the realm of HR practice, leadership development stands as one of the most crucial and challenging aspects. According to DDI’s Global Leadership Forecast, 55% of CEOs consider developing the next generation of leaders their top challenge. However, leadership development shouldn’t be confined to the upper echelons of an organization.
A survey by Zippia reveals that while 83% of organizations believe in the importance of developing leaders at every level, only 5% have actually implemented this practice. This disparity has led to a noticeable leadership skills gap, with millennials being particularly affected by the lack of leadership training.
The consequences of this gap are significant. Flair HR reports that 50% to 70% of newly promoted or hired leaders fail within their first 18 months. This high failure rate can lead to increased recruitment costs and employee disengagement due to difficulties in connecting with the culture, vision, and environment created by ineffective leadership.
On the flip side, organizations that invest in leadership development at all levels gain a competitive edge. According to Gallup, companies with more skilled leaders earn an average of 147% higher earnings per share, and their rate of engaged employees doubles.
Investing in Leadership for Success
Magali Dolo, EMEA Head of Leadership & Management Development at Insight, emphasizes that investing in leadership development is crucial for business success. The benefits, which include improved performance, talent attraction and retention, enhanced strategy and adaptability to change, and a stronger sense of belonging, far outweigh the costs.
However, Dolo cautions that leadership development must be more than just a program to be effective. She points out that there’s no one-size-fits-all approach, as not every leader can be developed in the same way. This is where some companies falter even when they attempt to implement leadership training.
Drawing Inspiration from Elite Sport
Dolo, coming from a strong sporting background, sees clear parallels between business and sports coaching. In both realms, leaders and coaches must inspire and empower individuals to reach their full potential and achieve desired results.
In sports, leadership development is an ongoing process that includes training, mentoring, and constant feedback. Coaches identify potential leaders and provide them with opportunities to grow, fostering a culture of accountability and excellence. This ensures that when pressure mounts, every team member knows their role, understands their contribution, and can step up when needed.
Similarly, in business, developing leaders at all levels creates a resilient organization capable of navigating challenges and seizing opportunities. Leadership isn’t confined to the C-Suite; it should exist at every level, driving innovation, efficiency, and engagement throughout the company.
Lessons from Sport on Leadership Development
Dolo identifies several key lessons from the world of sport that can be applied to leadership development in business:
- Create a leadership development roadmap: Establish a clear, structured plan outlining how leadership skills will be developed across all levels of the business.
- Embed leadership into the culture: Foster an organizational culture that values and encourages leadership behaviors, recognizing and rewarding employees who demonstrate leadership qualities.
- Set SMART goals and monitor progress: Implement Specific, Motivating, Achievable, and Trackable (SMART) goals to provide direction, motivation, and focus.
- Leverage strategies from sports teams: Adopt practices such as regular performance reviews, team-cohesion exercises, and leadership rotations.
- Invest in continuous learning and development: Offer ongoing training and development opportunities that evolve with the needs of the business and the individual.
- Utilize technology and analytics: Use data to track the effectiveness of leadership development programs and adjust strategies as needed.
- Build self-belief and confidence: Provide opportunities for mastery experiences, vicarious learning, positive feedback, and stress management to build crucial leadership qualities.
By adopting these strategies, businesses can transform their leadership development into actionable plans that drive and sustain success. Dolo emphasizes that developing leaders at all levels isn’t just a best practice – it’s a critical component of building a resilient, adaptable, and high-performing organization.
In conclusion, by placing people at the center of development programs, companies can move away from the one-size-fits-all mentality. Instead, they can create tailored roadmaps for growth and encourage diversity of thought and the inclusion of diverse profiles and backgrounds. This approach, inspired by the world of elite sports, can help businesses cultivate leaders with a winning mindset at every level of the organisation.
Vadim Kouznetsov is a distinguished entrepreneur and the visionary founder and CEO of JobXDubai.com, the UAE’s rapidly expanding job board. Renowned for his expertise in bridging the gap between job seekers and employment opportunities, Vadim has become a leading authority in the recruitment and job market of Dubai.