Are you ready for the leadership shortage?
June 21, 2018
Great leaders are hard for companies to find these days. A leadership shortage is upon us, as companies struggle to find the entry-level employees of today who will move their organizations forward tomorrow.
According to a LinkedIn study, the leadership gap is the biggest talent challenge that organizations are facing around the world. Eighty six percent of companies are calling it "important" or "urgent," and an astounding 85 percent of executives report that they are "not confident in their leadership pipelines."
But this talent shortage doesn't exist because employees lack skills. Instead, they lack the necessary training to transform into effective leaders. The LinkedIn study shows that 61 percent of companies do not offer any leadership training, while 66 percent say they are weak when it comes to developing leadership skills among millennials.
And the dearth of leadership training has a negative effect on organizations: The study found that the average company forfeits more than $1 million annually in untapped potential and loses up to 50 percent of productivity because of subpar leadership practices.
If you are an executive, there are many ways you can ensure the leadership shortage doesn't occur at your company. By giving employees leadership coaching and helping them cultivate good leadership skills, you can guarantee the success of your company for years to come.
Prevent Leadership Shortage Through Leadership Development
As company executives and HR leaders, you should constantly hold leadership trainings for the employees they believe will fit into executive and management roles in the future.
Here are some ways you can help employees develop leadership skills:
- Empower them with a learning management system: Let them take the reigns with their learning and receive personalized courses that are designed for their needs. For example, one employee may want to learn leadership skills in short spurts (and will be able to do so thanks to micro-content), while another might learn better from videos.
- Give them goals to reach: When employees have clear and measurable goals, and can see the path to leadership, they are going to take the steps to get to where they need (and want) to be.
- Mentor and communicate with them: Through a learning suite, provide the specific courses to teach them to get them ready to lead. Communicate with them. Give them a chance to ask questions and learn from company leaders.
- Allow them to take the lead with smaller tasks: With a collaborative learning platform, employees have the opportunity to teach their fellow coworkers and get a taste of what a leadership role could look like.
Three Important Leadership and Management Lessons
Beyond trainings, prospective leaders and managers need to master three critical lessons that you can help foster:
1) Develop a winning culture of continuity and ownership to achieve success: If a company has culture and unity, it will stoke pride within employees and make them want to become leaders in the future.
2) Transform employees into good leaders who make those around them feel safe: Employees need to feel like they are valued and secure (even in a shaky and often unpredictable economy). Teach future leaders how to draw employees into a circle of trust
3) Delegate to improve performance: Leaders must be skilled delegators that give certain employees specific tasks that contribute to the whole. Teach future leaders what it takes to identify employee strengths and how to utilize them.
Do you want to start cultivating your leaders of tomorrow? Cornerstone can help. Click to hear more about our Learning Suite and get the tools you need to solve your leadership shortage.