Does your boss need some convincing on the value of leadership development?
Studies show companies with top-tier leadership teams outperform other organizations by 19 percent. Yet only 15 percent of companies surveyed by Harvard Business Review said they had enough successors in the pipeline for key leadership positions.
Poor succession planning, including a failure to effectively identify and develop high-potential employees, comes at a high cost.
Consider these leadership development statistics from CEB Talent Management:
- High-potential employees are twice as valuable to your organization as other employees
- 55% will drop out of a leadership development program within five years due to being incorrectly identified
- 46% fail to meet objectives in new roles
- Only 1 in 7 of your highest performers are actually high-potential employees
Without a robust methodology, your company is likely wasting money investing in the wrong people.
OnPoint President Rick Lepsinger discussed five ways to better identify future leaders to maximize the ROI of leadership development program in our recent webinar.
In case you missed it, here’s a quick recap of three of the five tips to remember.
Develop Success Profiles
Define what success looks like for your leadership positions, and outline the skills and behavioral traits necessary to succeed in the future. Then develop competencies and key behaviors that define and measure success. Remember to take the long view—focus on criteria that will be most important to your company not just today, but three to five years from now.
Define the pool of likely candidates, and conduct in-depth assessments of each one. Use a variety of assessment methods, including behavioral interviews, situational judgment tests and personality tests. Using an objective third party, such as an organizational consulting firm, adds rigor to the process.
Assemble a talent review board to discuss top performers. Share results with high-potential employees and their supervisors. Here’s an example of a talent grid you can use to see how your top performers stack up in critical areas.
Next. present the data to the C-suite and use it to make a case for a leadership development program that will nurture these employees. By demonstrating the likely outcomes and costs associated with improper training and showing you’ve done your homework, you’ll be more likely to achieve buy-in at the executive level.
Leadership development programs are only as effective as the employees enrolled in them. By identifying future leaders who show the most potential right from the start, you’ll be able to show a real return on your investment—and be more likely to gain approval for future training initiatives.
For more best practices, download our program guide, Identifying and Developing Future Leaders: Proven Techniques for Maximizing ROI.
This article was syndicated from Business 2 Community: 3 Tips for Identifying Future Leaders to Maximize ROI
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