You may have read that title and thought do they really? Who are you kidding? The reality is there's a leadership shortage and 66% of organizations say they’re weak in developing leaders. It’s true they are and nearly 85% of Executives aren’t confident in their leadership pipelines. (Deloitte University Press, Leaders at all Levels, 2014) However the ones who are succeeding are putting their people first.
A leadership shortage is one of the biggest barriers to growth at companies around the world. I’m sure you’re familiar with terms such as Baby Boomers, Gen X or Millennials. It seems Millennials get a bad rap as being labelled “the entitled generation”. However, as the workforce ages and the rate of older leaders retiring accelerates, Millennials will be assuming leadership roles. Millennials are no longer the leaders of tomorrow, they are rapidly becoming the leaders of today.
Employees describe opportunities to develop their own leadership skills as the number one reason for staying with an organization, however many organizations are not preparing Millennials for management positions.
Throughout my career, it frustrated me to watch younger people being held back simply because others felt they were “too young for such a prominent role” or “they have to wait for their time to come” within the corporation. This is negative thinking that stunts employee growth and encourages otherwise engaged employees to leave organizations. If you’ve caught yourself in that same trap, you wouldn’t be alone. Please take some time to reflect on how valuable you are in helping others succeed.
As a leader, investing in your talent matters. Leadership development programs are critical to sustainable organizational growth and success. So why are organizations not taking this seriously? Simply put, most organizations lack a sense of urgency and hold a general belief that the organizations current leadership capacity and subsequent performance is good enough. The reality is, not developing leaders is costing you money. A lack of leadership reduces profit and productivity.
In the US alone, disengaged employees cost the economy up to $550 billion a year due to lost productivity. Of that, on average $86 billion annually in losses results from disengaged leadership. (Gallup, State of the American Workplace)
How do we start to fix this? First, it’s important to create an organization that develops quality talent from within. This is the “golden handcuff” for retaining engaged employees and staying competitive. Employees who don’t believe they can achieve their career goals with your organization will leave.
Millennials matter. Use leadership training to develop quality, confident millennial leaders. Fast tracked career progression is their top desire from a workplace and this differentiates them from prior generations.
Successful leadership development starts with you. A learning culture, one that identifies and promotes employees from within is critical to long-term stability. Start developing a healthy pool of engaged employees and provide training that actively develops their talent.
Need help getting there? Let’s chat about what your leadership development program could look like because investing in talent matters!