Developing Leaders – The Key to Accelerating Growth and Profit
By Michael J Griffin
Over the past twenty years in Asia, the number one problem I have heard from corporate leaders is that “We are short of competent leaders. If we could hire and promote good leaders faster we can accelerate our growth and competitiveness.”
Two reports from McKinsey highlight this business issue. The first graphic identifies what organizations are doing across the world to grow competent, skillful leaders.
The first insight from this graphic is “hire well and hire for potential” – and let your competitors hire the rest. The second key is to build those with potential through skill training. Invest in those you have chosen to lead. I saw this in Indonesia for many years. Many aspiring young leaders wanted to work for Citibank because Citibank hires well and trains well. Having a job a Citibank was a ticket to success: Work at Citibank for 3-5 years and then move to a savvy local bank with much higher position, salary, and responsibility. Even though Citibank realises this, the have not stopped their excellent hiring practices and kept investing in growing “Citibanker” leaders.
It is is amazing how many companies have not trained their existing managers in the “4 Pillars of Growing Leaders” - to “Attract, Assess, Interview and Coach” young leaders with potential. Not investing in these key skill areas results in “Rubbish in Rubbish Out” or “Continual Leakage” of your potential top talent to your competitors.
Key Lesson: Ensure your managers are trained and competent in Interviewing Skills, Using Assessments for Hiring, and Coaching Young Talent.
The second McKinsey survey analyzes what actions grow leaders quickly and effectively. Certain actions have a greater multiplier effect more than others in developing leaders. Review the graphic below that identifies the “Multiplier Actions” that develop competent leaders.
McKinsey research found some actions matter more than others when developing leaders.
This graphic clearly identifies the multipliers where your organization should be spending time, effort, and money to accelerate leadership development that gets results.
8.1X – Focus on leadership behaviors most critical to performance.
6.4X – Ensure that the organization’s leadership model reaches all organizational levels
6.1X - Encourage individuals to practice new behaviors that contribute to being a better leader
5.5X - Determine how mind-sets and behavior need to change
5.5X - Ensure leadership-development interventions cover the whole organization
These multipliers force us to ask these questions:
Has my organization identified the leadership skills and behaviors most critical for performance and getting consistent results?
Do we have a leadership development plan and structure that links all levels so our organization can translate strategy to results through our people?
Do our managers walk our leadership talk? Do they encourage and coach young leaders to be future leaders we want them to be?
Do we have a robust leadership development structure that can Assess leadership competence, Train leadership skills, Reinforce and Coach leadership behaviors and attitude, and are we able to Measure our leadership development effectiveness?
Attitude determines your leadership altitude. What is the attitude climate in our organization to encourage collaborative leaders and team members?
Your answers to these questions will reflect how well your organization is developing it’s leadership pipeline to remain profitable and competitive.
ELAvate has +30 years of experience helping organizations assess, train and coach young leaders in well over 800 companies and non- profits. Go to our new revamped website and review our success stories and solutions to growing leaders for your organization. Or better yet, email me direct for a no obligation, no push discussion on developing leaders that take your “Strategy to Results Through People.”
Have a great week walking your leadership talk!
Michael J Griffin
Founder Equipping Leaders for Asia
John Maxwell Team Founder