We’re in a big world and it’s moving fast. We’ve got a leadership gap and a smaller generation that’s taking the helm before their time. Here’s a question that keeps me up at night: How do we help these folks accelerate their development so they’re ready when they’re called to lead?
It’s well-documented in studies done by Deloitte, the Pew Research Center and the Centers for Creative Leadership that the Millennial generation faces challenges as they move into leadership roles. Front and center are deficits in critical interpersonal skills that are the underpinnings of core leadership competencies.
Let me pause here and say that these focus areas are not a character flaw in Millennials. Generation X struggled with the same issues as they began moving through the leadership pipeline. What makes the situation critical is the accelerated rate at which Millennials need to be ready for leadership roles as the Baby Boomers continue to exit the workforce. According to the Bersin research, an average of 10,000 Baby Boomers reach the age of 65 every day.
Companies today have a responsibility to support current and future leaders so they’re in position to move through the pipeline. There is no cookie cutter approach to developing these future leaders. Instead, what seems to work best is an individualized approach using assessment tools, coaching and mentoring and targeted learning solutions. Through self-assessments and individual development planning, leaders gain self-awareness, identify gaps and can take advantage of blended learning solutions to gain competence and build experience which leads to accelerated leadership readiness.
ProfitAbility offers a selection of learning solutions for that express purpose and works with clients to tailor courses for their Leadership Development curriculums. For example, GKN Sinter Metals has an executive team that believes in supporting the development of their employees to reach their maximum potential through targeted training and development opportunities. They run many programs for future leaders, both at HQ and in the plants. Upon identifying a need to build leadership and financial acumen, the learning team at GKN partnered with ProfitAbility to provide a configured business and financial acumen simulation that met their needs. That initial effort led to a deepening relationship we still enjoy today. You can read more about the success at GKN in this recently published case study . Click here to read GKN case study.
• Boston College: Creating Tomorrow's Leaders - The Expanding Roles of Millennials in the Workplace