There have been a lot of news stories about industries that are lacking qualified workers. Despite high unemployment rates, these organizations are unable to fill open positions because applicants lack the skills that are required for the job. However, executives have recently complained about another critical shortage: the lack of capable leaders. In a survey on top human resource problems facing an organization, 31% of executives cited a lack of high-potential leaders within the organization. Another 19% said that the top problem is a high rate of defection of top talent to other organizations. Organizations can no longer count on job postings as a way to locate and retain competent leaders. Instead, companies must combat this problem by investing in management training for lower-level employees or leadership development for current leaders.
Leadership development is an activity meant to increase the quality of leadership within an organization. Some companies accomplish this task by identifying internal talent with the potential to be organizational leaders, then paying for employees to obtain a Masters in Business Administration (MBA) or by investing in management training for employees. Management training will focus on developing characteristics that are shared by quality leaders. These characteristics might include:
Leadership development is an activity meant to increase the quality of leadership within an organization. Some companies accomplish this task by identifying internal talent with the potential to be organizational leaders, then paying for employees to obtain a Masters in Business Administration (MBA) or by investing in management training for employees. Management training will focus on developing characteristics that are shared by quality leaders. These characteristics might include:
- Experiential Learning: Requiring the individual to go through the four stages of experiential learning (concrete experience, observation and reflection, forming abstract concepts, and testing in new situations)
- Self Efficacy: The individual's belief in his or her own abilities
- Visioning: The ability to form the desired vision of the future of the company
Once these skills are learned in management training, individuals will be more prepared to step into a leadership role for the company. Businesses benefit from this investment not only because they fill a vital human resource need but also because these leaders are less likely to leave the company for another job. These individuals are more loyal because they recognize the investment the company has made in them, and then become more engaged. These engaged workers are less likely to leave their job because they want to work for a company that wants them to be successful.
Businesses will also see a number of benefits from providing leadership development for current organizational leaders. The major benefit of this type of development is that it keeps leaders up-to-date on current trends. This is important because leaders are always expected to understand current trends so that they can make decisions related to a long-term strategy. The skills that an individual will learn during leadership development will also allow the individual to reach his or her full potential, which inspires respect from co-workers. One other thing to consider is that many leaders have the ability to think critically and make decisions, but might lack communication skills. Leadership development can help individuals sharpen communications skills so that they do a better job of communicating ideas and responsibilities to other employees.
Businesses will also see a number of benefits from providing leadership development for current organizational leaders. The major benefit of this type of development is that it keeps leaders up-to-date on current trends. This is important because leaders are always expected to understand current trends so that they can make decisions related to a long-term strategy. The skills that an individual will learn during leadership development will also allow the individual to reach his or her full potential, which inspires respect from co-workers. One other thing to consider is that many leaders have the ability to think critically and make decisions, but might lack communication skills. Leadership development can help individuals sharpen communications skills so that they do a better job of communicating ideas and responsibilities to other employees.
Organizations that need to find future leaders should invest in management training for lower-level employees, while organizations can improve the performance of current leaders by investing in leadership development.
Organizations can address the global shortage of leaders by providing management training to lower-level employees and leadership development for current managers and executives.
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