As Baby Boomers keep ageing and eventually retire, organizations are losing critical bits of leadership. Not much is known about how companies are planning to replace this vast experience. Succession planning is an aspect many companies need to wake up to. It was believed that the skills of a leader closely match organizational success on the field. Yet, a study undertaken by Deloitte along with the US Federal Reserve clearly shows that this assumption no longer holds true. The focus during management training rounds needs to shift towards leadership development. First of all, the development priorities need to be listed out. Then, priority skills have to be earmarked. The study by Deloitte proved that communication skills, team leadership, feedback mechanism motivational abilities and interpersonal skills seem most important. There exist different training methods too. They could be through game-like simulated environments such as leader boards, role plays and competition. One could opt for open-source programmes like MOOCs or YouTube or even learning portals. When companies plan their talent management budgets, leadership development needs to occupy an important place as it will provide competitive edge. Leadership gaps will not suddenly emerge and resources will be sufficient. A bench strength will also be created divided into levels such as high, moderate or even low performers.


Uploaded Date:26 July 2018

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