How To De-Risk Your Investment In Leadership Development
I’m always on the lookout for articles about leadership. Here are a few snippets:
It seems that every week, I talk to a CEO or CHRO who shares a story about the company’s failed attempts at implementing effective leadership development. I frequently hear the refrain, “We tried something, and it didn’t work. So, we are unsure how to proceed.”
A few patterns emerge when I dig a little deeper to understand what led to the failure.
First, some companies take a “check off the box” approach. They implement an on-the-shelf approach that yields disappointing results.
Second, the leadership development they implement isn’t connected to anything related to the company—not its strategy, culture or even the development needs of leaders.
Third, I hear disappointment with leadership development vendors who promise a lot initially but fail to meet expectations and deliver tangible results.
As a result, it isn’t surprising then to see countless surveys showing that many CEOs find that leadership development doesn't deliver the expected impact, which can lead to skepticism about the value of these investments.
What is a better way forward? In working with hundreds of organisations, I’ve seen some amazing practices in place at the companies that know how to do this well. Compared to those who struggle, the difference is how they approach leadership development and how they source and work with vendors in the leadership development industry.
Step 1: Anchor leadership development to your business strategy.
A critical first step is aligning leadership development programs with your organisation's strategic direction, ensuring leaders are equipped to drive and support key business initiatives. While this may sound obvious, it's surprising to see how often it doesn't happen. So, ask yourself the following questions.
• What are the strategic challenges and opportunities we are facing and expect to face over the next two to three years?
• What leadership capabilities do we need our leaders, at all levels, to excel at?
• How would we assess the current state of our leaders?
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• What would the ideal future state look like—in other words, if our leaders were leading effectively, what would we see behaviorally day-to-day?
Step 2: Establish criteria for selecting a strong vendor.
The choice of vendor is pivotal in de-risking your leadership development investment. To help ensure you partner with a provider capable of delivering results, apply the following criteria. Here are some tactics to evaluate a potential vendor.
• Research and evidence: Conduct thorough research into vendors' methodologies and track records. Ask for evidence of their impact on leadership effectiveness and business outcomes.
• Cultural fit and partnership: Assess whether the vendor's approach and values align with your organisational culture. Look for a partner committed to your long-term success, not just a provider.
• Business and leadership experience: Determine the degree of business experience of vendors. Do they run a successful company? Do they practice what they preach?
• Transparency and consistency: Transparency from the vendor about their offerings and methods is crucial. Be vigilant for any signs of bait-and-switch tactics, and insist on consistency between what is sold and what is delivered.
• Clear contracting: A detailed contract with clear expectations, accountability clauses and deliverables is key to governing the relationship while safeguarding your investment and maintaining a transparent partnership.
Step 3: Ensure learning pathways hit the mark.
It’s important to avoid generic programs and focus on tailoring the learning journey for your leaders. Ensure that learning experiences resonate with their individual needs and your business context. It’s also important to balance theory with practical, hands-on experiences that allow leaders to apply new skills in significant business scenarios.
Want to know more? Head on over to the full article here for more ideas and perspectives. Afterwards, why not drop me an email to share your thoughts at robert@businessvaluepartners.com.au; or call me on 0467 749 378.
Thanks,
Robert
Leadership, Change & Organizational Development professional
9moThe starting point should be as simple as "tailored programs that align with your company's specific goals and challenges" yet so many programs are 'off the shelf' and positioned as bespoke. We can do better! Thanks for the share Robert FORD
HR Manager at LinkedVA
9moTailoring learning pathways for individual leaders is key, and your advice on balancing theory with hands-on experiences resonates deeply.
Thank you, Robert FORD, for sharing your insights on leadership development. The key takeaway from the snippets you've provided is the importance of a strategic, aligned approach to leadership development that goes beyond superficial measures.
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9moSuch a insightful post Robert FORD
Senior Managing Director
9moRobert FORD Very insightful. Thank you for sharing