Leadership Development Requires Intentionality

In a recent article in the Wall Street Journal titled Leadership Training Gains Urgency Amid Stronger Economy the writer stated that due to layoffs and cutbacks during the past two years, organizations are finding the depth and bench of their leadership talent is not what it had been. While this particular blog is not to debate the economy, I will leave that to Dr. Bill Dunkelberg one of our featured speakers, it is meant to force continued thought on what Families in business can do to intentionally develop the next generation.

In a study cited by the author it was found that approximately half of the companies surveyed plan to increase their leadership training budgets in 2011. Many organizations are recognizing the cost effectiveness of building leadership from within as opposed to only hiring the key talent. At Rockwell International they are now realizing their leadership development programs were not connected. They are now realizing that must change, quickly.

This Journal article got me to thinking about the impact the author’s premise may have on family businesses. As the Baby Boomers plan the transition of the business to the next generation, Families must intentionally help the next generation grow and develop. The potential talent pool already knows and understands the family culture. The investment is truly building the legacy and looking to the long-term as the next generation is nurtured.

So what are a few intentional ways to develop the next generation?

1. Continue to develop yourself: As a leader in your family, you set the example. Seek to learn and grow at whatever stage of life you may be. The more competent you are, the more likely people are to trust you. Developing oneself influences relations with others, motivates others, and inspires others.

2. Carefully select learning projects: Everyone has areas of growth opportunity. Take time to analyze what the business will face in the future and intentionally have the next generation take responsibility for beginning the investigation or data gathering of what and how the business can address the issue. The opportunity to learn the business, craft analysis and presentations will help the next generation face future business needs.

3. Utilize 360 Degree Feedback: This feedback can prove invaluable to gain deeper insight into how others view them. Many times we don’t know what we don’t know, and that is what can create bigger problems for the next generation later on. This can be a very valuable learning opportunity, BUT IT MUST BE DONE VERY CAREFULLY. I am a proponent of 360’s but also believe very strongly the process must be carefully monitored. It has the potential of crushing the spirit if the process is abused. It must be done in an environment of trust, caring, and confidentiality and is often best done by an independent unbiased third party.

I will suggest additional ways to develop the next generation in future blogs, but would be interested in hearing your thoughts on these first three ideas.

So Comment please.