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Leadership Development: Investing by Chance or Choice. Tracy Bosch, Senior Consultant, Hay Group Tracy.Bosch@haygroup.com.

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leadership development investing by chance or choice

Leadership Development: Investing by Chance or Choice

Tracy Bosch, Senior Consultant, Hay Group

Tracy.Bosch@haygroup.com

hay group helps organizations work by turning their strategies into reality

Capability Assessment Organizational EffectivenessEmployee SurveysPerformance ManagementExecutive Reward Reward Information ServicesJob Evaluation Reward StrategiesLeadership Transformation Talent Management

www.haygroup.ca

www.haygroup.ca

Hay Group helps organizations workby turning their strategies into reality.

a massive leadership and talent shortage an issue we are all experiencing
A massive leadership and talent shortage … an issue we are all experiencing
  • 75 million US employees eligible to retire in the next 5-10 years. Only 45 million people will replace them.
  • US Census Bureau
  • 50% to 75% of current senior management will be eligible for retirement by 2010.
  • Forrester Research
  • 97% of organizations report significant leadership gaps – more than 40% say the gaps are “acute.”
  • Corporate Leadership Council
  • 46% of the Executive category indicate they plan to retire in the next 5 years
  • 2005 Federal Public Service Employee Survey
  • “The UK is running out of head teachers.”
  • National College of School Leaders and Hay Group
defining identifying and developing leadership talent
Defining, identifying, and developing leadership talent
  • Reflect for a moment … and share with your neighbours …
  • Where would you place your bets when it comes to the practices that have the biggest impact on developing “more, better leaders, faster”?
the top practices that predict more better leaders
The Top Practices that predict “more better leaders”
    • Having leaders at all levels who focus on creating a work climate that motivates employees to perform at their best
    • Ensuring that the company makes leadership development a top priority
  • Providing training and coaching to help intact leadership teams, as well as the individual leaders, work together more effectively
    • Rotational job assignments for high potentials
the top practices that predict more better leaders6
The Top Practices that predict “more better leaders”
  • External leadership development programs for mid-level managers
  • Web-based self study leadership modules for mid-level managers
  • Executive MBA programs for mid-level managers
timing matters what not to invest in when it comes to developing quality leaders
Timing matters - what NOT to invest in when it comes to developing quality leaders
  • Outdoor activity-based programs at all levels of management
  • Paper-based self-study leadership modules at all levels of management
  • Job-shadowing for Senior Managers
  • Web-based self-study for Senior Managers
  • Executive MBA for Senior Managers
what differentiates the 20 best companies for leaders

Actively manage the careers of high-potentials

Have a formal process for identifying individuals whoare likely to assume leadership roles in the future

Have career tracks for high-potential professionalsor individual contributors that are separate

Have formal programs that are designed toaccelerate leadership development

Included marketing as an organizational functionfrom which they get their high-potentials

Mid-level manager positions are filled from within

Senior-level manager positions are filled from within

CEOs are promoted from within

What differentiates the 20 Best Companies for Leaders?

Percentage Shown

Top 20 companies

Rest of the companies

potential for what

Potential – for what?

Insights into selecting the right leaders to secure your competitive future.

what growth factors best predict high potential
In small groups, spend 5 minutes discussing the following question:What growth factors best predict high potential?
  • Where does your organization spend its leadership development budget? What is your ROI?
  • Now, ask yourselves:
  • If you had a limited leadership development budget, what measurable characteristics would predict the best return on investment?
the growth factors
The “Growth Factors”
  • Thinking beyond the boundaries
  • Curiosity and eagerness to learn
  • Social understanding and empathy
  • Emotional balance
the potential equation

Growth Factors

Derailers

FutureRoleRequire-ments

Person’s

CurrentAbilities

Potential =

X

The “Potential Equation”
  • Most organizations can assess if candidates are ready and willing to do a certain role, our approach focuses on whether they are in fact also Able
    • Potential is the fit between a person’s current capabilities and possible future roles, taking into account the person’s longer term capacity for personal growth and possible derailers.
five key steps to identifying and managing potential
Five key steps to identifying and managing potential
  • Know what you need from people
  • Identify long-term potential through the growth factors – not just job specific abilities, or past performance
  • Potential – for what?
  • Fulfillment of potential
  • Create enabling systems to effective talent management
know what you need from people
Know what you need from people

To manage risks and evaluate potential, you must understand:

Strategy, business model, structure and culture – the environment in which work gets done

BusinessContext

Risks/

Benefits

Jobs in context of the business, and implications for role requirements

The capacity of your people in relation to role demands

Work

People

potential for what manage stretch to avoid talent snaps
Potential – for what?Manage Stretch to Avoid Talent “Snaps”

Role Profile

Collaborative Roles

Operations Roles

Advisory Roles

High

Complexity of Strategic Challenges

Medium

ModerateRisk

Extreme Risk

Low

fulfillment of potential stretch vs transition

Interim Job

Fulfillment of Potential: Stretch vs. Transition

CEO

CEO

CEO

Job Size & Complexity

J. Kramer

SVPs/VPs

RVPs/Directors

create enabling systems for effective talent management
Create Enabling Systems for Effective Talent Management
  • Increase your odds of success:
  • Ensure your talent investment …
    • Inject objective data into your decision making processes supporting the best deployment of talent
    • Create on-boarding plans for moving individuals into key positions
    • Provide necessary coaching, development,and support to ensure their promise is fulfilled
leadership development investing by chance or choice19

Leadership Development: Investing by Chance or Choice

Tracy Bosch, Senior Consultant, Hay Group

Tracy.Bosch@haygroup.com