Secrets of Leadership Success

A recent IBM Global Human Capital Study mentions that 40
percent of organizations believe that a lack of leadership capability is one of
the primary workforce related issues. As companies and employees grow and
mature one of the ailments of many organizations is developing the needed bench
strength for the future.

As researchers in this area we notice several factors that
contribute to these issues:

1. Succession Planning – Both an
   aging workforce and ineffective succession planning continually impact
   leadership development. A recent Wall
   Street Journal article “Hiring a CEO from the Outside is More
   Expensive” depicts the issues organizations face due to ineffective
   succession planning. Executive pay tracker Equilar found that firms
   typically pay 65% more to hire outside CEO’s. With burdensome profits and
   a failing economy organizations need to save costs wherever possible.
2. Knowledge Management – We live in
   a knowledge economy and as oftentimes written when individuals leave
   organizations, they take with them knowledge. Content is king and much as
   heirs and heiresses pass down fortunes, knowledge must be treated
   similarly. Leaders must allow employees to cross pollinate and learn each
   area of the business. In the not too distant past many CEO’s began in the
   mailroom.
3. Talent Acquisition – The best
   method for succession planning begins with hiring the right people.  Not enough firms spend time here.
   According to a 2007 study of 37,000 employees (Manpower), 41 percent of
   companies worldwide are having trouble finding suitable talent. Make this
   a priority. Look inside and outside the organization for those individuals
   that can impact the organization.
4. Skill Acquisition – Productivity
   begins with understanding the job function, the industry and the
   competition. Not enough time is spent on training and development. Too
   many firms use elearning and software to augment human interaction and
   investment. However, firms are not seeing sufficient returns. For
   production to rise, more commitment must be spent on training and
   development. Further most organizations believe that a one time training
   event will boost productivity. This is untrue. Training is an inducement
   to change behavior, such augmentation taking months to rehabilitate.
   Training is an investment, a process that must be taken seriously.
5. Dichotomy – The success of FedEx,
   Disney, Southwest and many other top-flight organizations is the spirit
   and passion binding the culture. Individuals love leaders that
   communicate, respond to queries and allow all to share a common voice.
   Participative management is a leadership trait envied by many.

Leadership today requires a different business strategy.
While many have coined phrases such as Sale, Web and Business 2.0, there is
also a need for Leadership 2.0. With so much change and turbulence there is a
need for a nimble, faster and yet pragmatic leader. The need for knowledgeable
quick leaders is more prevalent then ever before. Organizations must work smarter
not harder to remain competitive and the successful leader is pinnacle to its
success.

©2008 Drew Stevens Ph.D. All rights reserved.