5 Steps for Developing your Company’s Future Leaders

23rd August 2017
Geoff Collings

For any business to be successful, it must have effective leadership in place. As such it’s imperative that you identify future leaders, and train and develop your staff at all levels. This will ensure that key expertise and experience are shared and not lost.

Here are five ways in which you can help to develop and build their leadership skills to keep your company at its successful best:

1. Practice Job Rotation

Any future leaders need to be aware of how all aspects of the company work. As such, it’s a good idea to expose them to not only industry based knowledge and the future directions your company may take, but also to different roles within the business.

Asking them to experience the various different roles of employees at all levels within the organisation will give them an insight into how the company works as a whole. As management, they will be making decisions which may affect employees within these roles. It’s important, therefore, that they can see how their decisions will affect the business from their perspective.

2. Give Responsibility

A tried and tested method of developing future talent is to give your potential leaders challenging projects for which they are responsible. Within reason, try to give your future leaders challenges which will test their creativity and problem solving skills. This will not only develop their self-confidence, but it will reveal their capabilities and capacities.

3. Mentoring and Supporting

Alongside the idea of giving someone responsibility over their own projects is supporting them in the decisions they make. It may not have been the exact decision you would have made under the same circumstances, but it’s important that they feel supported and you understand the reasons behind their choices.

As a good mentor,  future leaders need to feel that they can turn to you for advice and support on a professional level. Why not develop a structured mentoring programme? This could be made up of senior management, relevant professionals within the industry and retired executives, among others.

4. Constructive Feedback

Obviously the only way that anyone can improve is to work on constructive feedback received. Give your future leaders constructive feedback regularly, in order that they can then improve on their performance. Furthermore, if you would have approached a situation differently, tell them so that they can learn from this and potentially change their approach for next time. Feedback will also help you to identify any changes you may need to make to the speed and structure of their development.

5. Reward

Any good manager will recognise the importance of rewarding achievements. Make sure that your future leaders are aware of when they’ve done something you approve of. These rewards could be a financial incentive, further responsibility or perhaps a new job title. However you decide to incentivise your staff, make sure that you assess their performance regularly and reward accordingly.

Of course, your future leaders could be a mixture of in house talent and newly hired recruits. If you’re looking to recruit potential future leaders of your company, use a recruiter who specialises in financial recruitment. Kent, Essex and Suffolk wide, MacKenzie King can help you to place the right candidates in leadership positions. Lastly, remember to lead by example, and by putting all of these points in place, your company will be in very safe hands with the next generation of leaders!