I recently read a newspaper article that had really caught my attention. The article was about a report by Development Dimensions International indicating that many leaders in today’s organization are failing; yet, companies are still shifting their attention away from developing its leadership. In fact, 75% of International Executives surveyed believe that improving or leveraging talent is a top business priority. Unfortunately, it appears that this critical business imperative may not be receiving the attention and effort that is needed to truly produce results, despite being directly linked to many company’s strategic business goals.
Also cited in this study is the decline in human resource professionals’ confidence in leadership over the past eight years (from 47% to 35%). These professionals believe that 37% of leaders fail. That is a staggering loss for companies especially in today’s competitive environment.
I found this fascinating because during difficult economic times and as businesses are under increased scrutiny, it seems natural that this would be the time for companies to invest in the development of their current leaders and high-potential future leaders. The key word is investment. When the economic pressures are on, leadership development is not always seen for what it is – and investment or an insurance policy for the future. More than ever we need competent leaders at the helm of our organizations and leadership competence is achieved through development on an ongoing basis.
I believe that during turbulent times, businesses cannot avoid managing their talent and equipping leaders for the future by investing in development initiatives that are directly linked to profitability and the organization’s strategic goals. Click here to read part two of Developing Leaders During Tought Times.