Great leaders not only double a company’s profits, but they are also expensive to replace. Besides, the average C-Suite tenure continues to decline, and every day 10,000 baby boomers reach retirement age. As a result, strategic legacy planning is more critical than ever to develop future leaders. But to get it right, you need to know how to identify future leaders. If you are not sure, check out this list of practical tips and tricks for identifying high potential people in your organization.
- Give Them Wider Business Exposure
Make sure your future leaders fully appreciate not only their current role but all aspects of your business. It would help if you encouraged them to gain a comprehensive understanding of your industry and to get future directions for your organization. Future business managers need to make the choices that will one day shape your organization.
- Set Support Systems in Place
Employers have a responsibility to support your employees and your future leaders as they rely on you for support as they progress in their lives.
- Motivation and effectiveness
An essential part of every budding leader is to find their motivation when there are tough times. Sharing motivation with the coach assists them in staying in touch with that source.
- Create Coaching and Mentoring Opportunities
One of the best ways to shape future leaders is to learn directly from other successful leaders. Once you have known applicants who can be great leaders, team up with a great leader to find them, train them, and provide consistent coaching. A teacher can give personalized supervision that will help prepare junior employees to become more effective leaders in the future. Building these strong relationships generates opportunities for open, honest communication in the leadership development process quickly.
- Communication and feedback
Coaching provides an external viewpoint that helps emerging leaders understand how to communicate with clarity, receive feedback, and affect others’ ability with their communication.
- Change Their Role and Responsibilities
Leadership development works well when your future leaders know the significance of the various roles in your organization. One day, they will make decisions that affect all business sectors, so they must raise awareness from different angles.
- Reward Them Fairly
Recognize the achievements and progress of your future leaders in the leadership development program and reward them accordingly. It can be in the form of performance goals, the challenge of the following responsibility, new job title, financial incentives, or a significant share in the company’s future or organization. Make sure you know what motivates them and design your reward system accordingly. Even if you reward them, your future leaders will appreciate the gestures and be more motivated and committed to sharing your organization’s vision.
Remember, your management team will follow you as an example and for the best practice as a leader. Review your perspective periodically to lead by example and give your future leaders the role models they need.