Conflicts of Interest in the Insurance Business
Conflict of interest scenarios are common in businesses where multiple parties are involved. In many cases, these conflicts are small and harmless. However, when it comes to insurance, some of these conflicts turn out to be serious. In this article, we will have a look at the various situations in which the different participants related […]
Organizations Gain from Embracing Business Process Improvements
Business in present times is very challenging and dynamic. The nature of markets, life cycle of products and services as well as the Customers and their expectations have changed. So has competition. No business can survive this change unless and until they re-invent themselves and equip themselves to face competition. While some Organizations build their […]
The “Helicopter Money” Policy
Milton Friedman is one of the great economists who has lived during the 20th century. Many modern-day economic policies are derived from the Monetary School of Economics which was founded by Milton Friedman in Chicago. During his discussions in one of his classrooms, Milton Friedman had mentioned the idea of helicopter money policy. When Friedman […]
The New Economics of the Music Industry
The economics of the music industry has been radically changed in the past two decades or so. Ever since the internet became a reality, music could be shared for free. The entire industry faced the onslaught of the latest developments in web technology. Companies like Napster encouraged piracy and allowed users to download and share […]
How to Develop a Long Term Perspective
The Temptations of Living in the Present and the Perils of Forgetting the Future The digital revolution has accelerated change and has induced in us a tendency to live for the moment without thinking of the longer term consequences. As we are bombarded by 24/7 breaking news and the media cycle and we are constantly […]
Leadership development entails nurturing, encouraging, incubating, and mentoring prospective leaders. In many organizations, the HR department in conjunction with senior management identifies potential leaders or fast trackers who are capable and ensures that they are motivated and encouraged to give their best.
This form of mentoring and coaching of future leaders happens through organizational commitment to their development that includes sending them to specialized training programs, making them attend targeted workshops, and taking them to resorts and getaways with the express purpose of ensuring that these prospective leaders get all the encouragement and strategies to groom them into senior level positions.
It needs to be remembered that leadership development is not only about the organizational need for grooming prospective leaders but also to do with the candidates themselves showing the inclination and the aptitude to be groomed as leaders.
The point here is that leadership development is a two-way process that is symbiotic with both the organization and the candidate showing interest in mutual success. Only when both sides are keen on helping each other grow can true organizational development take place. This is the case with organizations like Infosys, Sony, and IBM, Fidelity etc where potential leaders are identified early on in their careers and given the necessary backing for them to blossom as true leaders.
It needs to be mentioned that leadership in the current turbulent business landscape is a combination of traits and vision and hence potential leaders ought to have that rare combination of business acumen and risk taking along with visionary ideas with integrity.
Integrity has been mentioned along with the rest as the financial crisis of 2008 proved that business leaders without integrity are a burden to the organization. Hence, these traits should be spotted and then adequate environmental support given so that leaders are groomed appropriately.
Leadership development is as much about traits as it is with experience and this is where the role of the mentors appears. Existing senior management leaders can help potential leaders perform better and give them tips and insights into how the business world operates so that they have an idea about how they have to respond to tricky and thorny issues.
The point about real world experience is that many potential leaders might have the necessary traits and ambition but lack the insights into what makes for a successful leader in the real world. This is where the experience of the senior leaders in organizations helps as they can provide valuable guidance to the potential leaders on how to address tricky real world problems.
Finally, leadership development entails commitment, patience, and skill and unless the potential leaders are committed to stay with the organization for an extended period, there is no point in grooming them. Though many organizations have moved away from making the employees sign bonds, they still groom only those employees who have been with them for a while and who, in their estimation, are going to stick with the company for a longer term.
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