Neo Banks and Commercial Banking
Traditionally, the commercial banking industry was largely controlled by commercial banks which had a huge brick-and-mortar presence. However, over the past few decades, customers have gone digital. In response to that, the banks were also compelled to go digital. This digital wave led to a dramatic increase in competition for commercial banks. Many types of […]
Impact Investing: Where Profit Meets Social Responsibility
Finance as a force for good Even before the 2008 global financial meltdown, finance worldwide was not exactly successful at deflecting its reputation for greed and excess. But something has been happening on the periphery and is now very much at the core of the financial world; one that proves investing can generate both profitable […]
Importance of Employee Development
Employee development activities help in the growth and development of employees, who are the true assets of an organization. You need to respect your employees for them to feel motivated and develop a sense of loyalty and attachment towards the organization. Don’t forget your employees strive really hard for almost the entire day to accomplish […]
Why are American Companies no Longer Manufacturing Cars?
American car companies are pursuing a very unique strategy to increase growth and profitability. Generally, when companies talk about increasing growth and profitability, they talk about exploring new markets and launching newer products. However, the American automotive industry is planning to do the exact opposite. Executives from Ford Motor Company have announced that within a […]
Some Perspectives on Software Products versus Software Services
The Difference between Services and Products The difference between services and products in software is that whereas the former involve work done for clients that are not the intellectual property of the vendor, the latter are patented by the vendor and sold in terms of licenses to the users. Further, the difference between products and […]
Preparing a leadership development plan is not an easy task. The entire process involves a comprehensive effort and careful planning at every stage.
Various steps go into the development of a leadership development plan. The process starts with an initial phase of self-assessment and the data collected from self-assessments is then used for defining the vision and goals.
The next stage is the stage of the definition of SMART objectives which contribute towards the enablement of the objectives and identification of the competencies which help in the realization of these objectives.
Steps which are required to be taken after writing a leadership development plan:
The stage of implementation of a leadership plan involves the following key aspects:
For keeping the motivation levels high, apart from regular monitoring, rewarding achievements is also crucial as a leader progresses through various stages of the development plan.
Employee retention and motivation can be achieved by engaging the employees in career development programs which can also be combined with mentoring support and facilitation.
Mentors offer a structured and a transparent feedback to the mentees on their progress at work, their areas of improvement and also suggest a remedial plan of action for developing their leadership talent.
Critical operations from the stage of onboarding of an employee, implementation of employee engagement and retention initiatives, to mentoring & coaching for performance enhancement, strategizing succession planning to fill up important leadership positions, can be efficiently managed by using technology.
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