Leadership skill: The game-changer in 2022 and beyond!
In this post-pandemic era, organisations need employees who can step forward and lead their teams
through difficult times. Leadership skills are mandatory in this ever-changing landscape as it not only helps in an individual’s growth but also acts as a shield to protect organisations from unforeseen circumstances. We can say that Leadership skills are an essential component in positioning executives to make thoughtful decisions about their organisation’s mission and goals, and properly allocate resources to achieve those directives.
Why are leadership skills the first priority in this VUCA world?
In a recent survey, it was reported that 77% of organisations immensely need to upgrade the leadership skills of the organisation’s employees. This showcases how in today’s competitive economy, where human capital is scarcer than financial capital, a business’s competitive advantage lies in its ability to manage and allocate its talent. Skilled and proficient leaders will help the organisations in the followings way-
1. Embrace digital disruption:
Today’s working culture is evolving and leading the path of a digitalised world. Organisations need good leaders with leadership skills to embrace these disruptions and bring a digital-first mindset to the workplace. Leadership skills can help organisations to stand strong and embrace the new unfamiliar ways of working along with greater adaptability to newer technologies to get competitive advantage. For organisations seeking greater expertise and a reputation for digital savviness, it will be crucial to be able to not only recognize opportunities and risks associated with digital innovation but also use data and emerging technologies to inform strategic decision making and align technologies with the overall business strategy.
2. Innovation is the key:
Leadership skills can help adapt the fail-fast approach to new technology and experiment with innovative ways to stand out in this market. With good leadership teams, organisations can adapt the new project management tools to improve team efficiency, and new collaboration tools to spark innovation or a fully scaled customer-facing product that can quickly and more intelligently make decisions or predict new outcomes.
3. Foster development within your team:
A Leader with good leadership skills always believes in developing and upgrading the both soft and technical skills of their team to build a power packed team that can thrive in this ever changing business world. It is a leadership skill that encourages the team to brainstorm new ways to innovate or create efficiency and create an environment where employees are updated with new tools, skills that not only help organisations to thrive in this technophile world but build an environment where innovative ideas are welcomed and embraced.
Why is it imperative for HR leaders to introduce training intervention for leadership skill enhancement?
In the corporate world, visionary leaders are lionised. Organisations search endlessly for the next Steve Jobs or Jamie Dimon, hoping to find the one person who can take them to the next level. Hiring new talent is a very expensive and time taking process. Organisations can enhance their own employees leadership skills and build an army of employees who are thought leaders and can guide the organisation. Let’s look at some of key benefits of leadership development intervention:
1. Upscale financial performance
The development of leadership skills is immediately evident in several aspects directly affecting the bottom line. Organisations can enhance their returns fivefold by developing people capable of improving customer satisfaction, exploring new revenue streams, and reducing costs.
2. Spike in retention rate
Leadership development programs provide a way for employees to grow within an organisation rather than move elsewhere to fulfil their desires for growth. Prioritising these programs represent a commitment to developing high-performing employees, giving them a reason to commit their time and career to their organisation.
3. Enhanced Management of Risk
Running a business in today’s era is like sailing through troubled waters. It is because the organisations have to deal with ever-increasing risks on a regular routine. Organisations should consider upgrading the skills of the employees for managing risks to fulfil the requirements of leadership positions.
To ace these advantages HR managers should select the correct leadership development programs to upskill their employee’s leadership skills.
Read more to understand what are these methods to assimilate leadership skills:
1. Formal training: A leadership intervention
In this intervention, organisations can hire an external mentor for enhancing their employee’s leadership skills. It provides employees with the required knowledge and skills in a particular area using coursework, practice “overlearning” with rehearsals, and feedback. This intervention helps employees to understand several different ways of learning. Organisations can also develop employee’s leadership skills with tools like BoltLite, 16pf to enhance their leadership qualities.
2. 360-Degree Feedback
The 360-degree feedback approach is a necessary component of developing leaders that allows
employees to maximise learning opportunities from their current assignment. It systematically provides employees with Feedback of their performance from a full circle of viewpoints, including subordinates, peers, superiors, customers, and their own self- assessment.
3. Coaching and Mentoring
Leadership coaching focuses on enhancing the leader’s effectiveness, along with the effectiveness of the team and the organisation. It involves an intense, one-on-one relationship aimed at imparting important lessons through assessments, challenges, and support from the coach. The personal development plan can also be created to enhance the leadership skills of employees which not only helps in organisational growth but the personal growth of employees. To learn more about coaching-related services and how to inculcate them in your organisation talk to our expert now.
A great way for managers at all levels to improve their potential, inspire their team and achieve astonishing successful results is through strengthening leadership skills. Successful leaders are always able to transform organisations, enhance value creation, create efficiencies and engage their employees to deliver better results. Looking at how one can assimilate these desired leadership skills among your employees, NamanHR helps organisations curate customised interventions that can help build strong future leaders.