The corporate world has changed significantly in the past several years, largely driven by a constant stream of new technology entering frameworks and the face of the average staff member transforming rapidly. Younger generations continue to flood the workforce, and businesses have had to become more proactive in the pursuit of leadership development as a result.
One of the best ways to ensure continuity of operations and continued performance improvement is to launch managerial coaching and mentoring programs. This way, new supervisors and leaders get the information and lessons they need from those who have been through the gamut for years, making the most out of the experiences of proven decision-makers.
Mentoring becomes popular
CLO Media recently reported that while executive coaching and mentoring programs have not always been the most common approaches to leadership development, they are starting to gain traction in the current business landscape. This is not to say that other types of leadership development programs are no longer useful, especially as classroom-based instruction is critical to training employees in more complex matters.
However, supplementing traditional training programs with mentoring can be exceptionally effective, especially when a firm needs to more rapidly develop a leader when turnover has become an issue. According to CLO Media, one study found that 97 percent of companies are using one form of coaching and mentoring or another within their managerial and executive training processes.
What's more, the source explained that the most common reasons behind launching a mentoring program were for executive transitions and performance fixes. The news provider noted that companies should take the most comfortable approaches to these initiatives, such as spreading them out over several months or enabling long-distance communication between newer and longer-tenured leaders.
Proactive approach wins in current, future market
The challenges companies are facing today with respect to younger members of staff stepping up into leadership roles will only intensify further in the coming years. Baby boomers have not started to retire in very large numbers quite yet, but are expected to do so soon, while younger generations will continue to make up a greater percentage of leadership positions as this changing of the guard presses on.
As such, businesses should start deploying leadership development programs as soon as possible to ensure continuity and get managers prepared before they are tasked with overseeing other staff members. By delivering development opportunities early and often, leaders will be better positioned to thrive in the coming years.