Why you need to rethink leadership development in this increasingly tight talent market.
Employers are facing the worst talent shortage since 2007.1 Recent headlines claim the U.S. is close to full employment, with the unemployment rate dropping to 4.4% (the lowest since May 2001).2
It’s becoming increasingly difficult to find great leaders, and companies feel the crunch:
It takes more than a nice open position to convince rising leaders to leave their current roles. And it takes more than training to prepare them for future leadership positions. As Baby Boomers leave the workforce at an unprecedented pace and inexperienced leaders step in to take their place, accelerated development programs are your best strategy to ensure they hone key leadership capabilities fast.
Yet, companies aren’t doing a stellar job of implementing effective leadership programs.
Organizations realize the need to address leadership development challenges is paramount – 89% rate it as ‘very important.’ However, 56% report they are not ready to meet leadership demands.5
For those with training programs in place, only 40% believe their programs deliver ‘some’ value. Twenty-four percent state they yield ‘little to no value.’5
These numbers will do little to overcome the talent gap and create a succession pipeline that is teeming with ready-now successors. In an increasingly tight talent market, your organization can’t afford to flounder your way through development programs. Deloitte University Press believes “the traditional leadership development paradigm is simply not delivering what is expected and necessary."5
So why do we continue to use the same, tired models, hoping for different results? Leveraging a new approach is necessary to overcome the leadership capability gap present in our workforce today.
1 Employers Are Facing the Worst Talent Shortage since 2007, SHRM.org, 2016
2 The Employment Situation – April 2017, Bureau of Labor Statistics, May 5, 2017
3 Employers Are Facing the Worst Talent Shortage since 2007, SHRM.org, 2016
4 20th CEO Survey, PwC, 2017
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