As many experienced professionals retire, companies must cultivate new leaders to fill crucial roles, notes executive consultant Kevin Modany. Both mentoring and coaching help develop future leaders by providing guidance, networking opportunities, and leadership training.
Kevin Modany explains that mentoring involves a senior employee sharing industry knowledge and expertise to help a younger mentee navigate professional challenges. This longer-term relationship provides ongoing inspiration. Meanwhile, coaching focuses on assisting current leaders to maximize strengths and overcome weaknesses to achieve specific goals.
To develop new leaders, Kevin Modany recommends six strategies:
- Foster a Positive Company Culture
Employees are more likely to take initiative when they feel valued. Kevin Modany states that a welcoming, motivating culture positions employees for leadership training. Highly engaged team members often seek out extra responsibilities to excel.
- Offer Company-Wide Learning
Rather than limiting leadership training to elite programs, Kevin Modany advocates broader development opportunities. This shows employees their professional growth matters and grooms more candidates for advancement. Many firms now reimburse continuing education.
- Identify Future Leaders
Managers should pinpoint standout employees demonstrating leadership potential through significant projects, performance reviews, or achievements. Kevin Modany notes that exposing high-potential employees to stretching assignments with mentor guidance prepares them for more significant roles.
- Develop Key Leadership Skills
Leaders need technical expertise and “soft” skills like strategic thinking, communication, and decision-making that mentors can impart, Kevin Modany says. Training programs targeting these competencies are essential.
- Set Goals and Track Progress
Kevin Modany emphasizes that leadership initiatives should have concrete goals and assessments to confirm alignment with company objectives. Evaluations allow refinement.
- Emphasize Meaningful Work
Kevin Modany notes that leadership opportunities should focus on meaningful work with a positive social impact, especially for younger professionals. This drives engagement and retention.
Companies can build a pipeline of skilled leaders by valuing all team members and offering robust development to drive future success. Kevin Modany concludes that both mentoring and coaching play pivotal capacity-building roles.