Why is leadership development crucial? Simply put, leadership is the linchpin of organizational success. When leaders thrive, teams thrive. When teams thrive, organizations flourish (including their bottom line). In a world where change is the only constant, investing in leadership development isn’t a choice, it’s a strategic imperative. This guide is your entry into the transformative realm of leadership development. We’ll explore what leadership development entails and why it’s a cornerstone of any forward-thinking organization’s strategy.
Organizations often approach Amber with a sense that they need leadership development, yet struggle to pinpoint specific challenges or articulate what success looks like. This is a common scenario and Amber is happy to step in as the strategic advisor and assist in uncovering challenges, identifying needs, and defining success.
These prompts will help you identify your leadership development needs:
Assessments play a pivotal role in leadership development by providing invaluable insights into an individual’s strengths, areas for improvement, and potential blind spots. These assessments serve as a diagnostic tool, guiding the coaching process by identifying specific areas where focused development can lead to enhanced leadership effectiveness. They facilitate a targeted and personalized approach, allowing coaches and leaders to collaboratively create development plans that are tailored to individual needs, fostering growth, and maximizing leadership potential.
The Hogan assessments are the gold standard when it comes to leadership development; they are different from other personality assessments because Hogan measures one’s reputation and focuses on how others likely describe and perceive an individual, whereas other assessments attempt to measure identity which is difficult to study as its highly subjective. In the workplace, your reputation matters as it will get you hired, fired, and promoted. Hogan has proved that personality predicts occupational performance with over 40 years of independent research and a full in-house research team staffed with I/O (industrial & organizational) psychologists.
Hogan is currently able to achieve the highest level of predictive validity in the industry and has solutions for both selection and developmental purposes which can be used throughout the talent management life cycle. Hogan has conducted more than 1,500 research studies with the top companies in the world, including most Fortune 500 and 100 companies. 75% of Fortune 500 companies are using Hogan for talent selection and development.
Impactful Hogan assessments include: the Hogan 360, Leadership Forecast Series, High-Potential Talent, EQ, and Leader Focus.
Learn more and see sample reports here: http://awcoach.co/services-pricing
Embarking on the leadership development journey involves goal-setting and goals may not always be apparent initially and they often evolve during the process. Amber recognizes that clear objectives might not be defined from the outset and that they will unfold and transform throughout the engagement and understands that organizations seek coaching due to challenges and unmet goals.
Rather than expecting pre-defined objectives, Amber will delve into the specific pain points and challenges by asking insightful questions. This helps in determining your current state, your aspirations, and the gap in between. Utilizing assessments to craft a tailored development plan serves as an effective starting point. It’s worth noting that some coaches may expect that the organization provide them with clear goals at the beginning of the engagement.
To provide structure, a way to create objectives for leadership development is to use the Objective-Goal-Intention format:
Adapt, build, implement, improve, achieve _______ to allow for (what will achieving that give you?) ______ while maintaining or balancing (what are the competing priorities?) ________ in order to _______.
Examples of some objectives for Executive Coaching:
Considerations | About Amber |
|---|---|
Are they ICF credentialed? | Yes, I am ICF credentialed |
Do they have their own coach? | I believe in the power of coaching and have had my own coach now for 5.5+ years. |
Do they make it about the client and not about them? How client-centric are they? | I don’t force clients into rigid programs. I prefer to treat my clients like adults and to let them dictate what works best for them. |
Do they genuinely believe in your potential? | Absolutely. I believe in your potential! |
Do they lead by example and model highly-effective behavior? | It’s always top of mind for me to lead by example. |
Their approachability, temperament, compatibility | I’m on the extreme side of thoughtfulness, am an HSP, and my natural temperament allows me to build immediate, deep rapport. |
What do they do for continuous development? | I’m a true lifelong learner and always developing. Always happy to share what’s on my plate for learning and developing. |
What is the Coach’s approach, methods, and leadership model? | Learn more on the Capabilities deliverable |
How much should you spend on leadership development? According to research from HR Executive Magazine and Forrester, 65% of businesses spend $2,500 per year per employee on leadership development. To provide you with some guidance, the data below was taken from the Training Magazine 2023 Industry Report. It’s crucial to note that historical spending may not align with the evolving landscape of leadership skills, which look different today than they did in the past. Strategic planning for reskilling and upskilling should consider the evolving demands of the present and future.
Size Company | Average Training Budget | % Allocated toward Leadership Development | Budget toward Leadership Development |
|---|---|---|---|
Source: Training Magazine 2023 Industry Report | |||
Large (10,000+) | $16,100,000 | 28% | $4,508,000 |
Midsize (1,000-9,999) | $1,500,000 | 28% | $420,000 |
Small (100-999) | $459,177 | 30% | $137,753 |
High-quality coaching often comes with a higher price tag. Additionally, longer-term programs may require a larger budget. To facilitate genuine learning and behavior change, clients typically engage in coaching for a duration of 7-12 months. Amber often recommends continuing with a monthly session thereafter to support ongoing growth and serve as a valuable sounding board, a feature many clients find highly beneficial.
Executive Coaching consistently yields a return on investment (ROI) exceeding 500%, showcasing its substantial impact on personal and organizational growth.
More info on the ROI & Value: http://awcoach.co/roi-value
There are different ways to define and measure success of the coaching engagement. Two of the most valuable ways are: (1) Behavior: the degree to which behavior is applied after coaching; (2) Long-term results: observable KPIs over a period of time.
Examples of success and high-level outcomes:
Observable KPIs over time can be: employee engagement scores, retention rates, leadership pipeline development, team performance metrics, customer satisfaction, innovation metrics, conflict resolution, time-to-fill positions, revenue growth, and succession planning.
One of the best ways to measure success is to administer a 360 assessment at the beginning of the engagement and then 12-18 months later.
