Excellent leaders take a long time to develop. Based on research by the Brandon Hall Group, businesses spend more time and money on leadership development each year than on any other aspect of human capital management. However, just 33% of businesses claim that their leadership development programs are successful in creating new leaders who can deliver profitable results. However, a staged, implemented process used in traditional leadership development is no longer effective. Companies should focus on leveraging external expertise to boost leadership development.
Research by the Brandon Hall Group says most businesses believe the following approaches are crucial for boosting leadership programs:
- Coaching Leaders
- Developing continuous learning pathways
- Offering Immersive Learning by Doing
- Mentoring Leaders
- Enabling peer-to-peer discussions to share challenges and experiences.
The Josh Bersin Company believes that the following are ways where utilising external expertise can boost leadership development:
- Organisations that use leadership development programs delivered by qualified consultants significantly increase talent and innovation.
- Cohort-based leadership development programs delivered by qualified external experts offer a channel for external expertise in leadership development.
- Cohort-based leadership development programs also provide a forum for employees to engage with and learn from experts in a secure and dynamic culture.