An organization is only as successful as its leadership. Especially as a business grows, a single leader – no matter how competent or charismatic – will not be able to guide it through continued expansion and to sustainable success. That’s why developing your leadership bench is so important.
How can you develop leadership talent within your organization? How can you build a solid foundation for success, both on the departmental and the organizational level? Both of these questions rely on first identifying and then developing individuals who have the potential to grow into senior management roles and guide your business. Unfortunately, that effort often fails.
While global companies spend $31 billion annually on leadership development programs, only 13 percent of executives actually have confidence in the success of these programs in developing new department heads, managers, and executives. Naturally, that is not the type of success rate organizations should aim for.
As a result, even when spending money on developing the next generation of leaders, your pipeline might be lacking. It only makes sense to take the necessary steps to change that situation. But first, you have make sure that you can avoid the errors that led to this situation to begin with. In short, here are 5 mistakes to avoid when developing your leadership bench.