Training new leaders the greatest challenge, says survey
Training decision-makers and talents of the future poses the greatest challenge for some 25,000 surveyed company heads participating in the Global Leadership Forecast 2018, who said the potential problem is even more difficult to solve than economic recession or slowing growth in developing countries.
Produced as a collaboration between DDI, The Conference Board, and EY, the eighth edition of the Global Leadership Forecast 2018 is described as one of the most expansive leadership research projects ever conducted.
According to the survey, companies spend on average USD 4,000 and 39 hours on developing potential leaders. The research reveals that companies which begin the development of leaderships skills below the higher management level prove to be more financially successful, and have stronger upper leadership.
In addition, digital pioneers, which have decision-makers familiar with digital solutions, have a 50% better financial performance than their digitally less developed peers.
Companies have to build a strong company culture if they want to achieve successful leadership strategies, according to the research. The solid base consists of straightforward aims, the opportunity of personal coaching, openness towards creative and innovative solutions, and psychological safety, meaning an accepting and understanding environment.
"The Global Leadership Forecast 2018 reveals that focusing on the development of talented leaders allows us to build a stronger company culture and achieve a better financial performance," says Bálint Bachmann, freshly appointed rector of the private Budapest Metropolitan University.
The university has launched its new "Transformative Agile Leadership" course, focusing on problems decision-makers face within their own companies, such as how to pass on openness towards new things and how to create an accepting company culture.
"Our aim is to get representatives of different professions into one room, to let directors, marketing experts, people in HR, sales and IT study and work together, moving out of the organizational frame," explains Zoltán Csaba, strategic director of Metropolitan University.
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