The art of leadership is under extreme scrutiny, as organisations struggle to find and develop the leaders they need for continued competitive advantage. Research has found that seven in ten organisations feel that their leaders are unable to effectively lead their business into the future, despite growing investment into the development of leadership capabilities.
As a result of the pandemic and wider societal issues, leaders are no longer responsible for simply delivering results, they are now being judged on how they achieve these results too, with workforces calling for more authentic, ethical and inclusive leadership.
In fact, more than half of surveyed adults said they actively consider a company’s social, environment, moral, political and religious values when choosing products or brands to buy.
And it’s with this in mind that businesses should be asking themselves whether their leadership framework is still relevant for today’s world of work.
Why is a leadership framework so important in today’s world of work?
As hybrid working, new technology and shifting market conditions take hold, leaders are facing unprecedented pressures and challenges, often without clear guidelines on what exactly is expected of them in this ever-changing landscape.
84% of organisations anticipate a shortfall of their leaders in the next five years. And so by having a process in place that enables the identification of the right leadership talent, the support of their ongoing development and clear communication around expectations and targets, organisations can begin seeing:
- A 30% increase in the probability of hiring a good ‘fit’ for leadership roles
- A reduction in cost and time to hire as internal talent is better utilised
- The cultivation of future leaders with development programmes and succession planning
And it’s at the spine of this process that a comprehensive leadership framework sits. When implemented properly and reviewed on an ongoing basis, it can ensure that support and communication for leaders within the business remains timely, relevant and reflective of the current climate; providing each leader with clarity on what is defined as success, and how they should go about achieving it.
Four steps to implementing a leadership framework
Keep it simple and relatable: With the state of confusion surrounding leadership right now, it’s crucial that an organisation’s leadership framework is explicit about what’s expected from its leaders – using language that’s easy to understand and recognised throughout the business. Outlining leadership criteria and objectives that reflect the existing culture, values and lexicon of the company will help employees buy into the framework and its principles more easily.
Assess existing leaders: Assessing existing and potential leaders’ is pivotal when it comes to understanding who within the business is naturally well-equipped to lead. Doing so helps leaders understand their current ability, and how they can improve. Psychometric testing and assessment is crucial in gauging the skills available, and pinpointing development areas within the leadership population.
Commit to ongoing development: Once the right talent and their skills gaps have been identified, organisations have to provide each individual with ongoing development opportunities. 77% of adults would learn new skills or completely retrain to improve their future employability, and having access to expert coaching is a tried and tested method of nurturing and developing key leadership capabilities – often resulting in an ROI of nearly seven times the initial investment.
Evaluate performance and refine accordingly: Through utilising psychometric tools, organisations can take an insight-driven approach to assessing the progress and performance of their leadership population in relation to pre-defined goals. By reviewing both the leadership framework and their leaders on an ongoing basis, businesses can refine and develop their processes and people in a way that is most likely to contribute towards sustained organisational performance.
To discover Right Management’s Leading with Impact framework, watch our free webinar today.