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Future-Proof Your Business By Improving Your Leadership Strategy

Organizations often ensure that their products and services remain resilient amidst future changes—but only a handful of companies check if their organizational leaders can do the same. Unfortunately, a Strategy & Business study reveals that costs can rise rapidly if a leader of a large company gets fired or departs without an obvious internal replacement. Organizations may slam the brakes on growth initiatives, pause the closing of important deals, and even lose valued employees, especially if there is no plan in place for the leadership position.

A leader’s departure is only one of the big changes your organization may encounter. To ensure that your business is future-proof, here are the following leadership aspects that you must pay attention to:

Enhance leaders’ digital skills

Companies are undergoing digital transformation, and leaders must follow suit by developing their digital skills.

John Elton of TIAA Bank points out that digital initiatives are never-ending now, which is why leaders need to be more adaptable by developing crucial digital skills. These digital skills include the ability to make quick shifts between different technologies for work, or even the skill of being able to communicate with employees through digital platforms. By developing crucial digital skills, leaders can ensure that they can guide the organization throughout the digital transformation process.

Start the succession planning process

Succession planning is a sensitive process, but there’s a good reason why it shouldn’t be delayed.

Though some leaders may not like the idea, a guide to succession planning by LHH recommends it for future-proofing because it prepares your organization for sudden vacancies and its potential needs. You can ensure that your organization will meet its needs by identifying leadership cultures and critical competencies that are key to future success, such as communication, inclusion, and empathy. Once you’ve identified these, try to assess which leaders and high-potential talents have the potential to develop these skills, so that you can prepare them for the future of the organization.

Invest in leadership and development

If you think that your employees don’t have competencies crucial for future-proofing, you should start investing in training programs.

A survey conducted by Training Magazine revealed that companies are spending more on leadership and development efforts, with about a quarter of the expenses going to leadership training. These organizations are investing in their leadership programs so executives and high-potential employees can learn in-demand skills like coaching, communication, and diversity and inclusion. Likewise, you have to invest more in the training of your employees and your leaders, so that they can prepare for greater responsibilities.

Extend more opportunities to the staff

You can also enhance your leadership strategy for future-proofing by extending leadership opportunities to the staff.

Financier Worldwide recommends providing leaders stretch opportunities because it allows people to test their skills within their own position and within the entire organization itself. This strategy makes it easier for you to identify high-potential employees and allows your staff to recognize their potential or desire for higher positions. Even if these opportunities aren’t involved in the succession planning process, it still serves as a chance for employees to step up with their responsibilities and do their best work.

Your organization’s legacy will last long, especially if competent leaders head it. So before it’s too late, invest in your leaders and ensure they can adapt to any changes.