Companies in every industry are waking up to the importance of developing leadership. According to a recent survey, “leadership” topped the list of concerns for companies in 94 countries, beating out both retention and engagement.
But while leadership development has exploded into a $25 billion worldwide industry, many companies aren’t placing enough emphasis on developing leadership skills within their own ranks. The key isn’t simply to spend more money; it’s to spend available funds wisely, a skill financial firms have firmly on their side when it comes to developing leadership talent.
Here are four ways to develop effective leadership in a financial setting:
1. Set goals and guidelines.
Simply having a framework for how leaders should behave can do much to improve leadership practice and development in a financial firm. Leaders that are left without this guidance are likely to develop their skills according to their own strengths and interests, which can result in dramatically different leadership styles practiced by different members of the same firm – a problem that becomes apparent when high-performing staff members are placed under leaders with disparate leadership styles.
2. Know where the money goes.
Financial firms have extraordinary expertise in this area, yet not all firms use their financial skills to track their own leadership expenditures. Know what your company is spending its money on when it pays for leadership course materials or other items. Eliminate unnecessary duplications or material that doesn’t support your organization’s framework for leadership to get more value from your leadership budget.
The rise in Internet, social media, and communication has changed education – including education about leadership. Top schools like Harvard, Stanford, and MIT are placing increasing amounts of their coursework online, making it easier to learn about leadership from the best. Tap into coursework that aligns with your company’s goals to improve leadership without expanding the budget.
4. Talk to your recruiter.
Your staffing partner does more than connect your firm with top talent. They can also help you develop plans to build leadership within your firm, improving the leaders you have and helping you cultivate younger talent for leadership positions.
At Daley and Associates, our experienced recruiters help financial firms throughout the Northeast find and develop the leadership they need. If you are looking for financial staffing firms in Boston, contact us today.
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