While you may want to control everything in your company on your own forever, that is not possible. Some things must be delegated for a business to operate properly. Furthermore, you need to think about the future of the company without you. If you want your business to have a lasting legacy, you need to be constantly thinking about the next generation of management. If you don’t, the entire business may collapse as soon as you step aside.
With that in mind, it’s always a good idea to have systems in place to develop the next generation of leaders within your company. You need to be trying to foster leadership skills at all levels of your organization. Here are some tips you can use to help find the leader within your employees.
Mentorship is one of the proven strategies for building leadership skills in lower level employees. Try to become a mentor for prospects you believe have promise within the company. A mentorship can help pass on some of your skills as a business owner and manager. It also helps to keep talent within the organization. That can be a benefit versus only hiring outsiders when you require new management. They may not be as devoted to your business and overarching vision for the company.
You may also institute an official mentorship program into your company. Including job shadowing and cross-training in such a program can be very beneficial. It can allow employees to become proficient in other areas of the business they wouldn’t be familiar with otherwise. It can increase the value and versatility of each employee that goes through such a program significantly. 75 percent of Fortune 500 companies have a mentorship program.
Leadership is not something that will just develop in a vacuum. People need the incentive to become leaders in any kind of organization. Within a business, the incentive is to rise higher within the company. That incentive will not exist if employees view their positions as dead-ends with no possibility of moving further up the chain. Instead, you need to have a system in place in which promotions are actually given out. In fact, this should be outlined in the employee handbook so everyone working for the company is aware of this fact.
While you may not want to promote all of your employees, they need to be aware of the fact that receiving a promotion is possible. If they don’t think that, you’ll have bigger problems than not being able to develop leadership skills in employees. You’ll also have a high turnover rate when those employees become frustrated and end up leaving your company for greener pastures elsewhere. $11 billion is lost to employee turnover every year.
Overall, you need to have a plan. Succession management needs to be something that is thought out in exact detail beforehand. If there is no plan for replacing the leaders of a company, at some point, the organization will end up rudderless if the worst transpires. At that point, the entire company going under is a very real threat.
Succession planning includes having specific instructions for who will take over the company if someone in an important position were to leave or die. It should also incorporate mentorship and promotion programs as previously discussed.
Having everything outlined can help build stronger stability within the organization. Every strong organization has such plans. This includes government, the military, and all other structured organizations. It should also include your business. At the core of that plan should be strategies to help build leadership skills in others so they can take over if the worst happens. 81 percent of employers use software to help with succession planning.
Overall, if you want your company to survive for the long term, you need to start thinking about building leadership qualities within your employees. If you don’t, the business will not survive current leaders passing away or leaving the company.