Last week, Arcadia held our third and final session in our current webinar series. Mark Albas and Matt Lyon discussed how to identify and boost the development of key performers and high potential talent.
When we speak with our clients, we often find that there is a gap between current leaders and the next generation, and that whilst clients want to empower the next generation, they feel that they may not be quite ready yet. Arcadia will therefore discuss some key themes which will help companies upskill the next generation of leaders.
The new generation of leaders emerging embody the new economy and are digitally savvy and innovative, but are perceived to complain too much and often unsupportive of ideas with which they are not engaged.
The best way to develop this individual is to embrace them and try to connect their personal purpose with their corporate purpose. As they are often a “first follower” they can become an important culture carrier within the business. Making them feel part of a project moves them from questioning and complaining to advocate. Importantly they also bring other colleagues into line with the company vision too.
To identify high potential, CEB highlight three key factors:
Aspiration – ability to rise to senior roles
Engagement – the ability to commit to the organisation and remain in challenging roles
Ability – to be more effective in more responsible and senior roles
At Arcadia we take a strengths-based approach to developing future leaders, using Zenger Folkman’s Extraordinary Leader and Extraordinary Performer assessment tools. These tools start with result first, including engagement and profitability, and then works back to identify competencies. As a result, Zenger Folkman have recognised which leadership competencies have the greatest and best correlations to business outcomes. There are 19 competencies in total across five main groups – personal capability, leading change, interpersonal skills, character and focus on results. However, one of the differences about this tool is that it identifies what people are great at, rather than finding out what the average leader is.
The concept is that an organisation is defined by its exceptional people rather than its average people, so it seeks to find out who has extraordinary competencies. Therefore, by identifying what people are extraordinary at and similarly what makes them so successful, we can help build these key competencies further. On the flip side, the tools also surface where your fatal flaws so these too can be addressed.
Arcadia has identified four critical development needs in high potential / future leaders. By focusing our development programs around these four areas, we ensure that participants develop the right mindsets, skills, knowledge and agency to be seen as future leaders.
We want to move people away from a “fixed mindset” where individuals have a fixed amount of knowledge and their abilities have plateaued. We move them instead towards a “growth mindset” where the individual believes that they can continually increase their abilities and improve at anything they want to. This can be manifest in challenges, obstacles, effort, skills, criticism or success of others. Ultimately our goal here is to move people out their comfort zones and challenge them.
Often people think that when it comes to creating an impression as a future leader, that you take all of your competencies and you promote how good you are at all of these things as part of your personal brand. However, research from our partner Zenger Folkman has shown that this is not the case. Instead, individuals should focus on what is known as the “halo effect”, here you really capitalize on an “F Trait”, which is one where you are very proficient in one certain area. If you are able to do this, then you create a really positive halo effect which will help you develop your brand, enabling those around you to see you as a potential future leader.
3. Organisational IQ
There are two parts to this. Firstly: how well do you know the organisation? Do you know all the different departments, do know what all the products and services are, and do you know where all your offices are etc. The second part is do you know someone who you can reach out to and connect with in each of these areas. You don’t have to know everyone, but you need to know someone who can connect you to a key person. Over time as we have focused on this subject, we have found that the concept of organisational IQ has expanded and now we find there is an extra element. It’s not only what you know and who you can connect to, but who would connect with you? Who would put you in their organisational IQ? How many people would think of you when they want to connect with someone in your area.
4. Purposeful Leadership
One of the key trends in purposeful leadership is increasing people’s cultural intelligence. Cultural intelligence is the capability to function effectively across various cultural contexts whether these be national, ethnic, organizational, generational, gender, race or sexual orientation. Indeed, a survey by the Economist found that over 92% of leaders found that their biggest challenge was finding enough leaders with the CQ to navigate multinational firms. As such, the ability to be able to flex your value system, create psychological safety and demonstrate cultural intelligence in your actions is a huge driver for making people feel connected to the values that an organisation proposes.
We see future leaders coming from many different backgrounds - local talent, female talent, professional and specialized talent or just straight up high potentials. However, all these future leaders can benefit from development of their mindset, their visibility, their organizational IQ and their overall connection and sense of purpose to the firm. By developing these critical areas they are able to positively contribute to their future and the success of the organization.