Now is the perfect time to leverage senior executives as effective leadership development tools. With scores of Baby Boomers delaying retirement in the hopes of a rebounding economy and better retirement income, organizations need to take this time to transfer the knowledge of these leaders to their leaders-in-waiting, according to a recently released report by The Human Capital Institute (HCI) in partnership with Lee Hecht Harrison (LHH).
According to "Leaders Developing Leaders: Capitalizing on the Demographic Gift to Revive Your Leadership Development Program," organizations should use this extra time with senior leaders to adopt a "Leaders Developing Leaders" leadership development program. According to HCI, this strategy "leverages the use of seasoned leaders as in-house coaches and teachers, with programs built on the theory that senior leaders are uniquely positioned to espouse and teach the leadership values and skills of organizations.
Programs are aimed at building the talent leadership pipeline by compelling senior leaders to become the teachers, coaches, and mentors for the organization's future leaders."
However, implementing this program can be complicated. Of the five major barriers the report identified as hindering effective implementation, lack of time and lack of accountability were the clear winners. Nearly 60 percent of survey respondents reported that a lack of time is the primary obstacle that leaders face in participating in the development of emerging leaders, and more than half (51 percent) of survey respondents agreed that organizational leaders are simply not being formally held accountable for their contributions related to developing others. …