How to Support Leadership Development on Your Finance Team

Leadership development has always been a key concern of any top-performing company.

Globalization and business complexity demand much of the leadership of any organization. Couple this with the impending retirement of a virtual generation of leaders, and the need to support leadership development on your finance team becomes even more critical. Here are three ways to grow your leaders of tomorrow.

Competency Assessment

In a DDI study of 1,130 frontline leaders only 55% said that they were ready to lead when they first became managers – a frightening statistic when you consider how important a frontline leader is to the successful functioning of any organization and team. This follows than that any successful leadership development program must have the ability to assess an individual’s readiness for leadership. Strengths must be leveraged, gaps identified and training offered.

Making a Plan

Create a plan collaboratively to identify how necessary skills and competencies will be acquired to create leadership readiness. The plan should include specifics on professional development courses, training and mentorship sessions. It should also outline a potential timeline for the application of new skills to encourage confidence and competency.

Support

New leaders who are able to work within a culturally supportive environment are much more successful than those who aren’t. A supportive manager, structured leadership program and connection to a mentor all help the fledgling leader succeed. Feedback about their performance coupled with timely advice, helps to foster a leader that thrives rather than falters.

If you want to support leadership development on your finance team assess each member’s readiness to lead. By identifying skill gaps, creating a plan to correct them and fostering a culture that is supportive, you build your leaders of tomorrow and help guarantee that your company won’t get left behind.