Owners of businesses cannot passively wait for newly produced leaders to take the helm. They must seek out methods to foster and develop the potential of people who have leadership qualities.
For any firm, it’s not a good idea to leave talent development to chance, but it’s especially crucial for business owners who are considering retirement or who have an aging team.
A considerable time and money investment are needed for talent development.
Feeling pressed for time? As employees start to leave or retire, the company loses crucial information, thus most companies need to swiftly replace open positions rather than sputter along while conducting a protracted outside hunt for new leaders.
No matter how occupied you are right now, you need to set aside time every day to develop the team members who will eventually run your business.
Together, establish expectations from the start.
Percy Grunwald, owner of Compare Banks believes in establishing expectations from the start. He states: “The first logical step after deciding what you want from the mentoring relationship is to establish expectations.
Every mentoring arrangement is different. Therefore, when you initially begin, talk with your mentee about expectations and decide if you are prepared for that commitment.
Because everyone works and gets feedback differently, it’s critical to comprehend if the interaction fits both sides’ needs.
Here’s what I suggest talking about:
- Is there an expiration date for the mentorship?
- When and why should you get together?
- What tools can the mentor provide the mentee so they can operate independently?
- What parameters are utilized to evaluate success?
- How active a mentor should they be?
It’s best to work together to arrive at these solutions, but it’s okay if it takes some time. Your initial efforts will be rewarded in the long run.
Professionalism, timeliness, crystal-clear communication, and organization top the list of demands. However, the mentee will influence some of the expectations.
Whether they want me to give them advice, introduce them to someone, write a reference, or supply information, a mentee should be able to tell me as the mentor precisely what they need. It is up to them to sculpt and develop the connection, and that process begins with a simple, straightforward request of some kind.
When working with mentees, Washington spends the first session establishing goals, establishing a meeting cadence, and going through ground rules.
For instance, if there is a significant issue to discuss, I ask that they let me know a few days in advance so that I may arrive prepared to provide my viewpoint and save them time by not having to think of it on the spot.”
Develop via hands-on training
Sam Willis, a writer at Raincatcher shares: “Young leaders should have hands-on experience in a variety of positions within your organization.
Say you just promoted who Ben demonstrates confidence, wit, and a drive to advance to senior management. Ben should work in a variety of positions so that you may expose him to all facets of the business and push him outside of his comfort zone.
Ben may work in marketing if he’s a numbers man. He could benefit from some experience in accounting or supply chain if he’s a very people-focused HR manager.
During the process, he will be exposed to various departments, pick up new skills, and get a comprehensive grasp of the business in a practical setting.
Stretch assignments are activities designed to promote development. If Ben, for instance, lacks foreign experience, placing him in an abroad position will help him develop his leadership abilities and confidence.
When you insert these aspiring leaders into these alien jobs, it’s crucial to carry on the discourse. Describe Ben’s new position, the lessons you want him to learn from it, and the personalities of the department he will be joining.”
Encourage them and acknowledge their skill.
Your objective as a mentor is to assist aspiring leaders in realizing their full potential. It’s critical to recognize that every individual is different and that every future leader has a personality that will be distinct from yours.
The objective is to help them discover their own skills and abilities rather than trying to make them more like you.
By recognizing their accomplishments and promoting their efforts, you may persuade them to do this. This will encourage them to hone their abilities in the chosen field (s).
Keep soft skills in mind
Andy Golpys, the owner of MadeByShape, recommends working on soft skills along with professional ones. He shares: “It’s crucial to focus on your future leaders’ mental growth just as much as their acquisition of commercial acumen as you do on their physical development. Having achievements and setbacks boosts confidence.
It is true that your mentee has to get familiar with the board book in order to speak at a board meeting.
They should learn how to manage increasing numbers of people, finances, and projects, but they should also learn when to act and how to recover from errors.
Here is when coaching is useful. After a blunder, discuss what the mentee did well before going through what may have been done more effectively. Business soft skills need the same amount of practice as more practical ones.
Leaders who wish to maintain and expand their organizations should include this kind of nurturing of young talent into their daily routine.”
Do not be afraid to disagree with future leaders.
Sam Underwood, founder of Bingo Card Creator advises not to be afraid of disagreeing. He states: “Future leaders need challenge because it helps them develop their talents. They hone their problem-solving and creative abilities when faced with unforeseen circumstances.
Additionally, it gives students the chance to improve soft skills like emotional intelligence, time management, and listening which are necessary to handle stress and possible conflict.
Future leaders must always be learning and not be scared to reinvent themselves to keep up with the changes demanded by their profession.”
Optimism projection is crucial.
Mentors should provide their mentees the confidence that they can overcome any difficulties and succeed in achieving their objectives inside the organization.
This is crucial when mentoring a future company leader. A better leader may base their leadership abilities on a good view of the business.