Forward HR | November, 2016
Budget & Balance with A Bias for Action
We are all in the thick of year-end activities. That means reporting on the progress we made on goals, and planning for the growth we anticipate for 2017 and beyond. In addition, it means moving forward with a bias for action. Planning is good, but execution separates the good from the great.
How effective were your activities and initiatives this year? Did you satisfy your compliance requirements? How is your team working together? Did you develop individual leaders as well as organizational leadership? Next, wait, what? Individual leaders I get. Organizational leadership?
Developing individual leaders in many cases mean supporting managers who come to you asking for reimbursement for a developmental workshop they want to attend. Developing organizational leadership is making sure you are growing leaders for the strategic and organizational needs at each level – supervisors, managers, and executives.
The last few companies I spoke with informed me that 40 – 55% of the executive team would be retiring in the next 5 years. That’s a lot of baby boomers moving on. Here’s a checklist of key activities to review so you and the organization are prepared for the future.
The vast majority of HR leaders saw budgets for development greatly retract during the recession, and now are re-building the must-have line items. What could be more ‘must have’ than developing your next executive team? Nothing will generate the ROI impact you expect than executive coaching.
I’m not speaking of life-work balance, but a balanced approach for leadership development. Training on specific needs and skills is helps to bring people up to speed and meet expectations. In addition, I’d strongly encourage you to balance some of your group efforts with individualized coaching, especially for strategic hires and high-potential leaders.
BIAS FOR ACTION:
Now is the time. This is the budget. Whether a separate line item or somehow setting money aside, hire an executive coach for a leader willing to commit, and willing to work with other internal partners to succeed for the organizations overall success.
Each time I hade a key leader choose to leave the team I led, I wished them well, stayed in touch, but also seized the opportunity to bring a stronger, smarter hire onto my team. Businesses evolve and clients’ needs become clearer over time. With a better understanding of the current situation and emerging future, seize the opportunity to bring in what is needed. Take advantage of the breaks you received when good people leave, and bring in leaders who are stronger and a better fit.
Given your bias for action, the breaks presented, budget and balance, you now have the opportunity to contribute to the future success of your leaders and the long-term success of the organization – but act now!
Dan Loichinger is the founder and president of Loichinger Advantage LLC (www.loichingeradvantage.com). The Madison-based firm delivers proprietary executive coaching, leadership assessments and executive roundtables for owners and executives of growing Wisconsin companies. Clients value their ability to increase their leadership effectiveness, improve their insight, accelerate change, and increase their competitive advantage. Together with our clients, we deliver proven leadership growth!