A recent survey from CLO Magazine – HCM Advisory Group identifies the top skills that more than 280 companies are trying to develop through their leadership programs. Amongst the top 4 are:
- Business acumen
- Strategic planning
- Leading innovation
Accelerating the development of those skills can be critical to an organization looking to strengthen its succession planning. Measuring the impact of executive leadership programs targeting these skills can include the retention of top performers (59%) but also employee satisfaction (58%), employee engagement (52%) or productivity metrics (32%).
Most organizations (68%) have programs for High Performers but more and more develop initiatives for specific groups, such as women in the organization (27%). We anticipate this trend to continue over the next few years.
At StratX, we have recently seen an increase in the need for group-specific leadership programs. We have also seen that simulations are a great tool to develop the skills mentioned above. Traditionally, such skills are acquired through on-the-job experience, but this takes time and learning from mistakes can be costly. Simulations help participants experience several years of business management packed in a couple of days. As a result, companies can get their next generation of leaders up and ready faster, giving them a significant edge in an ever-changing and competitive market place.