How Business Leaders Can Help Set The Next Generation Up For Success

Are business leaders truly helping to prepare the next generation for success?

 

Today we begin the contribution from OUR EDITORIAL STAFF with the contribution of Juan Hall, who is a regular columnist for Forbes, in addition to being a relevant speaker in the field of sales and virtual reality. He is also an advisor to growth marketing agency Relevance, a company that helps brands be the most relevant in their industry. He is also the co-founder of Calendar, a scheduling and time management app. He says it clearly: “I write about topics that will help companies grow and learn.”

Interesting ideas that he leaves us like:

-Leave out the baby boomers, generation X, and older millennials.

– Generation Z and younger members of the millennial cohort are becoming a growing presence in the workplace.

Forbes Advisor survey data shows that flexible work options and upskilling opportunities are more likely to impact younger employees’ job satisfaction

 

 

About generational stereotypes

While they say you can’t pigeonhole someone into generational stereotypes, those who are new to the workforce may have different expectations. Some of the research data, at least, points toward this conclusion.

Generation Z and their aspirations

A study by LIMRA and Ernst & Young shows that Generation Z and millennials prioritize unconventional job benefits more than older generations.

For example, 40% of Gen Z respondents want student loan assistance compared to 21% of Gen X.

Forbes Advisor Survey

Younger groups also tend to want wellness benefits, including mental health and fitness benefits. Forbes Advisor survey data shows that flexible work options and upskilling opportunities are more likely to impact the job satisfaction of younger employees.

No matter what generation you belong to, you recognize the importance of supporting the success of your colleagues

And if you’re in a leadership position, you definitely know how critical it is to develop the next generation of talent. So how can business leaders prepare younger workers for success? Let’s explore some ways.

Implement professional development initiatives

Traditional professional development opportunities, such as mentoring or shadowing, don’t seem to have as much appeal as employers might think. Instead, stipends for continuous learning and access to learning management systems are more attractive. Training other departments throughout the company is also popular.

Among Gen Z and millennial employees, 74% say the absence of skill development and career mobility options will lead them to quit. However, career mobility does not always mean that younger groups are looking for a promotion.

Know if they have a future

However, they do want to see advancements in their professional capabilities, even if it is a lateral move. They want to know that they have a future and that their employers support their long-term career goals.

As a leader, you can support the next generation by implementing a variety of learning initiatives. These could include financial support for courses related to employees’ jobs.

You can also purchase training resources and make them available to workers who want to improve their skills.

To help them see progress in their capabilities, consider enlisting the help of your Gen Z employees to guide your company’s marketing strategy to remain relevant to the next generation.

Learning resources do not always have to lead to certifications or college credits, but these may be desirable.

Support work-life balance

While work-life balance is something all generations desire, Generation Z is more likely to give up for lack of it.

A 2022 TalentLMs survey reveals that 82% of Generation Z want mental health days. And 74% would choose hybrid or 100% remote work modalities.

Inadequate pay may be this group’s top reason for resigning, but not having a work-life balance is the second. Included in the lack of work-life balance is burnout.

No matter which generation you belong to, you recognize the importance of supporting the success of your colleagues and if you are in a leadership position, you definitely know how essential it is to develop the next generation of talent

 

 

Employees often experience burnout when job demands become too much.

Burnout can also arise from juggling competing professional and personal commitments. Long hours and unrealistic workloads or deadlines at work will increase the risk of burnout. However, these conditions may exist in 100% remote and hybrid jobs if the demands of your organization exceed your workforce.

Supporting flexibility can go beyond out-of-office work arrangements

You may want to analyze the roles within your company and consider whether they require restructuring. Meeting employees’ work-life balance needs could also include hiring more people.

Listen to comments about overall compensation and whether the demands of a position are too much. After all, generous PTO doesn’t help if employees don’t feel like they can actually take a day off. What do you mean by PTO? PTO corresponds to the expression “Unlimited Personal Time Off (PTO) and is actually considered by a large majority of employees to be a scam to believe that they enjoy unlimited personal time off.

Provide assistance for higher education

The average student loan borrower owes $28,950. 55% of public four-year college students have student loans, while 57% of those who attend private, nonprofit schools do. Once former college students enter the workforce, they face the challenge of stretching their salaries to meet their basic needs and pay off those loans.

Unfortunately, your monthly income may not be enough to cover both comfortably. Employers that offer student loan assistance may be more attractive to debt-laden younger generations.

If your organization helps with education savings plans, you can also meet the needs of older workers. They may have kids to put through college and are worried about how they will handle the expenses.

Recognizing the financial burden of postsecondary education is a way for employers to prepare the next generation for success

With educational assistance, your employees will be less likely to make secondary efforts to make ends meet. They will be less susceptible to anxiety from financial pressures and burnout from working too much. You will also demonstrate that you are willing to reinforce career advancement goals that require higher education.

Raising the next generation

Understanding the needs of the next generation is key to ensuring they are equipped to successfully navigate the world of work. Unlike their previous cohorts, Generation Z is more willing to check if their needs are going unanswered.

Implementing initiatives that support career mobility and work-life balance should not take a backseat. These are essential steps business leaders can take to give back.

 

 

How companies can prepare the next generation of leaders

This information that we give below has been prepared by Adecco Group, which refers to the fact that young leaders are the future and companies increasingly recognize how important it is to grow the next generation of leaders.

Below are the skills future business leaders need and how companies can prepare the next generation of leaders.

Long before the Covid-19 pandemic, companies recognized the need to equip their future leaders with the right skills for the changing future of work. The pandemic has only demonstrated how crucial it is for companies to think about growing the next generation of leaders.

 

 

It has also taken a long time to arrive

In early 2021, a McKinsey survey found that 59% of world leaders believed increasing capacity for long-term growth was “very or extremely important” before the pandemic. That figure now rises to 78%. Along the same lines, developing the next generation of leaders is now the number one challenge for CEOs, according to DDI’s Global Leadership Forecast.

Why is the younger workforce so important? The new perspective, for example, says Bani Sodhi, who heads the Adecco Group’s International Future Leaders Programme: “Companies must recognize that the younger workforce is an asset. The new perspectives that come from people who are experiencing events world at an earlier stage in their lives adapt to the new at a faster pace and see the world through a different lens.

There are many things companies can learn from a younger workforce, especially in light of crises like the Covid-19 pandemic.

“While companies are resilient in generating business profits, people have reaped a lot of intellectual benefits during the pandemic and they must be harnessed for more sustainable growth,” Sodhi said.

Below are the skills future business leaders need and how companies can prepare the next generation of leaders.

As a leader, you can support the next generation by implementing a variety of learning initiatives. These could include financial support for courses related to employees’ jobs

 

 

What skills do future business leaders need?

In a survey of 5,000 members of Generation Z by the Adecco Group, more than half (51%) believed that CEOs would not need college degrees by 2050, while 69% felt that soft skills, such as management people skills and communication, would be more necessary and important than hard skills for future senior management leaders.

The best way to develop future leaders is through internships and experiential learning, according to 55%, with a quarter of respondents citing non-traditional education, such as online courses or bootcamps.

Adecco Group’s Future Leaders 2020 report suggests that tomorrow’s leaders already have many of the attributes needed to be top business leaders

In some areas, Generation Z performed significantly better than today’s senior corporate leaders. But the report also indicates that they need support in some of the skills that are acquired through experience.

Create multigenerational teams

According to SHL occupational psychologist and management consultant Nairita Paul, this is an important opportunity for companies to create multi-generational teams that benefit from cognitive diversity between senior managers and the younger generation.

These are the top 5 skills that Generation Z shows strength in:

– Decide and initiate actions

– Formulate strategies and concepts.

– Planification and organization

– Achieve personal work goals and objectives.

– Build relationships and influence others.

This is what Generation Z can offer in times of uncertainty and crisis, in addition to its ability to solve problems, propose new ideas quickly, of high quality and strategically thought out.

Decision, drive and energy

Lead others through understanding, inspiration and clear management of results.

Long hours and unrealistic workloads or deadlines at work will increase the risk of burnout. However, these conditions may exist in 100% remote and hybrid jobs if the demands of your organization exceed your workforce

 

 

 

But they need support in the skills acquired through experience:

Resilience: When faced with setbacks and criticism, they are more likely to lack the resilience needed to start over when things go wrong. They may be prone to losing the drive and confidence to make decisions.

Following instructions and rules: They are likely to question rules that they do not understand or do not consider relevant. Questioning the status quo can be a healthy practice in some cases.

Willingness to adhere to corporate values and principles: Your attention may tend to focus on your personal needs and objectives over those of your role or organization.

Listen to customer needs and deliver an excellent customer experience

“Companies that recognize and capitalize on synergies between generations, and those that encourage lifelong learning and provide ongoing skills development to their workforce, will have a tremendous competitive advantage,” said Mark Whitehead, Global Candidate Assessment Leader, Group. Adecco.

Three programs to prepare the next generation of leaders

Most companies have developed programs and initiatives to foster and enhance the future leadership capabilities of their own young talent.

The Adecco Group, for example, runs its own Future Leaders programme, the CEO for One Month initiative and the Adecco Group University (TAG U), all designed to equip tomorrow’s leaders with the skills needed for a rapidly changing world. .

The International Future Leaders Program

This 18-month leadership development journey aims to develop leaders with strong business skills and the ability to deliver solutions to business challenges in real time through innovation, and combine their talents with company best practices to continually improve. its services.

A journey of training and personal development

Sponsored by senior executives within the organization, program delegates experience a journey of personal and professional development that takes them across borders and international lines of business, allowing the company to identify its top-performing employees early on. and help develop and accelerate their careers.

Bani Sodhi, who heads the International Future Leaders Programme, says: “It is a great reality check for all high-potential talents as they expand their multicultural network, overcome time barriers, adopt best practices and shape his own unique leadership style. The journey itself is fast, agile and competitive, within a safe and non-judgmental environment.”

The curriculum offers a mix of core and soft skills, but with the shift to virtual working, the focus of training has shifted to ensure that all skills learned in the program can be implemented both virtually and in the physical environment. For example, negotiation skills in an office environment look very different on a phone call or in a Teams meeting.

“As our skills deployment environment changes, our perception of skills must also be redefined,” says Sodhi. “The skills in this program are learnable, realistic and address real-time challenges, and ensure delegates have experience in all facets of leadership.”

The CEO program for one month

The CEO for a Month Program attracts external talent to the company. Candidates selected for this initiative have the opportunity to work alongside and shadow local and global CEOs of the Adecco group.

They experience the life of a senior business leader for a month. Over the past six years, more than 250 candidates have enjoyed this unique opportunity to develop and showcase their leadership potential and learn what it takes to succeed as a business leader.

Understanding the needs of the next generation is key to ensuring they are equipped to successfully navigate the world of work. Unlike their previous cohorts, Generation Z is more willing to check if their needs are going unanswered

 

 

TAGUThe Adecco Group University (TAG U)

It is developing a robust learning ecosystem that puts all Adecco Group colleagues on a path of continuous growth. This year, TAG U will focus on developing its critical transformational capabilities, including digital capabilities, agile ways of working, collaborating and co-creating that drive fundamental change in collective work, pricing, solution selling and leadership development. These are the critical capabilities driving the company’s Future@work transformation.

 

Four ways to attract, engage and develop younger leaders

Be open to candidates with non-traditional paths and backgrounds: Broadening the talent pool improves diversity and ensures the selection process focuses on the qualities the organization really needs.

Leverage Generation Z’s strengths and help them manage their challenges: Develop ways to harness strong work ethic, strategic thinking, and exceptional drive in a psychologically safe environment, and help them develop resilience and manage setbacks by leveraging intergenerational strengths internal. the business.

Create a leadership culture that values the ideas of everyone in the company: promote a richness and diversity of thought and culture that will motivate the workforce and benefit the company.

Provide a comprehensively supportive environment: bring company values and goals to life in a compelling and relevant way. Generation Z will need to be convinced before accepting the corporate culture.

 

How experienced business leaders can be the catalyst for thriving business ecosystems

The point of view of Josh Layhue, owner of Ghost Creativ, who defines the company as being about people. It’s all about simplification through automation. Not to destroy jobs, but to eliminate the monotony that computers are good at so you and your team can do the things only you can do.

Josh Layhue is the Chief Technology Officer (CTO), who spent most of his career developing software for organizations such as Lockheed Martin, General Electric, and NASA. After gaining experience with those large companies, he spent some time moving up the corporate ladder with smaller companies in an attempt to scratch his problem-solving itch. When that didn’t work out, Josh ventured out on his own to start what is now Ghost Creativ.

Today let’s talk about what is often overshadowed in discussions about building business ecosystems: the power of leadership and experience sharing. While financial support from large institutions is essential, the contribution of existing leaders in terms of time and knowledge can be transformative.

Leadership through sacrifice

When fostering an entrepreneurial ecosystem, the resource that really makes a significant difference is the sacrifice of time by established leaders.

Time, along with the willingness to share experiences, can be a catalyzing agent for budding entrepreneurs.

Opening doors through mentoring

When experienced leaders spend time mentoring promising entrepreneurs, they are essentially opening doors. These doors can be in the form of industry knowledge, network connections, or simply advice on how to navigate the challenges that often arise when starting a business. This type of mentorship goes a long way toward building the confidence and insight needed for aspiring entrepreneurs to take calculated risks.

Bani Sodhi, who heads the Adecco Group International Future Leaders Program: “Companies must recognize that the younger workforce is an asset. The new perspectives that come from people who are experiencing world events at an earlier stage of their lives adapt to the new at a faster pace and see the world through a different lens

 

 

Knowledge sharing

Knowledge is a treasure, but practice is the key. By being open about their experiences—the good, the bad, and the ugly—business leaders offer an inside look at the nuts and bolts of running a business. This transparency can help new entrepreneurs learn from the mistakes and successes of others. Additionally, shared stories of perseverance and resilience can serve as a source of motivation.

But networking events and one-sided conversations only get us so far. We need business leaders from multi-million dollar companies sitting at a table with the woman who just hit her first $100k year…with a slice of pizza in the middle. Those open, honest, and transparent conversations will do more for a small business than a $50,000 check (but checks are helpful, too!).

 

Community building

When leaders spend time interacting with aspiring entrepreneurs, they’re not just supporting one person; It’s the entire community. This commitment fosters a sense of community where everyone is encouraged to support each other. Over time, this support network evolves into a thriving ecosystem, where resources, knowledge and opportunities are openly shared.

In many cities, there is a big divide between people who say “we’ve made it” and people who “we’re trying to make it.” I compare it to a scenario where a group has reached the top of the mountain. I think many entrepreneurs would benefit if those people looked over the edge and told those still climbing where the next handhold or foothold might be.

Give more than money

While financial investments are important, the time investment can be even more valuable. Monetary contributions can help get a business off the ground, but the knowledge, guidance, and mentorship provided by experienced leaders are what truly enable entrepreneurs to successfully navigate the stormy waters of business ownership.

In the fabric of an entrepreneurial ecosystem, the threads of time and experience are invaluable. And more money doesn’t necessarily speed up the journey.

Leaders who are willing to sacrifice their time and share their journey play a critical role in weaving a rich fabric of knowledge, support and community spirit. This fabric not only supports the dreams of individual entrepreneurs, but also serves as the foundation for a prosperous and innovative business landscape.

Planting Seeds of Wisdom

In addition to the sacrifice of time, one of the most impactful contributions business leaders can make to a business ecosystem is to plant seeds of wisdom by sharing their experiences, knowledge, and lessons learned.

Authentic narratives

Authenticity in sharing one’s journey, including failures and setbacks, has immense value. Aspiring entrepreneurs can benefit from learning the realities of entrepreneurship. When established leaders share not only their triumphs but also their problems and failures, it adds a layer of identification and encourages new entrepreneurs to accept and learn from their challenges.

The Adecco Group’s Future Leaders 2020 report suggests that the leaders of tomorrow already have many of the attributes necessary to be top business leaders

 

 

 

Selected Tips

Experienced leaders bring a wealth of knowledge and ideas that, when shared wisely, can significantly increase new entrepreneurs’ chances of success.

By understanding the unique challenges facing the next generation of business owners, leaders can offer advice that is not only valuable but tailored specifically to the needs of the entrepreneur. This concept of curated advice can really make a difference in several crucial areas, such as market analysis, customer engagement, financing strategies or product development.

Let’s take a look at some practical examples of what selected tips could look like in action:

Market analysis

Consider a young entrepreneur who ventures into the e-commerce industry with a unique product. An experienced leader, with her experience navigating competitive markets, could provide advice on how to identify key target demographics, craft a unique selling proposition, or leverage data for market positioning. They could even share ideas for spotting market trends and potential threats that the entrepreneur could capitalize on or prepare for.

Engagement with the client

In today’s rapidly evolving digital landscape, customer engagement strategies can make or break a business. An experienced leader could offer insight into effective customer retention techniques, leverage social media to drive engagement, create powerful customer journeys, or even interpret customer feedback effectively. They could provide practical advice from their past experiences on what works and what doesn’t, saving the entrepreneur from costly trial and error experiments.

 

Financing strategies

When it comes to obtaining financing, new entrepreneurs often face obstacles due to a lack of knowledge or contacts in the financial world.

An experienced leader, who has been down this path before, can provide advice on how to create compelling pitches for investors, identify the right type of investors, or how to navigate complicated financial negotiations. They could also offer introductions to valuable contacts within their network.

Product development

If a leader has experience in the same industry as the entrepreneur, their advice can be invaluable for product development. They could provide feedback on product design, suggest ways to optimize the production process, advise on managing supply chain issues, or share ideas to improve product quality. Their industry-specific knowledge could help the entrepreneur avoid common pitfalls and set a course for success.

At its core, curated advice is about more than simply sharing wisdom – it’s about presenting it in a way that is most beneficial and practical for the recipient. This type of targeted mentoring can save new entrepreneurs time, effort, and resources, significantly increasing their chances of success.

Perspectives for decision making

Decisions, big and small, shape an entrepreneur’s journey. Established leaders can shed light on the decision-making processes that guided their paths. This includes sharing how they weighed the pros and cons, assessed the risks, and made difficult decisions. These insights into decision-making can empower aspiring entrepreneurs to make informed decisions in their own ventures.

“Companies that recognize and capitalize on synergies between generations, and those that encourage lifelong learning and provide constant skills development to their workforce, will have a tremendous competitive advantage,” said Mark Whitehead, global candidate assessment leader. from the Adecco Group

 

 

Foster growth

The wisdom shared by leaders not only provides information, but also fosters the personal and professional growth of aspiring entrepreneurs. Through their insights, they can help new entrepreneurs develop critical thinking skills, emotional intelligence, and a growth mindset, which are crucial to navigating the entrepreneurial journey.

By planting these seeds of wisdom, established leaders contribute to the flourishing of a business garden. These seeds, when grown by the recipients, can grow into strong and sustainable businesses that, in turn, contribute to the ecosystem. In this way, the cycle of knowledge and growth continues, ensuring the sustainability and evolution of the entrepreneurial community.

The knowledge bank

An entrepreneurial ecosystem is similar to a fertile land where seeds of innovation are sown. In addition to the seeds, there must be a reserve of resources to nourish them.

One of the most valuable resources is the accumulated wisdom and knowledge of experienced business leaders. This collective repository, called the Knowledge Bank, is a fundamental component in promoting business success.

An evolving repository

The Knowledge Bank is not a static resource but a repository in constant evolution that adapts and grows with the times. As business leaders continue to gain experiences and learn new lessons, it is imperative that they refresh this collective reserve. It is also a two-way street; New entrepreneurs bring new perspectives and knowledge that further enrich the knowledge bank.

Accessible for everyone

One of the key attributes of the Knowledge Bank is its accessibility. The knowledge and experiences stored in it should be available to anyone seeking guidance or knowledge. This could be done through mentoring programs, workshops, online forums or networking events. It’s about creating channels where information can flow freely, bridging the gap between the experienced and the novice.

A safeguard against repetition of errors

The Knowledge Bank serves as a safeguard against the repetition of past mistakes and mishaps. By openly sharing the obstacles they encountered and how they overcame them, experienced business leaders enable new entrants to avoid similar problems or address them more effectively if they arise.

Diverse perspectives

A rich Knowledge Bank is characterized by the diversity of its contents. It is essential that business leaders from diverse industries, backgrounds and walks of life contribute. This diversity ensures a more holistic set of knowledge, addressing the diverse needs and challenges of a broad spectrum of entrepreneurs.

Trust and collaboration

The Knowledge Bank thrives on trust and collaboration. By being open and honest about their experiences, business leaders foster an environment of trust.

When new entrepreneurs feel that they can trust the advice and knowledge that is shared, it opens doors to collaboration, which is the cornerstone of innovation and growth in any entrepreneurial ecosystem.

A legacy beyond business

Ultimately, contributing to the Knowledge Bank is about leaving a legacy that goes beyond individual business achievements. It is about shaping the next generation of entrepreneurs who will drive innovation, create jobs and contribute positively to society.

Business leaders who recognize the value of the Knowledge Bank and actively contribute to it not only strengthen the business ecosystem, but also build a legacy of shared growth and prosperity for the community at large. This mutual enrichment is the essence of a thriving business landscape.

Beyond money: the multiplier effect

While financial capital is often considered the lifeblood of a business ecosystem, there is one element that is often overlooked, but of equal or greater importance: the multiplier effect that experienced business leaders can achieve through their commitment and mentoring.

When fostering an entrepreneurial ecosystem, the resource that really makes a significant difference is the sacrifice of time by established leaders. Time, along with the willingness to share experiences, can be a catalyzing agent for budding entrepreneurs

 

 

More than a financial transaction

It is easy to perceive the role of established companies and leaders within an entrepreneurial ecosystem simply in terms of investment or financial support. However, when business leaders invest their time, expertise, and networks into the ecosystem, they create a multiplier effect that goes far beyond what money alone could achieve.

The power of personal commitment

When an experienced leader interacts personally with aspiring entrepreneurs, he or she imparts a sense of validation and motivation. The leader’s presence and personal interest often act as a morale booster, inspiring entrepreneurs to push the boundaries of what they thought possible.

Networks and door opening

An established business leader typically has an extensive network. By actively participating in the ecosystem, they can open doors for startups and budding entrepreneurs that would have otherwise remained closed. These networks can be invaluable to young companies, whether it’s finding the right talent, meeting potential customers, or even finding additional investors.

Transfer of skills and knowledge

A leader’s ideas and experiences can be invaluable to someone just starting out. Through workshops, mentoring, and informal conversations, business leaders can pass on their skills and knowledge. This transfer is not just about business strategies, but also soft skills such as negotiation, time management and emotional intelligence, which are often crucial to success.

Catalyzing innovation

Experienced leaders can often see connections and opportunities that are not evident to those new to the field. By sharing this knowledge, they can help catalyze innovation and encourage entrepreneurs to explore new avenues or think about problems in different ways. This stimulation of creative thinking is an essential component of the Multiplier Effect.

Community building

Beyond individual companies, the involvement of experienced leaders can have a community-building effect. Your participation can help create a more cohesive and collaborative environment. An entrepreneurial ecosystem that has the active participation of its experienced leaders tends to have a sense of shared purpose and community spirit.

Knowledge is a treasure, but practice is the key. By being open about their experiences—the good, the bad, and the ugly—business leaders offer an inside look at the nuts and bolts of running a business

 

 

Creating a sustainable cycle

The Multiplier Effect ensures a sustainable cycle. Today’s beneficiaries of knowledge and networks of experienced leaders will become tomorrow’s contributors. They, in turn, will reinvest their own experience into the ecosystem, creating a perpetually enriching cycle.

In conclusion, the multiplier effect consists of realizing that the true wealth of an entrepreneurial ecosystem lies in the collective experiences, knowledge and networks of its members. It is about leveraging these assets to accelerate not only individual successes but also to build a vibrant, innovative and sustainable business community.

Call to action

For an entrepreneurial ecosystem to thrive, it is vital that all stakeholders do their part. It requires a synergistic approach, with established business leaders and emerging entrepreneurs contributing actively and responsibly.

For established business leaders:

Get involved: Attend local events, workshops and networking opportunities to support the budding business community. It is in these spaces where you can connect with young entrepreneurs and understand the landscape in which they operate.

Share your time: Commit to mentoring or coaching. Your time is one of the most valuable assets you can offer. Even a few hours a month can make a significant difference for someone trying to embark on the entrepreneurial path.

Open and honest conversations: Share your experiences, both successes and failures. Talk about difficulties and triumphs. The new generation needs to hear the reality, the good, the bad and the ugly. Your honest insights can help prepare them for the challenges ahead and inspire them to persist despite setbacks.

For emerging entrepreneurs:

Build better things: Focus on excellence. Develop products or services that are innovative, that solve real problems and that add value to your customers. Make sure what you are building is worthy of the time and advice you seek.

Keep your commitments and respect people’s time: When seeking advice, make sure you act accordingly. If an established leader gives you their time, show them you value them by following through on your commitments.

Do your homework: When approaching a mentor or experienced business leader, come prepared. Know your business inside out and be prepared to ask specific questions. This not only shows respect, but also allows you to get the most out of the interaction.

Don’t expect help – understand that mentoring and advice are not rights. Build relationships, offer value in return, and don’t take support for granted.

At its core, the health of an entrepreneurial ecosystem depends on mutual respect, commitment, and an honest exchange of knowledge. If emerging entrepreneurs demonstrate that they value the time and knowledge shared by established business leaders, and if established leaders are willing to invest in the next generation by sharing their wisdom and experience, the entire community benefits. This is how robust and sustainable business ecosystems are built. Together, let’s create a culture of collaboration and mutual growth.

In addition to the sacrifice of time, one of the most impactful contributions that business leaders can make to a business ecosystem is to plant seeds of wisdom by sharing their experiences, knowledge and lessons learned

 

 

 

6 TIPS TO DEVELOP YOUR NEXT GENERATION OF SUCCESSFUL LEADERS

Preparing high-potential talent for leadership roles is a key priority for most companies.

The problem is that organizations struggle to get it right. In a global study of nearly 16,000 leaders by Development Dimensions International (DDI), more than 50% of CEOs said their top concern is not being robustly prepared to develop their next generation of leaders. This is most likely why nearly a third of newly hired executives fail within their first 18 months on the job.

Lack of strong leadership can have catastrophic consequences

According to research by Harvard Business Review, promoting and hiring new executives who fail leads to a $255 billion annual reduction in total shareholder returns each year.

There are several proven strategies that companies can adopt to prepare high-potential talent to really hit their stride:

  1. IDENTIFY WHO YOUR HIGH POTENTIAL ARE

How do you know which team members have what it really takes to be a successful leader? Identifying these people can be confusing, as we instinctively look to the top performers as the presumed future leaders.

Start with a well-defined profile. Ask your managers and external experts to uncover the key qualities and competencies that drive success in specific functions. Successful leaders must have a penchant for bringing out the best in others, authenticity, be open to feedback, conceptual thinking, adaptable, show a strong propensity to deal with change and challenges, and have a passion for results.

  1. OFFER PRACTICAL COACHING AND FEEDBACK

The next generation of leaders craves more coaching and feedback. The DDI study found that 30% seek more training than they receive today. By equipping them with what they want, these entrepreneurs will benefit from hands-on opportunities to improve their skills and learn directly from the people they will take the reins from.

As professional business mentor and advisor Inga Birlinka noted in Forbes, through coaching companies “can develop new generations of responsible and courageous managers. Every interaction and feedback can become an opportunity to improve your leadership and strategic thinking skills.”

When it comes to providing constructive feedback, the Forbes Coaches Council advises “highlighting precise areas in which they are excelling, as well as those that require attention… (and) offering concrete suggestions on how they can specifically improve.” “This will help them focus on discrete outcomes while challenging themselves to embrace new and expanded leadership roles.”

The coaching process should also involve active listening, where coaches not only advise, but engage in two-way conversations, answering questions, listening carefully, and inspiring people to maximize their talents. Additionally, the sooner you start coaching and mentoring, the better. This allows companies to create coaching plans that focus on leadership blind spots and areas for improvement.

 

  1. DEVELOP SOLID LEADERSHIP DEVELOPMENT PROGRAMS

To have true impact, leadership development cannot be an annual or ad hoc effort. Companies should have well-planned modules that establish frequent experiential activities and, ideally, a work environment where development is a central part of the company’s overall culture.

Chevron has a variety of leadership development programs that adapt to where employees are in their careers and tailor activities accordingly. For example, the company’s “Aspiring Leaders Program” targets early-career employees and specializes in developing leadership and management capabilities. For managers, Chevron offers the “Emerging Leaders program,” where the focus is on honing more advanced leadership skills, such as coaching, feedback and delegation. Those in higher positions participate in learning experiences where the emphasis is on setting strategy and leading innovation.

“We want these leaders to be able to do everything from driving the company’s vision to sharing inspiring stories among their teams,” says Stacy Eng, Chevron’s chief learning and talent officer.

It’s also critical that leadership programs offer opportunities to gain broad exposure across the company. Speaking with Deloitte, Summer Houchens, an IT executive at Eli Lilly, said she had rotations in numerous areas of the business that made her more well-rounded. “From the beginning, I was offered opportunities alongside my finance and marketing counterparts,” Houchens says. “I also had a mentor who worked with me on my communication skills. As we think about succession planning… let’s think about the training needed for leaders to help them grow.”

Another critical point is that employees play an active role in developing their growth plans so that they align with their career goals and coincide with the organization’s succession plans.

Authenticity in sharing one’s journey, including failures and setbacks, has immense value. Aspiring entrepreneurs can benefit from learning the realities of entrepreneurship

 

 

  1. FOSTER EMOTIONAL INTELLIGENCE (EQ)

In business circles, the importance of EQ has grown significantly over the last decade. The pandemic made EQ absolutely essential for leaders. For future leaders, learning to show authenticity, empathy and other key EQ characteristics such as compassion, support and encouraging colleagues to express themselves openly has now been widely adopted. High-potential people must hone these skills to be successful.

Lee Eisenstaedt of Leading with Courage Academy says EQ is “a better predictor of success than IQ or technical skills. So is self-awareness. To understand and improve both, all (high-potential) leaders and managers should have the opportunity to conduct a 360-degree assessment of their EQ. For those who have the courage to ask others how they are doing, ideas are game-changers.”

 

  1. TRAINING IN THE MANAGEMENT OF DISPERSED TEAMS

When asked what they think will change most in the workplace over the next 10 years, 75% of CHROs (Chief Human Resources Officer) surveyed by DDI said the “growth of flexible work arrangements.”

“The future of work (is and will continue to be) filled with technology, data, flexibility and mobility,” the report’s authors write. “Companies must design safe workplaces, mobile solutions and work centers that allow people to get to where the work can be, operate safely and healthily, and collaborate easily.”

Organizations must therefore train the next generation of leaders to learn how to effectively manage employees working in highly flexible contexts, including a mix of hybrid, fully remote and purpose-built “central” offices.

A cornerstone of this is preparing talent to be proactive communicators.

That means training them to schedule regular check-ins with team members, particularly those who are remote, to ensure they stay connected, feel a sense of belonging, and are fully up to date on what’s happening with the team and the company.

While data points to remote workers being productive, those preparing to lead remote/hybrid teams must have the tools, metrics, and knowledge to monitor employee productivity wherever they work. “It is important for everyone to understand that their flexible work schedule is based on meeting established goals and completing all assigned tasks,” as noted by the HR team.

While productivity is key, a good flexible worker manager will learn to show employees that they are trusted and will take personal responsibility for fulfilling their job obligations.

Next-generation leaders must learn how to foster collaboration and creativity

Between distributed teams to unify groups spread across many locations and different time zones.

And, of course, when flexible workers deliver results, future leaders must receive training on how to appropriately and meaningfully recognize and value their contributions.

Validation is imperative to boost morale, keep employees engaged, and improve employee retention.

  1. NOURISH THE SAVVY DEI

Research shows that future leaders, especially those in their 20s and 30s, already expect their current employers to up their game when it comes to inclusion and diversity. According to the DDI report, only 56% of next-generation leaders said their current leaders challenge themselves and others to recognize and eliminate bias; the number of current leaders is 67%, illustrating a generational DEI divide. (Diversity, Equity and Inclusion)

Emerging leaders will lead the most diverse workforce in American history, and companies must prepare them for it. Organizations should take a look at Chevron, where development programs deliberately focus on diversity and inclusion. For example, the organization’s Global Women’s Leadership Development Program aims to develop a pipeline of women leaders in different markets. Similar programs exist for the company’s African American, Asian American and Latino populations.

At a grassroots level, companies should offer diversity training, providing a clear view of unconscious biases related to age, gender, race, etc. and offer a series of programs and initiatives that promote inclusion.

FINAL THOUGHTS

High-potential talents are creative people, who seek challenges, accept diversity and are full of courage to take on leadership roles. By paying attention to some of the key strategies highlighted here, you have a great opportunity to prepare yourself to really take off in the future and take your organizations to the next level.

Experienced leaders bring a wealth of knowledge and ideas that, when shared wisely, can significantly increase new entrepreneurs’ chances of success

 

 

 

17 Ways Successful Entrepreneurs and Leaders Can Mentor Young Talent

Engaging experienced professionals can empower aspiring individuals and foster lasting impact through mentorship, internships, education, and networking.

To maintain success, it is not only essential that leaders focus on the present but also that they invest in the future by empowering the next generation. By sharing knowledge, providing guidance and offering opportunities, experienced professionals can play a vital role in helping young talent thrive.

Below, 17 members of Newsweek’s Expert Forum explore several ways successful business owners and leaders can reach out and help the next generation. By actively engaging with and supporting the next generation, business leaders can foster a culture of innovation, inclusion and continued growth, while leaving a lasting positive impact on future generations of professionals.

  1. Create a supportive culture

Create and maintain a company culture that truly supports the well-being of your employees. Asking early on about learning styles, the ability to effectively transition from work to home, and setting appropriate boundaries to manage self-care are critical to driving a culture of collaboration and preventing generations of collective burnout and professional disengagement. – Leah Marone, Corporate Wellness Consultant

  1. Meet with as many people as possible

Often the challenge is not potential or strength but access. While a person can only hire so many mentors, those who have deep and broad networks can take the time for brief introductory meetings with next-generation colleagues. The introductions made from those conversations can open doors and provide paths to success for the next generation. – Lowell Aplebaum, Vista Cova

 

  1. Work with university programs

Working with university entrepreneurship or leadership programs as a mentor is a great way to give back and show the next generation that they are not alone on their journey. Doing this work also gives the next generation an idea of the real-life challenges they will face once they branch out on their own to start their own businesses and networks. – Ryan Carroll, Estate Assistants

  1. Give interns real experiences

One way to help the next generation that I find very effective is to take those who apply to be interns and put them to work. Also, invest in new ideas. Those who study business don’t actually learn real business until they do business. The best way to give them that opportunity is to allow them to participate in running a business. – Collin Plume, Noble Gold Investments

  1. Publish instructional blog posts

By sharing a weekly instructional blog post on a personal website, you can easily reach younger generations of readers who are currently trying to learn how to get ahead of their peers. Starting an email list and sharing each of your new posts on your social media accounts is also important when creating an audience for your blog. -Christian Anderson, Lost Boy Entertainment LLC

 

  1. Take on different supporting roles

Be a mentor, encourager and advocate for talent. These are three different roles. A mentor is an advisor, someone who can guide her career. A cheerleader has faith in her abilities and encourages others to believe in themselves and try. A champion has a seat at the table and is willing to support people seeking opportunities and promotions. Leaders identify talent with whom they can authentically fulfill these roles. – Michelle Tillis Lederman, author of The Connector’s Advantage

Decisions, big and small, shape an entrepreneur’s journey. Established leaders can shed light on the decision-making processes that guided their paths

 

 

 

  1. Create sustainable leadership channels

Successful business owners and leaders must seek out the next and greatest talent and develop them by developing a sustainable leadership pipeline in their organization and/or industry. When I work with organizations, I focus on generating natural areas in the organization, identifying leaders in each area and developing personalized growth plans for each one. – Donna Marie Cozine, Consult DMC

  1. Offer hands-on experience

Empowering our next generation of leaders and investing in skills for the future can be achieved through internship programs with meaningful projects. Entry-level talent has cutting-edge training, and offering them hands-on experience will add value to the rising star and the company. – Britton Bloch, Federal Navy

  1. Be a sponsor and mentor

Be sure to take on the role of sponsor and mentor. As a sponsor, you are in the room where decisions about your career are made. You can materially impact their career path. As a mentor, you share common values with your mentee, but you can’t necessarily directly influence the intended outcomes. By nurturing and guiding others, you are enabling their future. – Sabina Pons, Growth Molecules

  1. Ask questions and interact

Show personal interest and participate on an individual level. Ask questions and listen. Find out what’s important and how you can help by providing information and context. Often, a new perspective will result in a win-win situation that engages the new employee and results in a new idea or improvement for your business. – Margie Kiesel, Avaneer Health

  1. Share ideas and industry knowledge

The next generation of business owners and leaders appear to be navigating in ways that previous generations of leaders may not understand. However, it is important for successful business owners and leaders to share their experience, knowledge and ideas with the next generation. Mentoring and coaching are common methods. Internships and apprenticeships give you an advantage by developing skills and networks. – Lillian Gregory, The 4D Unicorn

  1. Encourage creative thinking

We are witnessing an incredible era marked by rapid innovations in various industries. An era in which many of today’s most prestigious professions did not exist just half a decade ago. Therefore, the best way to shape our next generation is by emphasizing creative thinking and embracing the dynamic nature of knowledge. Foster a culture that transforms the way we approach education and upskilling. – Gergo Vari, Lensa

  1. Be supportive and generous

The meaning of partnership is not just “strategic relationships.” Collaborate with the company’s external strategy, even simply providing support and obtaining minimal returns. The next generation of entrepreneurs is more exposed and vulnerable than ever (think Gen Z social media). One way to reduce those anxieties is to share experiences and be generous in acknowledging the lowest points in our careers. -Jacob Mathison, Mathison Projects Inc.

 

  1. Help financially if possible

Unfortunately, younger generations face higher interest rates on mortgages and auto loans, unpaid student loans, and other financial hardships. To the extent that well-off business owners can help their employees advance, those efforts will be appreciated. – Zain Jaffer, Zain Ventures

  1. Help pay off college debt

One way business leaders and owners can help the next generation is to have a way to pay off college debt once the employee has worked at the company for a few years and proven their worth. This was done years ago when companies paid for college educations and can be implemented as part of a loyalty contract when employees start. – Baruch Labunski, Safe Range

  1. Provide learning and development programs

One way to give the next generation a leg up is to offer mentoring and mentoring programs. Provide learning and development opportunities, create a fun and supportive work environment, and be a role model by leading by example. – Alan Wozniak, Business Health Matters (BHM) Executive Consulting

  1. Implement a mentoring program

We try to create a mentoring program where the most successful employees shadow new employees. It offers them a high level of industry-specific knowledge, guidance and support that they would not otherwise have access to. – Tammy Sons, Tennessee Daycare

The Newsweek Think Tank is an invitation-only network of influential leaders, experts, executives and entrepreneurs who share their insights with our audience. What is this?

The wisdom shared by leaders not only provides information, but also encourages the personal and professional growth of aspiring entrepreneurs, helping to develop critical thinking skills, emotional intelligence and a growth mindset, which are crucial to facing the challenge. business trip

 

 

13 Proven Ways to Develop Next Generation Leaders

Brett Farmiloe is the Founder of Featured, a platform where business leaders answer questions related to their expertise and get published in articles featuring their insights. Brett is a regular contributor to Huffington Post and Forbes, and also enjoys tending his backyard vegetable patch.

Today’s workforce is changing rapidly, as Boomers pass the baton to their Generation the leaders of the next generation.

 

What are employers doing to address this challenge? To get actionable answers, we asked business executives, human resources leaders, and employee development professionals to tell us which strategies are most successful and why.

Together, their answers read like the index to a best-selling management book:

– Invest in development programs – Involve team members in decision making

– Offer an “Emerging Leaders” program

– Start a leadership incubator

– Establish collaborative leadership circles

Create a Robust Employee Resource Group Program

– Launch a proactive program for high potential talents

– Empower leaders with a 90-day challenge

Implement two-way mentoring programs

– Promote continuous learning with an internal library

– Use virtual reality in leadership development

– Match new workers for balanced mentoring

– Focus on career paths

13 Proven Ideas to Prepare Next Generation Leaders

  1. Invest in multifaceted development programs

The best way to nurture promising people is to invest in their growth. Relevant and engaging learning experiences not only motivate high potentials but also engage other leaders in your organization.

One way to do this is by creating year-long, multifaceted programs for emerging leaders, including mentoring, community service, shadowing, and formal learning opportunities. These next-generation leaders are gaining the knowledge they need for the next step in their careers while also learning the business at a deeper level.

Upon completion, graduates are well-rounded professionals with a high strategic vision for our company and our industry. Along the way, they have created meaningful connections with their peers, mentors, and other leaders. This approach shows high-level talent that you care about their development and demonstrates how important this is to maintaining a vibrant culture.

Kerby Pickens, Leadership Development Manager, MNTN

  1. Involve team members in decision making

One of the most rewarding and constructive aspects of my job is working with my team members and inviting their input on important structural decisions that are necessary for the success of our organization. In this way, they will be able to consider first-hand all the factors involved in this type of decision.

When you identify strong talent, it’s important to ask them, “How would you solve that?” and then work with them to show them the value of both your approach and yours. It creates balance in decision making, where you listen to other opinions but also have confidence in your approach.

Matt Harrison, VP of Global Operations, Next Net Media

In a global study of nearly 16,000 leaders conducted by Development Dimensions International (DDI), more than 50% of CEOs said their primary concern is not being robustly prepared to develop their next generation of leaders

 

 

  1. Offer an “Emerging Leaders” program

When I was creating leadership development for JCPenney’s Sephora Inside JCPenney division, we quickly realized that internal team members were rarely promoted to the “Beauty Manager” position. Although they had internal business knowledge, they lacked the type of leadership experience needed to take on the role, and this was affecting engagement and retention.

In response, we created an “Emerging Leaders” program designed for senior product consultants and operations consultants, which are typically the roles best qualified to take on beauty manager responsibilities.

The program comprised targeted self-paced virtual training classes, a self-study workbook, and prescribed on-the-job experiences designed to expose participants to many work situations they would face once promoted.

Although completion of the program did not guarantee promotion, it helped individuals become more competitive as candidates. As a result, we saw a definite increase in internal promotions!

Courtney Ramsey, Leadership Development Consultant, Courtney Ramsey Speaks, LLC

  1. Start a “leadership incubator”

At dasFlow, we have created a “leadership incubator” program to cultivate next generation leaders. It’s not just about conferences: we offer rising stars real projects through “innovation capsules”.

These teams address and solve real business challenges. One notable group found ways to reduce waste and costs by 10%. Its leader now heads our Sustainability Division.

The key? Provide hands-on experience and real-world challenges. Turn potential into leadership quickly.

Nicolas Krauss, Founder and CEO of dasFlow Custom Athleisure Apparel

  1. Establish collaborative leadership circles

I have found Leadership Circles to be a valuable development platform. This offers emerging leaders a unique opportunity to gain insights from the lived experiences of senior professionals in an environment where everyone is encouraged to share lessons learned.

By openly discussing challenges and setbacks, circle members can collectively solve common leadership puzzles to find better solutions. Additionally, the circle serves as a support network where leaders can address professional issues, receive guidance, and develop strategies for growth.

Through exposure to diverse perspectives and experiences, emerging leaders can develop their confidence, hone their ideas, and gain valuable insights to enhance their career paths. Investing in these circles is a catalyst for continuous learning and development, allowing leaders to thrive in their roles and contribute to the overall success of the company.

Heidi Hauver, Consulting Staff Director

  1. Create a Strong Network of Employee Resource Groups

We’ve created a robust Employee Resource Group (ERG) program so next-generation leaders can build strong community relationships and grow with the help of peer support. Groups like Womxn of Checkr (WOC) provide a space for diverse and traditionally underrepresented groups to support, empower, and encourage each other.

Of course, ERGs are no substitute for management support, but they are a powerful aspect of the leadership development mosaic.

Robert Kaskel, Chief People Officer, Checkr

 

  1. Launch a proactive program for high-potential talent

In 2016, our organization became aware of the increased risk of turnover among promising young talent and we wanted to avoid being stranded without successors when senior leaders leave.

That’s why we proactively launched a program focused on those who wanted and had the potential to grow in our company. But we added a twist. Traditional talent programs rely on managers to select participants. Instead, our participants had to apply and go through a multi-phase recruitment process.

Those who were selected joined a two-year learning journey that provided multiple opportunities to better understand our business and gain critical business insight. Each individual received regular career coaching and reviews with our human resources team, to prepare them for a leadership role, immediately or later in their career.

Lavinia Mehedintu, Co-Founder and Learning Architect, Offbeat L&D

  1. Empower leaders with a 90-day challenge

In our organization, developing next generation leaders is a top priority. That’s why we invest in initiatives like the “90 Day Leadership Challenge,” a program designed to empower participants with the skills and confidence they need to excel.

This program is based on a structured approach, combining real-world project challenges and mentoring with skills workshops that help participants develop a high-performance mindset, emotional intelligence, leadership presence and interpersonal skills. We regularly evaluate the impact of the program by evaluating career progression, productivity and participant feedback. This helps us adjust key elements to meet changing needs.

Looking ahead, we are excited to expand this initiative, collaborate with more organizations, and explore new ways to foster leadership talent within and outside our organization.

Allison Dunn, CEO, Business Director and Executive Coach, Deliberate Directions

  1. Implement two-way mentoring programs

This is a mission that I truly enjoy because it enables next generation leaders to create a much better world through the power of technology and visionary guidance. I think the newcomers are very in tune with the purpose, the mission and the legacy. Taking advantage of that special level of sensitivity can be very effective.

A model I have developed for several companies focuses on developing future leaders by establishing two-way mentoring programs. Start by clearly communicating your vision and direction. Then, pair the people most excited about that future with the most admired leaders in your organization.

Existing leaders will learn from their young counterparts and connect with their expectations, aspirations and technologies. At the same time, young participants will acquire lasting qualities from those they admire and wish to emulate. It’s a real win for everyone.

Cristina Imre, Top Voice on LinkedIn, executive coach and business strategist, Quantum Wins

  1. Promote continuous learning with an internal library

One of the simplest ways to train next-generation leaders is to help them understand the value of continuous learning. Many organizations consider this to be seminars, training classes, etc.

But one of the most effective tools for us is a learning library that we create for use within our organization. It’s literally about creating a library in your main office or satellite locations. Stock your shelves with books that have boosted your career and are appropriate for growing the careers of others. Then, give next-generation leaders free access to these resources, so they can easily reference any book, any time.

As an added bonus, you can create study areas where people can gather informally and dive deep into a book. Additionally, you can offer book clubs so that people can connect over a particular book and discuss its meaning, relevance, and related lessons learned.

Joseph Lalonde, leadership coach and author, Reel Leadership

The DDI study found that 30% seek more training than they receive today. By equipping them with what they want, these entrepreneurs will benefit from hands-on opportunities to improve their skills and learn directly from the people they will take the reins from

 

 

  1. Use virtual reality in leadership development

Virtual reality (VR) is revolutionizing the way we develop future leaders. By allowing people to step into the shoes of their colleagues, VR plays a key role in amplifying empathy and reducing exclusion, fostering a more inclusive workplace culture.

This immersive technology allows leaders to experience different perspectives in a safe environment. This promotes a deeper understanding of the diverse experiences and challenges your team members face.

As leaders navigate these realistic virtual situations, it also pushes them outside their comfort zones, encouraging them to take risks and think outside the box.

This “walk a mile” virtual reality approach not only enhances emotional intelligence but also cultivates courage and fosters innovation, traits essential for effective leadership in the 21st century. As a result, virtual reality is emerging as a powerful tool for developing empathetic, courageous and innovative leaders capable of driving positive change in the workplace.

Vivian Acquah CDE®, Certified Diversity Executive, Amplify DEI

  1. Match new workers for balanced mentoring

Mentoring is key to developing next generation leaders. That’s why I always try to match new workers with established employees. For this program to work, I carefully consider personality. While some might think that bringing like-minded people together produces the best results, I have found the opposite to be true.

For example, asking an introvert to mentor another introvert won’t take anyone out of their comfort zone. Rather, it is likely to amplify existing weaknesses.

That’s why I recommend using the same logic you would apply to matching a child’s sports team. Assign the strongest players and skills with balance in mind.

For example, I recently paired one of our most detail-oriented workers with a high-personality new employee. The effect was a team with a mix of skills that helped them succeed at every stage of the process, from routine tasks to specialized networks.

Linn Atiyeh, CEO of Bemana

  1. Focus on career paths

Start by identifying talented inexperienced people and giving them opportunities to grow. If you have been successful in the role, train them yourself. If not, pair them with the best person to guide them.

The next step may seem a little crazy to many employers: the career path. For each individual, define success in their current role and identify what it could evolve into, including upward and lateral moves. Give people something to work toward and help them understand your vision of their near-term potential and beyond. I have seen this practice alone increase retention rates by 50% to 70%.

The most common reason people cite for leaving an employer is not having the space or ability to grow in their position. Promoting from within is a smart strategy. Most employers say they do this, but my best guess is that less than half actually do it. Employees live and breathe business continuity. Invest in the good ones. His leadership could one day make or break you.

Matthew Jones, Senior IT Recruiter, VIP Staff

 

This information has been prepared by OUR EDITORIAL STAFF

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