During the great layoff, many high performers were promoted to directorships in an effort to retain them. At the same time, several companies are willing to take a shot at hiring less experienced candidates for managerial positions due to talent shortages.
This means that today’s leadership pipeline is full of new candidates with no management experience. Developing the next generation of leaders is a top challenge for 55% of CEOs. And for a good reason. Organizations that provide high-quality development experiences are 1.5 times more likely to have high leader engagement and retention rates. Additionally, they are twice as likely to be voted the best place to work. However, only 11% of companies have a strong leadership bench.
There are other challenges to navigate, such as leading remote teams, managing hybrid work, and changing expectations of leaders who must now articulate the company’s purpose, lead with a people-centered approach, and work together with additional stakeholders inside and outside the organization. have to do
This is where HR plays a key role. One of the key trends we see in human resources for 2023 is HR’s investment in improved leadership. HR practitioners must clearly identify and communicate leadership expectations. What do organizations expect from leaders? How does this translate into practical behavior? And how do we help leaders become self-aware of the impact of their behavior on those around them?
In addition to clear communication about expectations, HR will play a role in listening to the employee voice, which is becoming increasingly important for organizations with hybrid and remote work policies. HR can help leaders understand the mood of the organization and navigate any relevant issues.
HR will help build soft skills, including empathy and active listening, among its leadership population, as employees view their leaders as a trusted source of information.
To build these skills, HR will invest in leadership development plans and programs, training, mentoring, on-the-job immersion experiences and fast-track exposure, talent rotation strategies to develop experience and skills.
Upskilling of leadership and managers is key for HR to help create value in the organization as well as retain employees. This is going to be critical in 2023.
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