It’s a smart idea for companies to create a plan to develop their employees’ talent, especially in light of the forecast that a large number of senior leaders will soon retire, creating a vacuum of qualified leaders. Developing leaders is a strategic move that will pay rich dividends for the organization and the emerging talent.

1. Develop leaders by offering education incentives

One way companies can develop employees’ talent is to provide incentives for advanced education, such as an online MBA program. Online MBA courses provide an opportunity for students to communicate effectively to diverse audiences, both verbally and in writing, and learn to solve problems in a collaborative setting. An MBA program also gives students the chance to develop the analytical and technological skills needed to advance their careers.
Developing leaders is a part of leading a team

2. Create mentoring programs

Another strategy to grow emerging talent is to create a mentoring program with sound guidelines that manage expectations. In a mentoring program, a senior employee generally is matched with a more junior worker at the same organization. Before any projects or issues are addressed, provide time for the relationship to solidify. It’s a good idea to talk about personalities and work styles, also. Developing leaders through mentoring programs will help the organization prepare for future shifts, such as retirements, by providing a pipeline of competent talent.

3. Provide stretch assignments and support

Emerging talent will benefit from working in a variety of roles, which increases their knowledge of different aspects of the organization. And, they are stretched beyond their expertise and comfort level. While stretch assignments do involve some risk, they are well worth it. Developing leaders requires taking chances in order for the organization and the emerging talent to gain from lessons learned, including failure. Make sure your organization supports emerging talent during this phase by providing frequent evaluations and discuss concerns as soon as possible.| These are just a few of the ways to develop leaders within an organization. Whatever the tactic, developing emerging talent is a sound idea for any company looking towards the future.

Learn more about the Texas A&M-Corpus Christi online MBA program.

Sources: Money, How to Groom Rising Leaders and not Burn Them Out, June 27 2015.

The Wall Street Journal, How to Develop Future Leaders.