The Cost of Finding and Training Leaders Is Expensive
Finding, training and retaining high potential employees is a high cost undertaking with global implications
The number one leader trait common among successful candidates was long-term thinking and planning skills, Kabacoff said. Promising candidates also showed a desire to be influential along with strength in setting and meeting ambitious goals, the Management Research Group study revealed. Noting which employees are promoted quickly or who routinely show the most enthusiasm are also tried-and-true methods for finding future leaders.
A company also faces the threat that after the individual is trained he/she will be recruited by a competitor. Aging senior leaders are retiring at breakneck pace on a worldwide basis. Large, global companies are finding fresh approaches to identify, train and retain their best potential managers. These approaches include evaluating them formally, putting them on the frontlines with real life business dilemmas. During their training programs, they are presented with real corporate problems to solve.
Fortune 500 Companies, in 2011, spent an average of $1,034 per employee on development and learning along with 35 hours spent on training. These figures were supplied by a trade group -- the American Society of Training and Development. The figures for leadership training and high potential employees are much higher.
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