PEOPLE
Leadership is something that can be taught – there ’ s no magic or secret sauce
There can be little doubt that promoting from within is a crucial contributor to business success .
Embarking on an external recruitment process can not only be costly and time-consuming , but might also pose a greater risk when it comes to finding the right person for the job .
There also exists a school of thought that looking outside the business for suitable candidates , instead of internally , has the potential to damage morale .
That ’ s not to say promoting existing employees is a straightforward exercise – far from it , in fact . While they may be blessed with an extensive skillset which ensures they stand out from the crowd in their current role , this doesn ’ t necessarily mean they possess the capabilities required to lead those around them .
What ’ s more , there is increasing evidence to suggest members of today ’ s rapidlyevolving workforce , with its altogether different set of priorities compared to yesteryear , are not actually interested in transitioning to positions of leadership .
Recent research from Visier found less than two in five ( 38 %) employees in the US are interested in becoming a manager at their current organisation , with the remainder preferring to stay as ‘ individual contributors ’.
When broken down by gender , the situation appears even more alarming . Less than half ( 44 %) of men are interested in becoming people managers , and that figure drops to just 32 % for women .
Similarly , only 36 % of workers are interested in becoming a people manager at a different organisation , indicating it ’ s not the business that makes a difference , but rather the prospect of the role and associated responsibilities .
Many companies are all too familiar with the skills gap , but now conversation surrounding the ‘ leadership gap ’ is growing louder . Attention must turn to developing the next generation of leaders and ensuring businesses have the expertise and know-how to navigate turbulent waters in the years ahead .
Leadership development ‘ critical ’ to success At MUFG Investor Services , development of leaders and the wider workforce begins with having a positive and supportive company culture .
This is captured by the company ’ s pledge to be ‘ Brilliantly Different ’ by committing to employee wellbeing , work-life balance and treating everyone with respect .
As CHRO at MUFG , Sarah Mears ’ responsibilities include all things related to people strategy , culture , DE & I and employee communications .
80 December 2023