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As a business leader, you’ve spent years building your company. You’ve invested your time, effort, and resources. Eventually, there will come a time when you’re ready to step down and hand over the keys to the next generation.

No one will understand the ins and outs of a company like your own team. When it comes to choosing the next generation of leaders, leadership development can be incredibly beneficial and reduce the learning curve.

Here is a guide to developing the next generation of leaders.

Identify High-Potential Employees

When choosing the next generation of leadership, it’s important to identify employees with the desire and potential to take that next step. Potential usually appears in different characteristics and work philosophies. Focus on employees who are:

• Passionate about their work

• Passionate about the company

• Strong communicators

• Adaptable and flexible

• Able to build relationships

Performance reviews are a great way to identify these characteristics in employees. Set regular checkpoints with your team and determine their strengths, weaknesses, and growth over time.

Provide Opportunities for Development

Once you’ve identified your potential leaders, you’ll want to give them opportunities to build upon their experience.

Formal leadership training and continuing education are great ways to give your team clear development pathways. You can also invite them to take on more challenging projects alongside current leaders. This expands their skillset and gives them the support needed to be successful.

Providing Feedback and Coaching

While performance reviews can help you identify potential leaders, mentorship will give you richer opportunities to develop specific, C-suite-level leadership skills. One-on-one mentorship programs allow your employee to ask questions, gain valuable insight, get immediate feedback, and learn from a leader currently in the role they would take over.

Mentorship can also help you seamlessly include a potential leader in important meetings, conversations, and projects to give them hands-on experience under your supervision.

Getting Started

Identifying and developing your company’s next generation of leaders can help reduce the learning curve, boost employee motivation, and create a smooth transition. This is why leadership development is one of the most important elements of any succession plan.

Have questions about succession planning or how to build your business’s next generation of leaders? Contact us to meet with one of our business advisory experts.