Every organization should have a strategic plan in place that recognizes talent and implement plans to retain it. Knowing how to develop your company’s future leaders is a crucial part of the overall success. But how do you begin to develop those leaders?
Build a Winning Company Culture
Much of a company’s success stems from their culture. The way employees view the company makes a difference in how the company is perceived, and plays a role in determining whether or not they want a future with that company. If stepping down from a management position, it is important to make sure you have established a culture that aligns with the values of your team, and helps them to be the best versions of themselves. How you determine what the culture is varies in each company, but the results are the same.
How do you know you have a great company culture?
There are a number of signs that you have a great company culture, including:
- People show up for work happy
- Employees have gatherings outside of the office.
- Employee turnover is low.
- Leaders encourage their employees to work toward a higher position.
Teach Employees About the “Hard Things.”
According to Ben Horowitz in The Hard Thing About Hard Things, what separates good leaders from great leaders is the ability to step up and make those difficult decisions when they need to. Great leaders understand how to handle layoffs when the company is going through a hard time, and recognize the importance of including future leaders in major company decisions.
Communicate Your Expectations
As a leader, it is key that you communicate your expectations to the your entire team, but especially to your company’s future leaders. Failing to communicate these expectations could be the downfall of your organization. Make sure these future leaders know and understand what is expected, providing a support system to coach and guide them when they fall short.
Demonstrate How Much You Value Them
In every organization, you have to demonstrate how much you value the future leaders and their contributions to the team. If not, they will become part of the competition. It is important to give them a title that accurately reflects their responsibilities and pay. Management should make a point to tell them how much they are valued, and how much of an asset they are to the team and entire organization.
Provide the Right Framework
Nothing works well without the proper framework. This is also true of organizations. Companies must establish a viable operating system that will equip these future leaders to lead the company when the time arises. Implementing an operating system that provides a streamlined process for identifying and fixing issues, setting quarterly goals, and encouraging employee satisfaction are all an integral part of their success.
Taking the time to explore the entrepreneurial operating system can add time and value to your organization. The entrepreneurial operating system, or EOS, helps leaders of organizations determine their strengths and weaknesses to work toward building a stronger team. It helps accomplish the goals of:
The management team of any organization needs to be on the same page, recognizing and embracing the vision of the company. Vision helps define who you are, what you do, where you are going and how you get there.
Every organization needs to be accountable for the decisions they make. Traction helps the leaders of the organization become more disciplined and accountable, helping them make hard decisions and executing their projects on a continuous basis. The ultimate goal is to learn how to achieve every component of the vision.
The company must have healthy, functional leaders who work cohesively to make things happen. If a team does not work together from the core, the entire vision is thrown off. Assisting current leaders to correctly coach future leaders on working well with others as part of a cohesive team is important.
By strengthening the Six Key Components of EOS into any business( Vision, People, Data, Issues, Process, Traction), we pinpoint any inefficiencies, wrong people in the wrong seats, right people in the wrong seats and any other elements that interfere with us achieving our vision. After assessing your needs, we walk your leadership team through the entire process of what it takes to successfully run a business.
Data signifies information drawn from an active audience. Having a strategic plan in place on how to assess and use the data keeps the people component strong. Once you go through a number of scenarios, the management team will start to fully understand the process and how it impacts the bottom line.
Learn about some of the EOS success stories that help organizations and management teams make the right decisions. Once the organization embraces the concept, the other elements fall into place. Developing the right mindset in your company’s future leaders from the beginning will not only be beneficial to those slated for management, but lends a helping hand to the current management team in successfully running the current organization and leadership.
Does your organization need assistance in getting your selected future leaders on board? Take the free EOS Organizational Checkup to see where your company stands in terms of strengths and weaknesses.
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- 5 Habits of Highly Successful Entrepreneurs
The Entrepreneurial Operating System (EOS) was created by Gino Wickman (Author of Traction-get a grip on your business) and is a registered trademark of EOS Worlwide. Chris Hallberg of Traction Inc. is a Certified EOS Implementer(tm) that helps business owners and their leadership teams get more of what they want from their business.