It’s been well documented that an astonishing number of over 50’s have left the workplace since the pandemic. There are of course many reasons behind this ranging from long term illness to simple retirement. However, no matter how you look at it, that’s a lot of experience and knowledge leaving the workplace. In my view, a worrying amount, and compounding this problem is also the general shortage of workers and, not to be overlooked, that the private sector is often competing with a much-expanded public sector for workers. Companies, though, have to play the hand they’re dealt and not the one they necessarily want. It’s inevitable that many firms will be promoting individuals to their first management or executive role. If nothing else, the pandemic has acted as a reminder that firms need to always be developing their leaders of the future if they want to continue to be successful.

What are the key things firms need to do?

Identify the skills needed for the future that your firm will need 

The best way to do this is to gather as much information as you can and to appoint a small committee of differing skills to identify future trends.

Identify the people within the business that are future leaders

With the skills identified in mind, it acts as a starting point for the creation of a future leaders programme. Apart from skills, future leaders need to have huge levels of integrity and to embody the values your firm has.

Provide the necessary training

Leaders aren’t really born, as romantic as it may seem, they’re given training and are exposed to situations which allow them to grow. Firms also need to offer and encourage continuous development and to monitor progress.

Provide opportunities to test the theory

All the theory in the word is no substitute for experience. If individuals aren’t given a chance to actually try their skills neither they, or you, will be able to identify their strengths and weaknesses.

Understand the power of mentoring

Even those at the pinnacle of their industry often have a mentor. Somebody who they can share frustrations with, who can act as an impartial voice, and who can develop them further. This can be someone internally, externally, or an executive coach.

The post pandemic years have been a good time to build a career, and employers have had to look to colleagues with promise rather than experience to fill gaps in their leadership structure. However, helping to prepare and train leaders of the future is one of the best investments a firm can make.