Effective human resources management is one of the premises for the success of any company. Global firms have acknowledged the value of talent development that is regarded as the central factor contributing to the sustainable evolvement of the organization (Sosik and Jung 176). Multinationals have extensive resources to create and implement numerous leadership development initiative, but many of these programs fail due to various reasons. It is necessary to consider some of the most successful incentives in order to understand the elements of efficient leadership development program.
It is possible to start with a brief note concerning leadership development initiatives at GE. This company is legendary in terms of its talent development and retention (Sosik and Jung 176). One of the reasons behind this success is the fact that the organization made staff development its priority or even “a way of life” (Sosik and Jung 176). GE’s numerous incentives involve the involvement of senior leadership, the provision of feedback, mentoring and support, as well as collaboration and the alignment of organizational goals and leadership development. A brief review of the existing literature shows that these are all elements of successful talent development.
Strategic orientation and goals alignment are seen as the key components of a successful leadership development program (Davis 108). Salicru et al. note that Wärtsilä, a European company, has managed to achieve its high position in the marine and energy markets due to their adoption of an effective talent development program (13). This program called LEAD is characterized by the alignment of the initiative with organizational goals (Salicru et al. 13). Trainees should acquire leadership skills that will be successful in certain contexts and within the boundaries of specific norms and objectives. Other elements of effective leadership development incentives include a careful selection of candidates, proper preparation and assessment, as well as coaching and mentoring (Salicru et al. 16). Of course, the balance of these components is the key to the successful implementation of any initiative.
The involvement of senior leadership is also an essential element of talent development. Davis stresses that executives should share their experience and show their interest in their employees’ performance, success, and concerns (110). GE’s top management is involved in the process of leadership development, which translates into trainees’ compliance with the program’s major aspects (Sosik and Jung 177). Another important aspect is the provision of feedback, which is closely related to senior management engagement (Davis 110). One of the unsuccessful leadership development programs contributed to the loss of experienced and creative leaders in Hewlett-Packard (Sosik and Jung 135). One of the leaders participating in a program aimed at developing leadership skills found no feedback from senior managers, the lack of effective leaders was one of the reasons for the company’s failures and losses.
The focus on the aspects mentioned above can ensure multinationals’ success and effective leadership. As has been mentioned above, all these components should be properly balanced and aligned with the firm’s strategic goals. Other recommendations include the use of various training methods and platforms. For example, reflective learning has proved to be an effective training strategy (Salicru et al. 16). Journaling helps trainees grasp the necessary information and contemplate the ways it can improve their leadership skills. Networking is regarded as another valuable instrument associated with talent development. Leaders share experience and knowledge, they receive support and feedback, and they also develop social ties that have a positive impact on their motivation and performance. The use of technology is also an important factor as computer-based communication facilitates learning and information sharing. It is also critical to consider cultural issues as diversity is one of the major peculiarities of multinationals. Therefore, people’s expectations and needs differ across cultures, which can have an impact on initiatives’ outcomes.
On balance, it is possible to state that effective leadership development initiatives are characterized by a balance of several components. These elements include senior management involvement, feedback provision, proper candidate selection, coaching and mentoring, careful preparation of programs, and appropriate assessment. The use of technology and networking, as well as reflective learning, are valuable recommendations as many organizations pay little attention to these areas. Finally, the cultural difference of the people involved in the training process should also be taken into account when preparing talent developing incentives.
Works Cited
Davis, Paul J. “Best Practice Principles in Leadership Development Interventions: An Australian Perspective.” Journal of Management Policy and Practice, vol. 15, no. 5, 2014, pp. 107-119.
Salicru, Sebastian, et al. “A Case Study of Global Leadership Development Best Practice.” OD Practitioner, vol. 48, no. 2, 2016, pp. 12-20.
Sosik, John J., and Dongil Jung. Full Range Leadership Development: Pathways for People, Profit, and Planet. 2nd ed., Routledge, 2018.