Did you know that many businesses fail because they don’t have great leaders? Great leaders maintain competitive advantage and help companies capitalize on their strengths. Are you one of those?
There is a cost
Research has found that a full cost of a leadership void can’t be ignored. Robert J. Devine itemized the loss to companies for not having great leaders:
- Reduced productivity
- Added training costs
- Lost knowledge and sales
- Cost of replacement – 150% of an employee’s compensation package
- Dramatic effect on the company’s bottom line
Need to adapt
In today’s environment, no business should be without a process that measures the quality of leadership. What should you know to pass the test of a great leader? Let me share a few tips:
- Find out what competencies are required by your organization to be a great leader
- Find out what type of training is provided to bridge any potential gap you may have
- Find out what processes and tools exist that can significantly improve your leadership
Leadership is clearly a corporate priority. You shouldn’t ignore the soft skills that contribute to your success, such as: people skills, subject matter expertise and the ability to adapt and learn.
Four great leadership fundamentals
You’re probably wondering about the elements that contribute creating great leaders. Most subject matter experts agree on four:
- Vision – has a vision of what is important
- Interpersonal style – building lasting relationships and demonstrate managerial courage
- Communication – shows comfort in presenting ideas and able to respond quickly to queries
- Decision making/problem solving – ability to solve complex problems and link short-term planning to strategic thinking
Of course, the above-mentioned core great leadership traits also include the soft skills and technical know-how one would acquire with years of experience.
Don’t want to feel like a fish out of water? Want to be a great leader and propel your career? Be prepared to take the helm. The first step in becoming a great leader is performing an objective assessment of your ability to use core great leadership skills.