Recruiting and retaining top talent will prove to be one of the biggest challenges that organizations will face in Cambodia over this next decade of expected growth. Many working millennials in Cambodia jump from one job to the next even for minimal pay increases. However, some companies are starting to create a staff development pathway for their staff which shows new hires how they can grow with an organization and climb the organizational ladder within it. This pathway is commonly referred to as a Leadership Development Program (LDP).
Research shows that the time, energy, and resources needed to create (or purchase) a fully customized LDP for your team can pay enormous dividends which far outweigh the costs. Also many organizations never measure the costs there are currently incurring due to lack of staff engagement, absenteeism, staff turnover, recruitment costs, the cost to train new hires, and the inability to expand operations due to lack of team readiness. These costs are amplified by several multiples when staff with higher rank leave an organization or are not fully engaged in their work.
When deciding to craft and implement a robust LDP, keep in mind that the program should align with the strategic business goals of the company. The project champion for creating or purchasing an LDP should work with as high of a senior manager as possible, preferably the CEO, to get buy-in for this undertaking. Talent management strategies should be “dovetailed” together with business strategies. Unfortunately, many senior managers just look at staff training as a necessary evil. Make every effort possible to get full buy-in and support from your executive team before initiating an LDP.
Most LDP programs are 12 months in length or more. It is a long-term approach to develop talent and potential leaders into actual leaders that can passionately carry-on the vision and mission of the organization. You may not allow new-hires to join in your LDP program and only allow people who have been with the company for several years join in. However, new hires can be motivated by an existing LDP simply by knowing that there is a future path for them to grow with the company and eventually become that supervisor, manager, or director they dream of becoming.
What do you need to create a Leadership Development Program?
To be effective in creating an LDP you must thoroughly study your company, its values and history, its market and goals, its top management, and rank-and-file. Only then can steps be devised to connect everything together, enhancing the power of your brand, making it recognizable and understandable for people inside and outside. By bonding with your brand, your employees-turned-leaders will spread a real, communicative enthusiasm about what it can do and why it is simply better. Your customers will also bond with your brand, trusting it to do what they need and give them what they want. A brand is about not only a product or service, but it is a collection of values that people need to connect with and practice in their everyday work.
By taking the time to build a thoughtful, strategic leadership development program, you can develop the kind of leaders that advance your company’s overall vision. A company must count on its talented leaders to be developed and capitalized on. As it is, talents should be their first and most cutting edge.
To implement a successful Leadership Development Program, you need a set of materials, a good understanding of what must be taught, and a program plan. both internal and external instructors may be involved as they will be a vital part of developing the program content. Finally, you need a budget and a pilot program if you plan to go further. Once it is done, there is always room for improvements, and that is why tools are here to measure your efforts.
Contact us today if you are interested in taking the next step towards making your own LDP program for your team.