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Fast tracking next-generation leaders critical for success says Deloitte


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3 July 2012: The importance of depth of leadership in assisting organisations successfully navigate  today’s challenging business conditions, is one of the key trends in Human Resources (HR), according to professional services firm Deloitte.  This has led to a greater emphasis on fast tracking the next generation of business leaders.

In the global report, “Human Capital Trends 2012: Leap ahead”,  high-potential leaders are identified as being able to operate on a global scale, adapt quickly to change, and have the depth and breadth of skills and experience to work across industries.

Andy Peck, Deloitte Consulting Human Capital partner, believes many companies are being challenged to accelerate the development of their most promising leadership talent, in order to develop the next generation of leaders which will drive future growth.

“Leading organisations are now becoming clearer about the importance of nurturing high potential leaders. What distinguishes these leaders from the rest of the pack are their leadership attributes and the value can they provide to drive a company’s growth.”

“Fast tracking the development of next-generation leaders requires an integrated approach as individual programs that are not coordinated often send mixed messages which can increase retention risks,” said Mr Peck.

“For HR leaders, their goal is to identify next-generation candidates with the potential to quickly develop the required depth and breadth of capabilities. These people are normally the best of the best and should be nurtured accordingly,” said Mr Peck.

The report identified five reasons driving the accelerated leadership development trend:

  1.  Aggressive growth targets in global and converging markets. Rapid expansion into new markets demands leadership that can handle the unknown and make change and innovation happen across diverse cultures and industries.
  2. Severe leadership pipeline shortages. High-potential leaders are scarce and organisations are finding it expensive and risky to source senior leaders externally.
  3. Increased scrutiny from boards and investors.  Closer scrutiny and tough questions are being asked by boards, investors and analysts about the number and type of leaders necessary to meet growth objectives and navigate uncertainty.
  4. Rising expectations and declining loyalty of top talent. Companies and leaders now want more from each other than ever before. Next-generation leaders are quick to look for opportunities to grow elsewhere if they believe organisations are not investing in their development. As there is an expectation to do more with less, next generation leaders may grow impatient and look for opportunities with competitors.
  5. Demand for leadership ROI. Although the C-suite recognises the importance of developing the next generation of leaders, they still want to see a tangible return on their investment.

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Contacts

Name:
Jane Kneebone
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 3 9671 7389, Mobile: +61 4 1614 8845
Email
jakneebone@deloitte.com.au
Name:
Andy Peck
Company:
Deloitte
Job Title:
Partner, Government Services
Phone:
Tel: + 61 3 9671 6204,Mob: +61 411 220 354
Email
anpeck@deloitte.com.au

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