When your company promotes team members to managerial or executive positions, what practices do you use to make sure those employees are ready for the additional responsibility? Having invested heavily in these individuals, what processes do you have in place to make sure they stay?
Too often, the answer is ‘None.’ Many, companies have no senior management development programmes or training policies in place. At the point where employees become managers, they have no actual management training. Usually, they have represented excellence in one or several areas of their work. However, excelling in a non-management position and excelling as a manager are not the same things, and new managers often prove that they are not ready for the pressure of a leadership position.
Nor do most companies have a way of understanding how senior managers feel about their roles - and what needs to happen to make them better.
By not having a senior management development programme, your business runs the risk of being overrun by ineffective managers. With no training or support, new managers often emulate what other managers are doing in the organisation. As such, it’s not uncommon for the same management flaws to spread throughout the entire corporation over time.
By not having real feedback processes for senior managers to be able to influence the shape of the business - you automatically lock in resentment and dissatisfaction.
Inadequate managers are not good at managing teams. They create under-performance and poor morale. This leads to staff dissatisfaction with their managers. Consequently, they are the main cause of high staff turnover problems, which in turn have direct (and substantial) business costs. PwC estimate that the cost of replacing a valued employee is between 1.5 and 2.5 times their salary. Good managers,
on the other hand, foster strong teamwork mentality, elevated productivity and innovation, improved morale and low staff turnover. In other words, good managers reduce business costs and boost revenues simultaneously.
With a senior management development programme, you can help your prominent employees explore the how’s and whys of proper management before taking on leadership roles. By training your managers in what to do and not to do, you can create better leaders for your company’s future.
With our Women into Leadership - retention program, your organisation can show that it is taking the future careers of your most senior people seriously.
At Women into Leadership, we can help you implement this type of manager development programme.
Send an email to email@example.com or call us on 03 9982 4446 to learn more today.
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–Elizabeth Broderick, a senior adviser to the head of UN Women in New York
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