Transforming Singapore's next generation of leaders: Best practices and strategies for development of future leadersBy Prof Sattar Bawany
The identification, assessment, selection, and development of nextgen leaders including those in Singapore are the cornerstones of the talent strategies of many leading and successful organizations. If an organization can identify early from their people those with high potential for leadership, it can concentrate resources on developing these people to help them realize their potential. Through this process, it can efficiently build up a leadership bench strength and a pipeline of talent who can eventually be the leaders of the organization.
The once identifiable boundaries of our marketplaces and industries have become permeable. Now they shift continuously, sometimes slowly, sometimes quickly, but always feeling slightly beyond our grasp. In this new Singapore business environment, leaders must realize that a sustainable future is only possible if organizations can sense, adapt, and respond to change and if they can help their organizations reinvent with an evolving and rapidly changing and highly disruptive and digital-driven world that we are experiencing today.
Leading in the future has seen a common theme emerge—managing challenges in a business environment that is disrupted and predominantly digital. Technological advancements in artificial intelligence, robotics, sharing platforms, and the Internet of Things are fundamentally altering business models and industries. These changes are often not only alien to businesses but also they are taking place at an unprecedented speed. How do we equip and transform the next generation of leaders with the relevant skills and competencies to meet these challenges?
Leveraging on executive coaching in developing future leaders
Executive coaching is a concept that has moved from the world of sports to the executive suite and is designed as a means to help senior executives manage a constantly changing business environment and refine their leadership skills. But coaching is not limited to senior levels. Increasingly, people all over the world, at all levels, utilize executive coaches to help them achieve their full potential. The process focuses on the participant’s goals, reinforces learning and change, and increases self-empowerment.
Executive coaching focuses on developing a top executive’s full potential by coaching them to think and act beyond existing limits and paradigms. Executive coaching is a highly individualized form of leadership development and support available. It is based on the understanding that in order to be maximally effective, executives must accurately identify their strengths and areas of development, examine the impact of their behavior on others, and regularly and intentionally reflect on their values, goals, and effectiveness.
Whether the relationship starts with a derailment situation or as part of a corporate-wide initiative, executive coaching covers a wide range of situations with one common goal: the personal development of a leader through the support of a professional relationship. On the organizational level, executive coaches help companies avoid costly management turnover, develop their most talented people, and ensure that leaders perform at their maximum potential.
Effective coaching is a major key to improving business performance. Executive Coaching focuses on the qualities of effective leadership and improved business results. It is comprised of a series of structured, one-on-one interactions between a coach and an executive, aimed at enhancing the executive’s performance.
The new leaders need to reflect on and examine their own leadership attitude and perspective and develop a plan to work on areas that need improvement. Whether a manager is moving into a new position or looking to get back on the road to success, executive or transition coaching can work to bring out the best in the new leaders through the support of a professional relationship. The relationship has to be built on a foundation of trust and confidentiality. The ability of coaches to provide leaders as an outside resource that can also act as a sounding board can help them become the successful leaders they were meant to be.