BID Daily Newsletter
October 23, 2014

BID Daily Newsletter

October 23, 2014

Grooming Tomorrow's Leaders, Today

When Elizabeth Alexandra Mary of York was born on Apr 21, 1926, it was deemed unlikely that she would ever become the Queen of England. At the time she was third in line for the throne, behind her uncle and her father. But things changed on a dime in 1936 when her grandfather died and her uncle became king, only to give up the throne months later to marry the woman he loved. Elizabeth's father was crowned king in 1937 and remained in the role until his death in 1952. At 25Ys old, her Majesty Queen Elizabeth ascended to the role she has now held for slightly more than six decades.
Not all leaders have royalty in their blood, but they can come from all walks of life and sometimes even the most unexpected of places. While some people are what you'd call "natural- born leaders" others are a bastion of untapped potential.
As you look around your organization, take a moment to consider where your future leaders are coming from and how, if at all, you are grooming them for success. It turns out that many workers, especially younger ones, are really itching for training and guidance.
Consider a recent report by The Hartford that showed that only 34% of the Millennials surveyed said they are business leaders today, but 59% aspire to be leaders in business in the next 5Ys. If the willingness and desire to lead is present, then banks should be doing our utmost to meet those needs with ongoing training and development.
Studies find younger workers are desperately seeking out a sense of purpose at work. Findings from The Hartford survey highlight what exactly employers can be doing to feed Millennials' desire for training and tools to get ahead. It found 50% of those polled said employers can demonstrate their investment in them as a future leader by offering training and development. Another 35% said they welcomed being shown a clear career path and 34% said ongoing coaching and feedback demonstrates an employer's commitment to them.
Given that Millennials are expected to comprise at least 50% of the global workforce in 6Ys, it's particularly important to start priming tomorrow's leaders today. Most banks offer some level of on-the-job training, but the depth of these programs can diverge widely. We suggest you take a look at what you're currently offering by way of training and development and see where substantive improvements can be made. Pay special attention to any opportunities to provide one-on-one mentoring, as shadowing a seasoned banker can be very effective.
In addition to training programs offered within a bank, there may be leadership development opportunities within the broader banking community that your young staffers may not know about, but should be introduced to. A number of state banking associations, for instance, have active young leadership divisions that provide various networking, volunteer and educational opportunities for bankers. Some state associations even host special outings.
As seasoned bankers, we understand that our true, higher-level education takes place on the job and continues on long after we leave school. Our future leaders are hungry for guidance and direction, so let's be sure to treat them like royalty.