With all the hype recently surrounding leadership development, we should not forget the most senior and influential leaders of them all - the directors and C-suite executives. These high-powered individuals are faced with making the most critical decisions every day. A Director-level executive, for example an HR executive, is held to the highest standards in terms of his or her technical skills, business savvy, and people leadership capabilities. These capabilities can be developed via an executive leadership certificate available online.
As business, technology, and financial markets change, leaders must be able to adapt and flourish. The capabilities and skills that make one executive successful may not be the "keys to success" for his or her successor. Companies are beginning to rethink how executives are prepared to take on successive roles.
We ask you to consider the question, "Is your company prepared to fill the CEO and other executive-level positions with ready-now successors?" If the answer is no, you are not alone. The recent shake-up on Wall Street is a prime example of not having a successor lined up for the CEO role. As a result, a company may receive considerable criticism from financial analysts.
The purpose of this research bulletin is to help organizations understand what executive development means - as well as offer the best practices that should be considered when creating an executive development strategy.
Executive Development Defined
Executive development can be defined as, "... the process of building the leadership competencies and general management capabilities of senior leaders, focused on enabling them to lead the organization and drive long-term sustainable growth."
"Leadership development" and "executive development" have slightly different definitions - both of which can be found in a whitepaper about considerations for creating an executive development strategy.
Considerations for an Executive Development Strategy
As one of the top challenges that companies face today, below is a list of eight considerations for defining a business strategy for executive development.
1. Include Executive Development in the Overall Leadership Strategy
2. Engage the Board of Directors
3. Understand the Development Needs of the Senior Executives
4. Align Executive Development with Business Strategy
5. Integrate Executive Development with Succession Management
6. Offer Development Solutions that are Engaging
7. Recognize that the CEO's Personal Development is Important
8. Advise Centralized Ownership of the Executive Development Strategy
These strategies clearly need elaboration to be implemented successfully. A top executive leadership certificate available online should provide more insight in the areas above. Whitepapers and research are available for free online from some of the top programs.
Conclusion
Executive development (for example - development for the HR executive) is leadership development that targets the development of executive-level skills sets. We have learned that companies (which are most successful in developing their executives) recognize this - and create the same rigor and focus on developing executives as is done with other leaders in the organization. If you do an Internet search for an executive leadership certificate available online you will find various programs with whitepapers that elaborate on this topic.