Fortune 500 companies lose roughly $31.5 billion a year by failing to share knowledge.
Many businesses today recognise leadership succession pipelines as a critical business challenge, which can impact on their ability to compete in fast-changing markets. How do we ensure leaders are exposed to the experiences needed for them to grow, and for organisations to maximise their returns?
To maximise leadership development in a way that will translate into higher revenues, profits and an ability to manage change, organisations should focus not only on high performing individuals but the company culture and context for learning.
Many companies often use case studies or projects to contextualise the knowledge gained through a training course, however more valuable learning takes place only by embedding activities within an environment that allows individuals to develop leadership capabilities. This means designing work processes, decision making and collaborative initiatives in a way that enhances business outcomes, with risk taking and knowledge sharing viewed as enablers of success. Those with the ability to enable risk taking are more likely to anticipate and respond to change as well as being more innovative than less risk-taking competitors.
A study by Deloitte found that companies with the strongest results in terms of financial and business outcomes developed their leaders by connecting them with other leaders, providing continuing opportunities for information exchange, knowledge share and new ideas.
Leaders learn best with other leaders and from other leaders, both inside and outside of their organisation. There can be a tendency, particularly within large organisations, for insight and knowledge to be seen as a possession, one that is only shared when advantageous to the individual. Knowledge share, however is vital for development, as it gives broader exposure to both the organisation and wider market and enables employees to develop a deeper understanding of the business itself.
Knowledge sharing practices can increase efficiency and should not be limited within the organisation. Exposure to peers, colleagues, external contexts and social networks across the industry will drive leadership development. Learning from, and with other industry leaders provides a source for what does/ doesn’t work and increases ability to innovate and anticipate change.
EP will be hosting a series of Think Tanks throughout 2017 to facilitate knowledge share and leadership development while discussing leading issues of the day.
The next EP Think-Tank event is on 16th March
The Fear of Failure
The Importance of freeing up talent to take risks.
- Event cost to attend – £35 plus vat
- Annual Membership – £400 plus vat
Attending these events will support the development of:
- Lateral thinking
- Problem solving
- Adapting to and managing change
- Networking and communication
- Presenting a clear vision
- Building trusted business relationships
Over this year, EP will be hosting over 20 Think Tank Sessions.