In a recent article in the Journal of Accountancy, the author, Jack Hagel interviewed Veronica McCann who conveyed her five tips on developing the next generation of leaders:
- Communicate the strategy to your employees
Management can often overlook communication and focus on action. Not everyone can follow the action, which may cause them to feel disillusioned or frustrated. McCann states that individuals feel more comfortable when they are well informed and are aware of what the long-term strategy for the company is.
- Encourage staff to develop relationships with other divisions and regions.
Exposure to other areas of the business or other regions gives staff a better understanding of the organization. This can also empower staff to learn to do things differently.
- Have a 360 review and learn from it.
McCann’s 360 reviews include feedback from supervisors, peers, and direct reports. She encourages future leaders to take part in such reviews, as long as the circle of correspondents is kept small and the questions are relevant to the individual’s role.
- Make sure you have a deputy and that your deputy wants a top job.
McCann makes it clear that you must have someone who can take over your job in your absence. This deputy must be capable, ambitious, and also have the desire to be in a leadership role.
- Convey to your direct reports the significance of project work as it relates to their career.
During a merger in 2008 with a lot of layoffs, McCann urged fellow employees to make the most out of the situation. “You’re probably never going to get this opportunity again to work on such a merger, so you have to think about it from a benefit perspective on your career,” McCann told them.
For more information on developing the next generation of finance leaders please, visits the referenced article by Jack Hagel, or contact Timothy Arter at tarter@brickleydelong.com or 231-726-5820.