There may be long lists of seemingly insurmountable problems organizations face in an economic crisis, but finding opportunities to develop leadership talent should not be one of them. The pressures of finding ways to survive a down economy opens up hidden, unprecedented opportunities to unleash emerging leadership talent in solving real, urgent organizational issues. And it won’t cost a fortune, either.
We know companies are under significant pressure to cut losses, increase revenue, maintain current service levels and stay afloat while the economy takes its own sweet time to recover. Why not face these pressing challenges head-on by putting your emerging leaders to work on solving these most critical problems?
At the same time you’re enlisting the help of bright minds to work on critical organizational problems, you can simultaneously test their metal. Providing them with unique opportunities to learn and take on challenging assignments will accelerate the readiness of these emerging leaders to take on greater levels of responsibility in the not-so-distant future.
At a time when organizational loyalty has become “oh-so-yesterday,” you’re setting a foundation for your best talent to resist attractive new offers they are likely to receive the moment the economy turns around. What better retention strategy is there than providing your best talent with opportunities to learn, grow, and work on important, challenging and visible assignments?
If you’re going to give these “star” performers “stretch” assignments, you must also give equal thought to providing them with a support system that will help ensure their success. Whether it be formal or informal mentors, or internal or external coaches, these emerging leaders stand to benefit from having a “thought partner” by their side as they navigate these turbulent times.
