When conferring with a close advisor before starting Verit Advisors, he counseled that my No. 1 responsibility as CEO was to think about talent every day. “Always be looking for talent, develop a bench of future talent and cultivate the talent you have,” he advised.
The critical importance of leadership and talent development for privately held and family-owned companies cannot be overemphasized. This is especially true in today’s tight job market, which places a premium on talent retention and development. Developing talent can spell the difference between having a range of options for keeping a business private or needing to sell it at a discounted valuation.
One survey in particular illuminates why it often proves difficult for many leaders and owners to stress leadership development. While many companies claim to use the 70-20-10 approach to leadership development – 70 percent should be experiential, 20 percent relational and 10 percent coursework and training – a recent study by Gallup finds an alarming deficit in the experience piece.