You Might Already Have the Solution to Your Current Talent Competency Gap

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strategy

talent, gap, knowlege, cross-training, training

A common method for filling a talent competency gap is to simply hire outside talent, but that ignores the experience and knowledge that already exists within your organization! Credit unions need to take a serious look at the intellectual capital and strengths of the current executive team.

how key skills availability affects the organization's growth graph

So, how can this invaluable resource be better utilized?

Recognize that leaders need to be nurtured and trained

Organizations are coming around to placing great value on young talent. Part of this shift is motivated by a need for more tech-savvy executives, and young executives tend to be more knowledgeable on rapidly changing technologies in their field. However, young leaders need to be nurtured and trained. Leaders who stumble occasionally are fine as long as they are on track to greatness. Many organizations expect young talent to behave much like their predecessors, but that is unrealistic and detrimental to the potential development of a young leader.

A recent survey from The Conference Board found that developing next-generation leaders is ranked as the third biggest internal concern for CEOs. Additionally, exposing leaders to digital experiences is also a high priority.

Steps that successful leaders take to ensure their organization is competitive:

next generations of leadership

One of the most important parts of successful leadership development is to allow leaders to be part of the process. This includes the assessment process, which should be handled in a fair, supportive and non-judgmental manner. After all, assessment should be used as a foundation for performance management, so the same principles apply.

Capture insights in a plan

Credit unions need to compile their development insights into a simple but clearly defined and well-articulated plan. The plan should be transparent, easy to share, flexible, but most importantly, it needs to be open to change. All good plans are living documents, and leadership development is no different. Development plans must remain visible and anchored in a credit union’s culture because it has been incorporated into existing policy. The plan is how success is measured and accountability meted out.

Basic structure for a leadership development plan:

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