Harvard Business Review conducted research over the last three years in which they pointed out an effective framework for leadership development in the hybrid era.
The research mainly emphasized three actions in developing leadership qualities– understanding, experimenting, and self-discovery.
The successful experiment held at Hongkong and Shanghai Banking Corporation Limited (HSBC) enhanced participants’ development.
The experiment also pointed to new best practices for hybrid leadership development. It stated that programs should be iterative and experimental, entrenched in day-to-day work, supported by coaching, and span all delivery modes, from virtual to in-person.
Traditional leadership development tells us that 70% of learning occurs through on-the-job experience, 20% through feedback, and 10% through formal training.
According to Josh Bersin’s report on High-Impact Leadership Development, organizations with better leadership maturity are 11 times more likely to have leaders who can build talent for competitive advantage. And they are seven times more likely to have a higher number of leaders who can inspire people to follow them.
Unfortunately, according to the report, capable leadership talent is rare. Only 60% of corporate executives have commercial acumen and sound business judgment.
Only 47% can drive change and innovation, and 44% can develop talent for competitive advantage.
Sophisticated leadership development programs build a deeper, richer pipeline of talent, and hence organizations today are looking to unlock the full potential of their talent pools at all levels.