Leadership and management skills: 6 ways to close the gap
Knowledge gaps in leadership and management can stifle growth, innovation, operational efficiency and profitability.
Conversely, when managers are effective, employees are 15.4 times more likely to be high performers and 3.2 times more likely to stay with their employer, according to research by Gartner.
Closer to home, it’s striking that 58% of the South African medium-sized business owners we asked have experienced knowledge and skills gaps, mostly in leadership and management.
What does this mean for the workforce?
Key development areas might include strategic thinking; people management and communication; change management and adaptability; digital and tech skills; financial know-how; and leadership development and succession planning.
Here are six ways to address these skills gaps:
1. Invest in training and development
Often business owners mistakenly fall into the trap of assuming their managers understand the ins and outs of basic business processes.
Work on building training collateral that can be circulated often and invest in management onboarding.
If this feels overwhelming, or you don’t have the internal resources for training, consider getting external support.
Doing so can result in improvements in employee engagement, team cohesion, collaboration, productivity, goal alignment and communication.
2. Improve change management competency
Offering formal training in change management can help leaders adapt to and drive successful organisational transformations.
3. Leverage technology for training
Digital tools and e-learning platforms can make leadership training more accessible, scalable and affordable, particularly for businesses with limited resources.
4. Offer mentoring and coaching
Providing one-on-one guidance and support through mentoring programmes can help leaders develop the right skills and mind-set for their roles and, in turn, help them guide new leadership talent.
5. Establish paths for leadership succession
Clarity in succession planning ensures continuity in your business and helps prepare the next generation of leaders for more senior roles, making them better equipped to drive business growth.
6. Encourage continuous learning
Support leaders in staying up-to-date on industry trends, technology and best practices.
For further insights into how to become a more capable, adaptable and resilient business leader, download The Messy Middle report, created by Genfin Business Finance.
Genfin is a proudly South African lender providing flexible, unsecured business funding tailored to meet the unique needs of small and medium-sized businesses.
As a credible and trusted partner, we focus on responsible and sustainable lending, empowering businesses to achieve lasting growth and success.
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