BUILDING A BEST-IN-CLASS EXECUTIVE LEARNING EXPERIENCE
As top employees become eligible for retirement, organizations will be faced with the challenge of identifying and developing leaders to drive their businesses. But developing capable leaders to fill the empty positions left behind by baby boomers is easier said than done.
To groom successful leaders, organizations should provide opportunities for employees to advance their knowledge and skills. By developing a comprehensive learning and development plan to cultivate top performers, employers will be able to build a strong talent pipeline to propel their businesses forward.
To help businesses increase their ability to fill roles left behind by veteran talent, MBA@UNC partnered with UNC Executive Development to create the infographic below. In this infographic, MBA@UNC and UNC Executive Development showcase the importance of global competence, cultural agility, and diversity in leadership for improved strategic, financial, and social outcomes. If you are struggling to train talent like so many other companies these days, this infographic will teach you about the three ingredients you need to build a best-in-class executive learning experience.
-
A “best-in class” executive learning experience is built to address barriers and organizational pain points for improved business results. The statistics incorporated in this infographic showcase the importance of diversity, cultural agility, and global competence in leadership development for improved strategic, and social outcomes.
Global Effectiveness
Global organizations continue to report difficulty identifying and staffing multinational leadership roles with “ready” talent. As a result, firms have global growth strategies without means to successfully execute. Despite these challenges, 92% of firms believe that global competence should be and can be developed through training.
In a survey of more than 300 human resource and training and development professionals1:
86% of global organizations said they will expand their operations to other countries in the next 3 years and 92% plan to extend the reach of their products or services in other countries in the same time period.
76% of multinational organizations believe they need to develop the global capabilities, but only 7% think they are currently doing it very effectively2.
41% of leaders in multinational companies believe they can lead effectively across countries and cultures3.
92% agreed that global competence is something that can be developed through training.
Culture
Multicultural sensitivity is a critical developmental issue for companies seeking to create global competence.
Organizational cultural barriers remain the top reason that most international strategies and mergers fail.
In a survey of 323 people by the Human Capital Institute and Executive Development, 57% of North American respondents, 74% of Asian respondents and 54% of Western European respondents listed multicultural sensitivity and awareness as the most important qualities for leaders in a global business environment4.
Diversity
Multiple studies have shown that organizations that are racially, ethnically, and gender diverse are more innovative, creative, faster to market, and more profitable because of the different perspectives diversity brings to an organization.
A survey conducted by mykindacrowd5 showed:
In 10 years, millennials will make up 75% of the workforce.
Ethnically diverse companies outperform peers by 35% and gender diverse companies are 15% more likely to do the same.
Forbes Insights surveyed 321 executives with direct responsibility or oversight for their companies diversity and inclusion programs. Among companies with more than $10 billion in revenue:
56% strongly agreed that diversity helps drive innovation6.
Why is diversity, culture, and global effectiveness important to businesses7?
90% – The percentage of leading executives from 68 countries who named multicultural leadership as their top management challenge.
$700,000 – The first year expense in moving an expat overseas, many of whom fail.
82% – The percentage of multinational firms losing money in China.
70% – The percentage of international ventures that fail due to cultural differences.
Sources
- http://www.kenan-flagler.unc.edu/~/media/Files/documents/executive-development/unc-white-paper-global-competence-final-pdf
- http://www.mckinsey.com/insights/leading_in_the_21st_century/devloping_global_leaders
- http://www.ddlworld.com/DDL/media/trend-research/gif-multinational-report_tr_ddl.pdf?ext.pdf
- http://www.kenanflagler.unc.edu/~/media/Files/documents/executive-development/unc-white-paper-developing-global-competence-final.pdf
- http://www.hrmagazine.co.uk/article-details/lack-of-workplace-diversity-deters-69-of-young-people
- http://c.ymcdn.com/sites/www.inbar.org/resource/resmgr/conclave/Tolbert_Forbes_Innovation_Th.pdf
- http://www.intelligentmindsets.com/cultural-intelligence-cq-16215896
Embed Our Graphic On Your Website: