business book summaries - Mohawk College Enterprise

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BUSINESS BOOK SUMMARIES

BOOK of the MONTH

This book summary is provided for busy professionals to review some of the key principals discussed in our recommended monthly business books. The summary is not intended to be a replacement or substitute for the actual books. Our subscribers are encouraged to buy the actual books if the summary resonates with them.

FEEDING YOUR LEADERSHIP PIPELINE: Author(s): Daniel R. Tobin

Introduction: By 2030, 78 million baby boomers will turn 65, the typical retirement age. Waves of retirement occur and generations age in cycles, but the baby boomer rush presents particular problems for the American workforce. This book chronicles the action that businesses need to take to prepare for this critical leadership transition. Having developed essential skills and experience vital to the success of their companies, most baby boomer workers will have assumed important leadership positions by the time they retire. This will create openings that need to be filled not only by those with the necessary skills but also by people who have pertinent experience and the right attitude toward the company. Traditionally, succession planning has depended largely on the leaders themselves since they are typically the ones who select their replacements.

MOHAWK COLLEGE ENTERPRISE IS YOUR CORPORATE TRAINING PARTNER

“In the coming years, the business industry in the United States will face a critical transition.”

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Identifying Your Company’s High-Potential Talent 1. Knowing and Managing Yourself. Employees who can manage themselves have a high emotional intelligence, healthy selfconfidence and the ability to train themselves in new areas. They also tend to have good time management practices and can think creatively and flexibly.

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2. Knowing and Managing Others. The primary skills needed center on both oral and written communication. Employees must be able to give instruction, build successful teams, delegate wisely and coach others on how to develop their skills. 3. Knowing and Managing the Business. Hi-Pos must be able to understand the business and make good business decisions. These leaders can successfully solve problems, create strategic plans and understand financial situations. They can react to local or global economic indicators and make necessary changes to the structure of the organization.

Components of a Leadership Development Program 1. Education Sessions. Education sessions give future leaders the chance to explore new ideas and exchange thoughts on lessons while also building their social skills. Instructors can arrange education sessions in a series that spans the length of the program and often requires class attendance outside of work. 2. Experiential and Action Learning. Provide Hi-Pos with projects that will help them develop their skills. Tie these projects directly with education sessions. They can be team-based or for individuals. Challenge them to work in areas that are not their specialty, but that will help them gain a fuller understanding of how the business works. 3. Individual Development Plans and Guidance. Individual Development Plans, or IDPs, should differ based on the candidate and their progress. Businesses can use assessment tools to track Hi-Po’s learning progress with collaboration between the Hi-Po’s instructor, manager, mentor, and the Human Resources department. 4. Mentoring, Coaching, and Reinforcement. Mentoring stems from IDPs, but companies can also choose several strategies for personal training. Some companies may prefer to link candidates with senior business executives while others opt for more general coaching that can occur more frequently. Another option is to use a reinforcement strategy that incorporates LDP concepts in communication with managers, peers, and employee