The strategies that would prove effective for developing next generation leaders are explained herewith.
1. Ensure next-generation leaders have job assignments with clear and authentic responsibility, accountability and calculated risk either inside or outside the family business
- They must be given real time exposure so that they get firsthand knowledge of running the business as well as exposure to decision making.
2. Provide accurate feedback on performance, often from trusted non-family leaders in the business
- Next gen leaders must be given an honest feedback about their performance by a trusted and respected family senior as it goes a long way in building their leadership qualities.
3. Create a positive and supportive family climate
- Families can create a positive environment where the next gen leaders can nurture their leadership qualities by fostering an open and transparent communication culture.
4. Start early
- Next gen leaders must be encouraged to begin early so that they will gain leadership experience. This can be achieved by encouraging and supporting them to pursue and master activities they are genuinely passionate about.