Kevin Modany, an experienced CEO and executive consultant, highlights ways in which the next generation of leaders can be inspired, and points to the importance of workplace collaboration.

As the 21^st-century business landscape continues to evolve, companies in diverse industries must often reevaluate growth plans based on available resources. During the post-pandemic “Great Resignation,” some businesses faced human resources challenges, finding it difficult to hire (and keep) talented workers.

This large-scale phenomenon began when workers (including some managers) came to terms with their job dissatisfaction during the COVID-19 pandemic lockdowns. Disillusioned with their company and/or industry, and seeking a better work/life balance, many workers chose to quit and follow a different path.

With these challenges as a backdrop, up to 10,000 Baby Boomers retire from the workforce daily. Many of these retirees are Chief Executive Officers (or CEOs) and top executives. Others may be department heads or specialized experts. Their departure often leaves a void in a firm’s leadership ranks.

Together, these personnel shortages point to the need for a continuing pipeline of talented, resourceful executives. Executive consultant Kevin Modany, who currently consults for a private equity firm’s portfolio business, offers guidance on preparing upcoming leaders to take a business’ reins.

Mentoring and Coaching Can Provide a Solid Foundation

Two apparently similar leadership activities are actually very different. Mentoring and coaching both focus on leadership skills development and achieving optimal results in an often-challenging environment. Successful mentors and coaches also deliver impactful insights and assist younger professionals in building a carefully selected network.

That said, mentoring and coaching activities each have a distinctive purpose and leadership style. Together, these activities enable companies to identify and nurture leaders from within the organization. Executive consultant Kevin Modany is well acquainted with mentoring and coaching dynamics.

Snapshot of Mentoring

Mentoring is a time-honored method of providing guidance to promising newer employees who will ideally become effective leaders. Here, an experienced mentor (often a senior employee or manager) shares their industry expertise while guiding their mentee through ongoing professional challenges.

Successful mentors provide ongoing inspiration for mentees, often on a longer-term basis. It’s fairly common for mentor relationships to continue for years and potentially decades.

Snapshot of Coaching
Coaching embodies an entirely different dynamic. In a professional coaching scenario, a successful coach helps one or more current company leaders maximize their strengths while conquering their weaknesses.

Coaches use a goal-directed approach, working with their partners to design certain milestones along with strategies to achieve them. Structured correctly, organizations can use coaching as a leadership pathway that drives ongoing success.

6 Strategies for Developing Potential Leaders

Cultivating potential leaders is like growing a thriving vegetable garden. In the garden, the proper soil, sunlight, and sufficient water set the stage for a healthy crop. In an organization, a promising candidate receives expert guidance so they can become an inspirational leader. Executive consultant Kevin Modany notes that multiple factors contribute to the professional’s success.

A Positive Company Culture

In an uplifting business culture, employees may feel they provide real value to the organization. To achieve this goal, many forward-thinking firms have revamped their workplaces into welcoming home-like settings. Perks such as vibrant décor, onsite game rooms, motivational programs, and energizing community involvement can help drive employee achievements.

Taking it a step further, highly engaged employees often take full ownership of their jobs. They often seek out extra tasks and excel at everything they do. This mindset naturally positions them for further skills development and leadership training.

Company-Wide Learning Opportunities

Historically, employees selected as future company leaders benefited from elite leadership programs. However, the remainder of the workforce was often relegated to a few lesser-quality courses that didn’t prepare them for advancement.

Today, however, more organizations prioritize wide-ranging learning and development programs. This emphasis on learning tells workers that the company values their skills and wants to support their professional growth.

These continued learning opportunities can help to groom younger workers for future leadership roles. Reimbursing employees for earned degrees and/or certifications can also prove a motivational strategy. Finally, in a challenging job market, Kevin Modany says an emphasis on learning can assist in recruitment and retention efforts.

Identification of Future Leaders

With a positive company culture and ongoing learning opportunities, future leaders have a solid foundation for growth. Now, company managers and executives should identify potential leaders within the organization.

Perhaps a candidate skillfully manages a challenging project or scores well on successive performance reviews. Maybe their professional paper is recognized at an international symposium. This employee may be ready to take on a higher-level challenge.

Many companies have already identified their leadership candidates, often two levels beneath the firm’s top-tier executives. Once on the radar, these employees should receive a series of challenging assignments not necessarily in their wheelhouse. A mentor or coach can help the young professional to adopt the best approach for each scenario.

Leadership Skills Training Programs

Regardless of the industry, leadership training programs often develop certain key skills needed to assume leadership positions. First, hard technical skills and/or certifications may be required.

In addition, leaders often need soft skills such as strategic thinking, communication, problem resolution, and decision making. Again, mentors and coaches are ideally positioned to offer this guidance.

Kevin Modany Demonstrates Effective Leadership Skills

Regardless of an emerging challenge’s difficulty, Kevin Modany believes he and his team can find a viable solution.

Not surprisingly, this frank, forthright CEO insists on transparency and respect for everyone involved in the problem’s resolution. With these attributes as a backdrop, Kevin Modany demonstrates how an inspirational leader can successfully help a team conquer formidable obstacles.

“The objective of a leader should be to get the people motivated, that they want to run through a wall for you. You get them to be motivated to want to work with you and accomplish objectives. A component of that is being honest and transparent and truthful,” Kevin Modany emphasizes.

Monitoring of Leadership Program Goals

As with any business development initiative, companies should evaluate their ongoing mentoring and coaching programs. With objective assessment criteria, and predetermined milestone dates, senior executives can confirm that the leadership program syncs with company goals and brings optimal outcomes.

Values-Based Leadership Opportunities

Younger employees, such as Millennials and (especially) Generation Zers, aren’t content with traditional career structures and progressions. Instead, these young professionals desire meaningful work that offers personal satisfaction.

Specifically, Gen Z employees typically expect their employer to develop policies and procedures with positive social impact. Many Gen Z employees will not stay with a company that doesn’t operate with this paradigm. Leadership development program designers should consider these variables when creating leadership programs for younger workers.

Highly Engaged, High-Achieving Employees Are Key

As a company focuses on cultivating future leaders, the business’ senior executives must see the importance of valuing all employees. When workers feel supported, they are more likely to engage with their jobs and look for opportunities to excel.

As executive consultant Kevin Modany points out, high-achieving employees make excellent leadership candidates. When mentoring and/or coaching enter the picture, upcoming leaders have the guidance they need to become respected company

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