Tech Layoffs, Broken Leadership Development and How to Fix It!
In This Issue
- Rising Tech Layoffs Could Be a Goldmine
- Leadership Development is Broken and How to Fix It
- Five Behaviors® Team Development Process
Why Rising Tech Layoffs Could Be a Goldmine
According to Forbes, there have been more than 40,000 tech jobs cut in the first three weeks of the year—across more than 150 companies. Just this week, Microsoft announced it was letting go 10,000 employees, 18,000 jobs were eliminated at Amazon, and Google parent company Alphabet Inc. slashed 12,000 roles.
Industry Analyst, Josh Bersin says, “This could be a goldmine for HR leaders.” According to Bersin, the layoffs being seen across the tech sector aren’t just reshaping that industry—they’re creating opportunities throughout many others. As organizations across industries undergo digital transformations in the coming years, he said, they’re going to need top tech talent—who no longer have to be relegated just to tech-specific companies. What we’re seeing in real time, he said, is the development of a “new tech industry.”
“Those people are going to come into banking, healthcare, automotive, media, retail, and hospitality,” Bersin said. “This is your chance over the next year to build the tech team that you’ve been trying to build for many years because you’re all going to go through transformations.”
“These are IT professionals that don’t have the same job titles or same roles as in traditional banks,” he explained, noting those organizations hired tech talent for everything from product managers to analytics to data scientists and designers.
Capability Academies
Apart from taking advantage of the influx of skilled technologists now in the market for new jobs, Bersin said, organizations can also support their digital transformation with a focus on internal skills. Capability academies, for instance, are an emerging trend that could significantly alter an organization’s skills makeup—and its ability to be on the leading edge of transformation.
“A capability academy is a conglomeration of content, leaders, development assignments, and testing to build capabilities inside of a company,” he said. “It’s a massive thing that we need to invest in 2023.”
Click Here to Learn More About Josh Bersin
Action You Can Take Now
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The Primary Reasons Leadership Development is Broken and How to Fix It
Organizations spend more than $366 billion annually on leadership development worldwide. Yet 75% of companies say their leadership programs are not very effective, and only 11% report having a strong succession plan to fill critical leadership roles. To make matters worse, more than two-thirds of workers report that the worst part of their lives is their immediate boss. It's clear that traditional leadership development programs aren't working, but why?
Reason One: Neglecting Complex Skills
Traditional leadership development programs have become increasingly ineffective in recent years. One key reason is the emphasis on how leaders carry out activities and tasks while neglecting the more complex skills like the ability to effectively delegate tasks and manage people. Leaders need a greater understanding of how teams and organizations actually function.
Reason Two: Lack of Emotional Intelligence
Leadership roles today require a far greater level of emotional intelligence (EQ), which means that traditional programs must include training on this type of skill. EQ has become a core competency.
The Fix
Effective leadership development programs should also focus on helping leaders gain a better understanding of how their organization operates, including its business model, goals, and culture. This type of training can help leaders develop the skills necessary to make sound decisions that align with the company’s objectives.
Additionally, leadership development should include training in areas such as communication, problem-solving, and decision-making, as well as the ability to effectively delegate tasks and manage people.
Leadership development programs must include teaching leaders how to understand the emotions and motivations of their team members, as well as how to create a positive work environment.
Where to Begin: Understanding Emotional Intelligence
Are You Challenged to Make Good Decisions in Emotionally Charged Situations?
Click on the Button Below to get access to a 16-minute educational video, with Dr. Mark Scullard, Senior Director at Wiley Workplace Learning Solutions. Mark will help you understand emotional intelligence and why making good decisions in social or emotionally charged situations can be so challenging.
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The Five Behaviors® Model of Effective Teamwork
In my experience, leadership and team development go hand-in-hand. The ultimate objective is culture change and achieving collective results.
Click Here to Learn More About the Five Behaviors Team Development Process
Learn How to Implement the Five Behaviors Yourself
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