The Leader’s Greatest Return

To cultivate new leaders in your firm, follow a 10-step program.

Businesses worldwide are experiencing a serious leadership deficit. Organizations of all types need more leaders, and current leaders must develop them.

Building the next generation of leaders takes time, energy and effort, but the return on investment is terrific. When current leaders build future leaders, everyone comes out ahead.

1. “Identify” potential leaders and help them grow.

To figure out who your potential leaders are, answer six questions:

1. “What is needed?” – Define the primary roles and responsibilities future leaders will fulfill.
2. “Who has leadership potential within the organization?” – These employees understand your corporate culture and have influence inside your company. Chris Hodges, founder of the Church of the Highlands in Birmingham, Alabama, suggests considering many people and focusing on those who excel at bringing out the best in those around them.
3. “Who has leadership potential outside of...