Executive leadership in uncertain times
Welcome to the "now" normal.
Dr. Michael Baston coined the term as a reminder that COVID changed every facet of our society, and that there truly is no return to the world as we once knew it.
This is especially true with our economy. Our "now" normal is marked by the decline in U.S. population growth; student debt of $1.8 trillion; Baby Boomers retiring; rising interest rates; Millennials and Generation Z adults still living at home; and the a likely future scarcity of capital investment and loans.
Though the regional economic impact of the "now" normal is not yet fully understood, area employers are reporting continued workforce challenges.
I believe that uncertain times call for inspired leadership, and as John F. Kennedy once reminded us "leadership and learning are indispensable to each other." Applying this principal to regional economic development however doesn't come without its challenges.
Many companies find it difficult to provide the leadership training in house or otherwise prioritize the development of their single largest resource, their people. While many employers fear that employees will leave the firm after an investment in professional development, this deserves review. A 2020 Work Institute study found that 20% of resignations were due to a lack of career development, and a similar survey by Deloitte found that 37% of resignations resulted from a lack of career progress.
Working with your local colleges and universities can provide an affordable option to engage and develop talent. At College of DuPage, Business Solutions provides short-term customized training; industry recognized credential programs in the areas of Project Management, Scrum, Lean Six Sigma; and courses for both new and experienced leaders. This includes leadership development specifically for civil leaders through the Public Service Institute.
Another area in need of leadership development has arisen from "the surge in new, small business formations," as reported by the U.S. Bureau of Labor and Statistics. Whether it's for employer or non-employer firms, a continuation of the gig economy, or new permanent ventures, small businesses are the driver of the U.S. economy, and the need for leadership development is just as great for small entities as it is for larger firms.
College of DuPage launched Innovation DuPage (ID) and collaborates with numerous universities, municipalities, chambers of commerce and corporations to support small business. ID's flagship program is a 10-week accelerator program known as Owner-2-CEO and covers core topics like business plan development, growth strategies, marketing, HR, finance and social responsibility. The next cohort starts in April and is free to accepted participants thanks to generous contributions from Sikich, U.S. Bank, Ice Miller and Bank of America.
Whether small, medium or large - every firm needs to invest in its leadership across the organization. Consider this: Gallup reports that 70% of a team's engagement depends upon their direct supervisor, i.e. their origination's leadership. At the recent League of Innovation summit, Keynote Michael Crow, President of Arizona State University, reinforced this need for investment. Crow, a former entrepreneur and considered a nontraditional leader in higher education, has taken ASU from a $750 million enterprise to a $5 billion operation while achieving a ranking within the top 100 global universities.
While other top universities have an average acceptance rate of just around 5%, Crow has increased ASU acceptance to over 88%. President Crow reports achieving this work through constant collaboration across campus and with industry to transform the institution into "a comprehensive knowledge enterprise."
Further, Crow attributes ASU's investment in leadership to shifting the university's culture from "no" to "yes, and," relying heavily on innovative leaders committed to the institutional mission, and to removing barriers for their employees.
Crow reminds us of what Einstein once said, "We cannot solve problems by using the same kind of thinking we used to create them." Thriving in the "now" normal must include investing in leadership development to navigate these uncertain times.
Leadership resources: COD Business Solutions https://www.cod.edu/academics/continuing-education/business-solutions/ COD Business Development Center https://www.cod.edu/business-development-center/ Innovation DuPage https://www.innovationdupage.org/
• Joseph Cassidy, MBA, is Assistant Vice President, Economic Development Dean, Continuing Education and Public Services at College of DuPage. For more information, visit: https://www.cod.edu/academics/continuing-education/career-professional-training/.