The perennial challenge of preparing the next generation of leaders remains on the “to-do” list of most executives. Today with higher employee turnover and seemingly constant change, the topic of preparing future leaders can seem daunting. But it can be easier to manage than many think.

Here is the first critical areas where next generation leadership initiatives fail or even fail to start:

1. Not knowing what skills you expect your next gen leaders to develop (or loosely defining them)

What exactly do you want from your next generation leaders? Many organizations talk about developing "high potentials" but haven't spent time deciding what skills they want them to development. I use this 5 page worksheet with my clients to help develop, prioritize (and eventually track) topics for development. Download a copy here.

Here are some of the top hard and soft skills to consider but keep in mind, this list can and should evolve over time and each group will have a different list. Also note that the soft skills section is bigger!

Hard Skills:

• Data Analysis: Proficiency in analyzing data to make informed decisions, identify trends, and drive strategies.
• Technology Proficiency: An understanding of technology trends, digital tools, and emerging technologies relevant to the industry.
• Financial Acumen: The ability to understand financial statements, budgets, and financial analysis.
• Project Management: Skills in planning, executing, and managing projects efficiently.
• Industry Knowledge: Deep knowledge of the specific industry, market dynamics, and trends.

Soft Skills: 

• Emotional Intelligence: The ability to recognize, understand, and manage one's own emotions and those of others.
• Communication: Strong verbal and written communication skills, including active listening.
• Executive Presence: The capacity to inspire, guide, and empower teams to achieve their best.
• Adaptability: Being flexible and open to change, especially in rapidly evolving industries.
• Critical Thinking: The skill to analyze information, think critically, and make informed decisions.
• Problem-Solving: The ability to identify problems, find solutions, and implement them effectively.
• Collaboration: Skills in working effectively in diverse teams and fostering a collaborative environment.
• Conflict Resolution: The capability to address conflicts and disputes constructively.
• Resilience: Bouncing back from setbacks and maintaining a positive attitude in challenging situations.
• Decision-Making: Making well-considered decisions based on data and careful analysis.
• Networking: Building and nurturing professional relationships within and outside the organization.
• Working Across Cultures: Awareness and respect for cultural differences in a global context.
• Negotiation: Effective negotiation skills, particularly in deal-making and conflict resolution.
• Ethical Leadership: Demonstrating integrity, ethics, and moral values in decision-making and actions.
• Customer-Centric Focus: A commitment to understanding and meeting the needs of customers and stakeholders.
• Self-Leadership: Personal growth, self-awareness, and continuous learning to enhance leadership capabilities.
• Team Building: Skills in building high-performing teams and fostering a positive team culture.

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