services firms are ditching pricey MBAs for a home-grown approach to nurturing
their top performers.
to a new report, The Leadership Challenge, from business psychologists OPP,
City executives now admit interpersonal skills are as important as experience
(mergers and acquisitions, etc) presents the greatest challenge for City
leaders, with many believing that most flaws appear at this time.
research consisted of in-depth interviews with 100 senior front-office
executives and HR directors from financial service firms in the UK and Europe.
The research aimed to identify key leadership issues in the sector.
report reveals that organisations are turning their backs on traditional MBAs
and business programmes, opting instead to develop their staff through coaching
Firms believe the benefits of business schools are outweighed by their cost
34 per cent prefer to develop leaders through tailored executive coaching – now
the most popular method of leadership development
30 per cent of organisations also use mentoring to develop leadership and
professional skills. This is now a popular choice for younger staff who are
assigned more experienced colleagues to nurture their development.
Hobbs, head of the leadership effectiveness team at OPP, said: “Leadership
development is most effective when it takes place within the business. The best
leadership development programmes incorporate work-based challenges, coaching
and mentoring, alongside more traditional training and development. They are
closely aligned to business challenges and goals, as well as individual
copies of the report are available from OPP on 01865 404666.