Financial
services firms are ditching pricey MBAs for a home-grown approach to nurturing
their top performers.
According
to a new report, The Leadership Challenge, from business psychologists OPP,
City executives now admit interpersonal skills are as important as experience
and expertise.
Change
(mergers and acquisitions, etc) presents the greatest challenge for City
leaders, with many believing that most flaws appear at this time.
The
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.
The
report reveals that organisations are turning their backs on traditional MBAs
and business programmes, opting instead to develop their staff through coaching
and mentoring.
•
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.
Nathan
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
development needs.”
Free
copies of the report are available from OPP on 01865 404666.
