Developing the next generation of your company’s leaders is an absolutely crucial task. Granted, with all the day-to-day tasks that multifamily leaders have on their plates, it can be easy to get so wrapped up in the present that you neglect your company's future.
But the most successful and stable multifamily firms are the ones that always have their eyes on the future by cultivating their leaders of tomorrow. Here are some different ways your company can start developing its next generation of leadership:
Identify and expand responsibility
Are there young and hungry team members always willing to go above and beyond what’s expected? Who will go out of their way to access additional education and training opportunities? Are there team members who are flat out awesome at what they do and always contribute creative, cutting-edge ideas and have natural charisma and leadership abilities?
These are the types of team members who have potential as future leaders. Once you've identified them, give them more and more responsibility and allow them to make decisions on important projects and tasks. It's important to always push employees who show leadership potential and get them out of their comfort zones. Maybe that means leading a small task group, where they are forced to work with people with a broad range of personalities and skill sets. Regardless of what specific tactics you use, you should make it a point to continually challenge those who show leadership potential.
Set up mentorship opportunities
One of the best ways young leaders-in-training can grow is through mentorship programs. The next generation of leaders can learn much from a company’s current executives. The opportunity to ask questions, bounce around ideas and learn from past experiences is simply invaluable. At ROSS, we strongly encourage mentorship and have a formal program in place.
In order for a mentorship program to succeed, senior team members should be trained in how to work with young leaders.
Promote collaboration across departments
Cross-team projects can provide a significant boost to the development of future leaders. By bringing together team members from different departments and allowing them to work closely together on a project, the next generation of leaders will get a chance to sharpen their leadership skills, expand their comfort zone, and develop more of an appreciation and understanding of all the moving parts that make up the company.
Provide frequent feedback and coaching
The only way to really ensure your future leaders are progressing on the right track is to provide frequent and helpful feedback on the work and ideas they are contributing. People will make mistakes, as that’s a necessary piece of learning. When they do, help them identify where they went wrong and give them solutions for the next time. When team members are excelling in certain areas, recognize their accomplishments and praise them. And, of course, when the time is right, give them the promotions they have earned; if a promising team member feels hindered at a company, they are sure to leave before too long.
For apartment operators, the demands of the present may be immense. But, when it comes to their company's leadership, they should always have their eyes on the future.