adplus-dvertising
Connect with us

Business

Cultivating Team Excellence: Strategies for Leadership Development

Published

 on

Technological Advancements

In any workplace, cultivating team excellence isn’t just a goal; it’s a necessity for businesses striving to thrive in an ever-evolving environment. At the heart of fostering excellence lies effective leadership—a catalyst for empowering teams, driving innovation, and achieving collective goals. However, leadership doesn’t happen in isolation; it’s a journey of continuous growth and development.

Teams can work to implement strategic approaches to leadership development, organizations can nurture a culture of excellence, unlock the full potential of their teams, and achieve sustainable success. Let’s explore some key strategies for cultivating team excellence through executive development.

 

Investing in Personalized Development Plans

Recognizing that leadership is a journey unique to each individual, organizations should prioritize personalized development plans tailored to the specific needs, strengths, and aspirations of their employees. By conducting thorough assessments, including 360-degree feedback, psychometric evaluations, and skills assessments, organizations can gain insights into the strengths and areas for improvement. Based on these insights, customized development plans can be crafted, incorporating a blend of training programs, coaching sessions, mentorship opportunities, and stretch assignments designed to stretch and strengthen capabilities. When businesses invest in personalized development plans, organizations demonstrate their commitment to the growth and success of their employees, fostering a culture of continuous learning and improvement. This approach is particularly crucial when partnering with a leadership development company.

Based on these insights, customized development plans can be crafted, incorporating a blend of training programs, coaching sessions, mentorship opportunities, and stretch assignments designed to stretch and strengthen capabilities. When businesses invest in personalized development plans, organizations demonstrate their commitment to the growth and success of their employees, fostering a culture of continuous learning and improvement.

 

Promoting a Growth Mindset

At the core of effective leadership development lies a growth mindset—a belief in the potential for growth and development in oneself and others. Organizations can cultivate a growth mindset among their staff by fostering a culture that values experimentation, resilience, and continuous improvement. Encouraging people to embrace challenges, learn from failures, and seek feedback fosters a culture of continuous learning and growth.

As a result of promoting a growth mindset, organizations empower their leaders to adapt to change, overcome obstacles, and seize opportunities for innovation and improvement. This mindset shift not only enhances individual effectiveness but also permeates throughout the organization, driving a culture of excellence and adaptability at all levels.

 

Fostering Collaboration and Peer Learning

Leadership development doesn’t occur in isolation; it thrives in environments that foster collaboration, peer learning, and knowledge sharing. Organizations can facilitate peer learning opportunities, such as cross-functional projects, forums, and peer coaching circles, where individuals can exchange insights, experiences, and best practices.

By leveraging the collective wisdom and diverse perspectives of their peers, leaders gain new insights, expand their horizons, and develop a deeper understanding of effective practices. Moreover, fostering a collaborative learning culture strengthens relationships, builds trust, and fosters a sense of camaraderie, creating a supportive ecosystem for executive development and team excellence.

 

Empowering Leadership Development

Effective leadership isn’t just about directing others; it’s about inspiring and empowering others to unleash their full potential. Organizations can cultivate team excellence by empowering others to forge a new path by example, embodying the values, behaviors, and attitudes they seek to instill in their teams.

Those who demonstrate integrity, empathy, resilience, and accountability set a powerful example for their teams, inspiring trust, loyalty, and commitment. And, by empowering leaders to model desired behaviors, organizations create a ripple effect that cascades throughout the organization, shaping the culture and driving performance excellence at all levels.

 

Measuring and Monitoring Progress

To ensure the effectiveness of leadership development initiatives, organizations must establish clear metrics and mechanisms for measuring and monitoring progress. By tracking key performance indicators, such as competency development, employee engagement, retention rates, and business results, organizations can assess the impact of their efforts and make data-driven adjustments as needed.

Regular feedback sessions, pulse surveys, and performance reviews provide opportunities to reflect on their progress, celebrate successes, and identify areas for further development. As a result of establishing a culture of accountability and continuous improvement, organizations ensure that leadership development remains a strategic priority aligned with business objectives and aspirations for team excellence.

 

Leadership Development Leads to Excellence

Cultivating team excellence through strategic leadership development is a multifaceted endeavor that requires commitment, investment, and alignment with organizational goals. By investing in personalized development plans, promoting a growth mindset, fostering collaboration and peer learning, empowering individuals, and measuring progress, organizations can create a culture of excellence that drives performance, innovation, and growth.

As leaders evolve and grow, so too does the collective strength and resilience of their teams, paving the way for sustained success in today’s dynamic business landscape.

Business

Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

Published

 on

 

TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

___

Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

Published

 on

 

Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

Published

 on

 

TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending