Running a business, no matter how small or large, takes an immense amount of hard work, dedication, and skill. It takes a lot to become a great leader and it isn’t something that can happen overnight. There are new strategies in business leadership taking shape every day and promising to foster great leaders. A leadership model that has proven to be successful is the 70/20/10 model. This model teaches you to become an effective and successful leader:
The Classic Guideline
This method has been well-researched and has stood the test of time. Through over 30 years of dedicated research, the 70/20/10 model was developed. It examines how executives learn, grow, and change over the duration of their careers. There are 3 types of experiences you need to learn by using a 70-20-10 ratio of 70% challenging assignments, 20% developmental relationships, and 10% coursework and training. This classic guideline and ratio show that leaders are made, not born. They learn to be a great leader through their experiences.
The cornerstone of the 70/20/10 leadership model is employee engagement. To foster new and successful leaders, they need to be engaged in the work they do and feel encouraged to become a great leader, which is why the 70/20/10 leadership model is so important. By using this model, you are engaging your team by making learning immediately actionable. They feel empowered to make career goals, take charge through learning, and create connections with mentors on their own initiative.
Not only does this model create strong and successful leaders, but it also encourages employee retention. When employees feel they can grow with a company for the better and are constantly feeling challenged, the will want to stay with that organization or business.
Implementing the 70/20/10 Model
The first step to implementing the 70/20/10 is setting up resources for your employees. There is 70% dedicated to challenging assignments and job-related experiences. This can be done by giving employees new projects and responsibilities, expanding their authority, include them in senior leadership meetings, and even giving them input on new hires. The other 20%, developing relationships, can be implemented by assigning them a mentor, conducting constructive feedback sessions, and introducing them to the leaders of the company. Finally, the 10% coursework and training can be easily introduced by videos and webinars provided by the company or outside resources.