Banks have been slow to adopt a holistic leadership development, across the globe. Monetary and non-monetary benefits in the form of increment, performance incentives, promotions, contests/foreign trips, and of course, stock options, have helped to get bankers (& BFSI leaders) to deliver.
To be fair, a lot of effort, energy, and man-days have been spent (not invested?) on (not holistic nurturing) talent. A lot of training focus has been on skill development, to fulfill the requirement to tick boxes in annual appraisals.
A lot of great places to work have dumped the ‘annual appraisals and adopted a more regular feedforward, nurturing
Nothing wrong with the training and appraisal approach. It was the need at that point of time, aligned with the prevailing consciousness.
For individuals, they would have lived and died as ‘mere’ bankers, not fulfilling their real potential.
Times have changed, and the leadership approach has not changed.
- Are we really investing in our manpower?
- Do we care for their holistic development?
- Do we take into account their inherent potential?
Coaching is about maximising personal & professional potential (ICF)
A case study, courtesy @Forbes: Of course, there are exceptions, thankfully. This small bank in the US seems to be trying. Why they now place so much value on leadership”
- ‘…We haven’t always been strong on leadership development, but we evolved because we saw how valuable and meaningful it was going to be to the bank overall‘ (Sr VP, HR).
It obviously makes business sense!
- No wonder, the bank’s mission is to create “FANS” and talks about “killing stupid bank rules” in their annual report. They also call their branches “stores” to better reflect the retail buying experience they strive to offer.
- For more check out: https://www.forbes.com/sites/kevinkruse/2019/02/21/from-great-bankers-to-great-people-leaders-leadership-development-at-republic-bank/#68f397cf47a2
A generation of smart bankers would have lived and retired without even aspiring to live to their full potential. Maslow’s self-actualized state is also living to the full potential. Will, that works with millennial, GenZ and others?
If the leader leaves it entirely on the organization, it will be at his/her own risk. Don’t take such a big life-risk. Every banker, BFSI leaders deserves an opportunity and choice.
Our coaching model, R_E_G_A_L, is GROW+Light (L), ‘L’ being a self-actualized state. This is not a nirvana or self-realized state. But also living to full potential.
Introduce executive leadership coaching, coach training and also counseling/healing for mental wellness of leaders in BFSI.
Check out our coaching model, and more about Executive Leadership Coaching: https://www.regalunlimited.com/executive-and-leadership-coaching
PS: We also offer coach training/mentoring, counseling and healing.
ROI Of Enchantment