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The formal processes used to attract, develop, and retain leaders within an organisation.
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The Stage
Today, effective leadership is commonly viewed as central to organisational success, and more importance is placed on leadership development than ever before. There is also a growing awareness that the success and profitability of organisations is directly dependent on the effective use of human resources. Great leaders are said to be able to "learn to unleash the know-how, imagination, creativity, initiative, and pro-activity of their people" (Bennis 2003, Distinguished Professor of Business, University of Southern California), with knowing how to organise and coordinate different talents, generate intellectual capital, and reward outstanding performance being the new keys to competitive organisational advantage.
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