Leadership Development: 5 Ways to Upskill as a Company Director

Upskilling isn’t something that just benefits employees at a junior level. Learning additional skills helps benefit everyone, including company directors. Enhancing their performance and preparing them for progression within the company through Leadership Development.

As a company director, you might assume you’ve hit a knowledge ceiling, but as the old saying goes: learning never ends. Whether it’s polishing your current skills, or developing new ones — expanding your capabilities is important. Stagnation is the enemy of progress. You’ve got to keep moving if you want to stay ahead of the pack. 

Here are 5 great ways of upskilling a company director.

1. Leadership Development: Encourage them to work on risk management

One of the most important areas where company directors can upskill? Risk management. Knowing how to identify and manage risks including financial, operational, and strategic risks, is essential for safeguarding the company’s assets and ensuring long-term success. Directors should be encouraged to engage in specialised training programs and engage with new technologies that can build their risk management skills further.

For example, directors can use a board management software from Diligent that offers advanced risk management features such as tools for tracking and analysing risk data, facilitating better communication and collaboration among board members on risk-related issues. While directors themselves may not always present detailed risk assessments, they can use insights generated by the software to guide discussions and make strategic decisions. 

This kind of new tech can integrate risk management into the broader governance framework, ensuring that directors have a clear, comprehensive view of the company’s risk landscape. Risks are always going to be present but upskilling in this area means company directors can anticipate and respond to potential challenges much easier.

2. Motivate for conference and seminar attendance for Leadership Development

There’s a lot to be said for immersing yourself within your industry outside of the realms of your business. Directors should be encouraged to attend relevant conferences and seminars regularly, as they’re excellent opportunities for directors to network with peers, exchange ideas, and gain new perspectives that can be applied to their organisations.

These events can help with upskilling many soft skills including communication and confidence. Engaging with industry experts and participating in discussions allows directors to practise articulating their thoughts clearly and persuasively. The diverse range of topics and viewpoints presented at these events can broaden their understanding and enhance their ability to communicate complex ideas effectively. 

There’s also an opportunity to give keynote speeches, panel discussions, and interactive workshops that can directly impact their ability to lead. This continuous learning environment helps directors to remain adaptable and innovative — essential traits in today’s rapidly changing business world. 

3. Continue to build their confidence

Building and maintaining the confidence of company directors is crucial for effective leadership. Confidence enables directors to make bold decisions, take calculated risks, and inspire their teams. 

One way to build confidence is through leadership development programs that focus on enhancing self-awareness, emotional intelligence, and communication skills. These programs can help directors understand their strengths and areas for improvement, providing them with the tools to lead more effectively. Additionally, creating a supportive environment where directors are encouraged to share ideas and feedback without fear of judgement can boost their confidence and foster a culture of trust and collaboration.

4. Provide more opportunities for hands-on experience

Hands-on experience is invaluable for company directors, as it allows them to apply theoretical knowledge to real-world situations. Providing directors with opportunities to lead high-impact projects, manage cross-functional teams, or oversee new initiatives can significantly enhance their management skills and deepen their understanding of the business. 

More specifically, an understanding of day-to-day business operations can help directors upskill their crisis management skills. Handling real-time business crises or high-stress situations can enhance problem-solving skills and resilience, preparing directors to navigate future challenges effectively.

5. Leadership Development: Create mentorship or coaching with CEOs

One of the best ways to cultivate strong leaders in a business is through mentorship and coaching. Support  from experienced CEOs can be a game-changer for company directors as having access to seasoned leaders who have navigated similar challenges provides directors with invaluable insights and guidance. 

Directors can get help refining their leadership styles and improve their ability to build cohesive, high-performing teams as well as help identifying blind spots, setting realistic objectives, and developing actionable plans to achieve them. This one-on-one guidance fosters a deeper level of self-awareness and personal growth, enabling directors to become more effective and confident leaders. 

How can company directors identify areas where they need to upskill?

Directors can identify areas for improvement through self-assessment, peer feedback, and performance reviews and stay informed about industry trends and challenges. Comparing their skills and performance against industry benchmarks and standards can also be helpful by providing directors with a clearer picture of where they stand relative to their peers. This can be done through industry reports, benchmarking studies, and participation in professional associations.

What are the potential challenges in upskilling company directors, and how can they be overcome?

Upskilling is important for growth but it does come with potential challenges. Firstly, directors often have demanding schedules, leaving little time for additional learning and development so flexible learning options are a must.

Some directors may resist change, particularly if they have been in their roles for a long time. Overcoming this requires fostering a culture that values continuous learning and improvement. Highlighting the benefits of upskilling, such as improved performance, innovation, and competitiveness.

Lastly, identifying relevant skills may be tricky. To work through this, skill assessments, open discussions, and market analyses should be done regularly to keep company directors growing and evolving.

Conclusion

Leadership development is a continuous journey that drives business innovation. Company directors and leaders who commit to ongoing personal growth through upskilling, new experiences, and mentorship are the ones who will steer their organisations toward success.