A major concern facing organizations today is who will take the place of their current leaders in the future. Leadership development through mentoring within the organization is one approach to addressing this troubling issue. The organizational approach to mentoring for leadership development depends greatly upon whether the desired outcome is career-centered, psychosocial, or both. The advantages and disadvantages of each approach leads organizations to model their mentoring programs based on achieving organizational objectives with the greatest reward at the least cost – a critical consideration in light of today’s economic turmoil. Lastly, but most importantly, the application of a cultural audit serves to improve the chances of achieving these organizational objectives.
Mentoring is one means to achieve leadership development. Numerous models exist that attempt to define the desired qualities of a successful leader. The competencies of people skills, character, judgment, trustworthiness, managing group dynamics, planning, and implementing change, while maintaining thoughtful consideration of the trends toward globalization, technology, and return on investment, are commonly accepted competencies associated with successful leaders.