How storytelling builds next-generation leaders

In recent years, the need to develop next-generation leaders has become the paramount challenge for many CEOs and their tops teams. But even though this issue has risen to the top of the agenda, most executives would be the first to admit that they are failing at the effort. Storytelling by a company's senior executives is a powerful way of developing new leaders. Though it may sound simple, storytelling in a corporate setting is hard work that requires careful planning and preparation; it most certainly does not involve "winging it" or telling war stories about past successes. The five ingredients of effective stories are identified and explained. A case study is then used to explain how a global player in the financial-services arena used a storytelling initiative to align its high-potential employees with the company's strategy and values. Finally, it is outlined how top teams can implement a storytelling leadership program.