Investing in the Next Generation
The following guest article was written by Josiah Cassellius, a Millennial manager and co-host of The Leading Tomorrow Podcast.
If you have ever looked into retirement investing you have likely come across a term called compounding interest. The earlier you put money into investments, the more you will have over the course of time as the interest compounds and grows your initial investment. If you keep putting money into a good fund, check in on it from time to time to make sure everything is still on course, compounding interest will be a significant reason you have a comfortable retirement.
Unfortunately, many people continually put off beginning those investments, believing they can better utilize the money themselves, and they miss out on those long-term gains. In much the same way, leaders feel the same pressure to simply plug holes today and kick the can of future gains down the road. They see a project that needs to be done quickly and, instead of teaching someone how to do the job, they simply do it themselves, or delegate to an experienced worker. When the same type of problem arises again, and it always does, it requires attention, and the leader again needs to take care of it themselves, taking up their valuable time. If they had followed the early investment strategy, they would have taken short-term losses, but the long-term gains would have increased.
There are promising young people entering organizations every day, talented individuals who simply need a guiding hand to show them the ropes and give them a chance. Unfortunately for many of these young people, there are not enough experienced leaders who are able or willing to sacrifice time in the present to teach them.
When I got my first full-time job, I had the good fortune of finding favor with my manager, and he took time to train me on a handful of tasks, and then he left me to accomplish them. When he returned I had done the work, and had some follow-up questions. This happened over and over until I had a good grasp of most of my area. After that, my manager simply needed to ask me to do something, and a task was accomplished without him needing to be involved, because he had invested in the short-term, he was able to see gains in the long-term.
As leaders we sometimes struggle to believe that someone will be able to learn what we already know, or we believe that we can do it better or faster ourselves, and that it’s not worth the effort to train someone else. When we go this route, we miss something very important: compounding interest. A good leader, like a good investor, will put in some work, and then allow the investment to grow.
While it is important to not interfere with an investments’ growth, it is critical to check in on it from time to time to make sure it is still working as efficiently as possible. Good leaders employ this approach with their followers: they invest in good people and allow them to work unimpeded. They check in with them from time to time and offer appropriate direction and affirmation, make sure they are still on track to meet the stated goals, and encourage them to pass on their knowledge to even newer workers. Using this approach, a good leader can multiply themselves, and find they are doing less work, while getting more results. Their employees or volunteers will be happy because the organization is operating smoothly, and everyone is growing and expanding their skillsets. The earlier the investment into younger leaders begins, the more time they will have to grow, and the greater the return on investment will be.
Dr. Jolene Erlacher is a wife, mommy, author, speaker, college instructor and coffee drinker who is passionate about empowering the next generation of leaders for effective service!