In George Bernard Shaw's drama Pygmalion, Eliza Doolittle, a ragged young woman from the London underworld, calls the attention of a famous phonetic expert, Professor Henry Higgins, who takes her under his wing to prove his thesis that his Personal attention can transform her into a lady with perfect command of language.
In time, Higgins' success surpasses all his expectations, as he transforms not only Eliza but himself. That great play served as the plot for a classic motion picture and for a great musical comedy, My Fair Lady.
It was also the focus of a famous article "Pygmalion in Management", originally published in 1969 in the Harvard Business Review and the subject of continuous reprints since then.
The author, J. Sterling Livingston, explains his role in the development of his subordinates:
“While most senior executives have yet to diagnose the problem, the industry's biggest challenge is without doubt rectifying underdevelopment, underutilization, and ineffective management and use of its most valuable most valuable resource: its young managerial and professional talents. ”.
Companies that embed development into their organization attract more talent, retain them longer, and perform better in the long run.
It sounds like an easy message to pick up, but consider the following:
• 54% of managers said that their inability to develop their people as great executives was a major obstacle to strengthening their talent team.
• 57% of managers believe that their company is not developing employees quickly and efficiently.
• Managers who believe that their company is not developing them well are five times more likely to leave the company than those who believe that the company is developing them well.
• 57% of managers planning to leave their current company in the next two years cited underdevelopment and lack of learning opportunities as critical or very important reasons for leaving the company; 69% cited insufficient career advancement opportunities.