I recently spoke with the dean of learning and development for Motley Fool, a financial advice newsletter publisher based in Virginia, about the approaches they use and the programs they have in place for leadership development. I was pleasantly surprised to learn that this small company of about 215 employees applies highly innovative approaches and thinking for developing its workforce.
One program in particular is its Fellowship Program. Launched in January, this program targets up to a dozen hand-selected individuals who business leaders believe have the potential to run the company some day. All participants are at various levels of leadership – some are already vice presidents and others are high performing managers on a “fast track.”
The program design is similar to that of an MBA program. As the dean of L&D put it, “It is Motley Fool’s MBA in Foolishness.” Although that may sound foolish to most, it is taken very seriously inside the company. As a matter of fact, participants must sign a contract indicating their commitment to the program. The first line of the contract states:
“This is a serious and significant demand on my time. I am prepared to commit the hours and the effort necessary to successfully complete all program requirements, inside and outside of the classroom.”
Fellowship Program
A cohort of about 12 participants meets weekly for one and a half hours and is mentored by eight company executives over the course of 16 months. Each executive meets for six weeks with the class. For example, the CFO teaches them how to budget and forecast and exposes them to all areas of the business. The HR leader discusses leadership and the CTO focuses on the company’s technology and how to make the best use of it. Even the CEO and President each teach for one of the six-week periods. The idea is to inform them of all the areas of the company that matter and provide them with tools to lead the company.
The program contains a lot of lecture and discussion. Team building is important and is supported through external charitable activities. For example, the first cohort spent time at the local Ronald McDonald house. This type of activity allows participants to get to know one another and work together as a team.
There is also a practical side to the agenda. Throughout the course participants have reading assignments and other homework to complete. Study groups are formed and a final project is due at the end of each six-week course. The students have a one-week break in between each course.
At completion of the 16-month program, participants must, collectively, write a paper that summarizes the experience, captures key learnings, describes how their new skills and behaviors will benefit them and the company. They must present the paper to the entire company. This approach provides visibility of the participants and raises esteem of the program.
Finally, before they can graduate they have to spend time with a business leader in the business community of which they have great interest. This is referred to as “expedition and learning” and the purpose is to give them lessons about their aspiring role.
Final Thoughts
Motley Fool is a great example of a small company that takes advantage of its size, capitalizes on its passion, and strengthens it culture through leadership development. The commitment does not come only from program participants, but also of the company’s senior executives. This level of support and engagement is paramount to the program’s success.
Are you from a small company? Do you have a program you’d like to share? What advice do you have for other small companies that struggle with small budgets and limited resources? Let us know.
The Motley Fool Fellowship program and the company’s overall L&D strategy will be highlighted in an upcoming report based on building leadership development curriculum models, due for publication in late Q4. Stay tuned.