Industry leaders share why intentional leadership development through STRIPES is becoming a decisive competitive advantage, and how it’s reshaping leaders, teams and long-term growth.

As Program Manager of STRIPES and Associate Editor at Monitor, I’ve had a front-row seat to how leadership effectiveness shapes culture, performance and long-term growth across the equipment finance industry. With more than half of Monitor’s Best Companies in the Leadership category investing in leadership development through STRIPES Leadership Program, I spoke with executives to understand what is driving this commitment — and the impact it is having inside their organizations.

Across this year’s Best Companies, we’re seeing leaders operate in increasingly complex, fast-moving environments. From your perspective, what leadership practices are becoming table stakes for organizations that want to perform and scale effectively?

Chris Craft, President & COO, Specialty Finance Group, 1st Source Bank: In today’s world, there is a growing need for change management and adaptability. These leadership practices are becoming table stakes for organizations. While change is constant, the pace and magnitude of changes in the equipment finance industry (and beyond!!) has exponentially accelerated.

Lisa Fleischer, Head of Legal – U.S., DLL: In today’s increasingly complex, fast‑moving environment, agility has become a non‑negotiable leadership practice. To operate with the speed the business requires, we rely on several core practices: rapid alignment, disciplined prioritization, empowered decision‑making and tight cross‑functional collaboration. Practically, this shows up in how we work. We intentionally form small, cross‑functional sub‑groups to quickly gather facts, pressure‑test assumptions and develop clear solution paths. These groups bring well‑formed recommendations back to the broader U.S. leadership team. We also recognize that time is often a critical factor. We rarely have the luxury of prolonged deliberation, so leaders are expected to communicate transparently, share information early and trust one another’s expertise. This ensures we can move from insight to action with confidence.

Joni Kovac, EVP & Chief Human Resources Officer, Mitsubishi HC Capital America: I think it starts with great two-way communication. Leaders need to not only cascade information to their teams, but listen to feedback from their teams, either through skip level meetings, employee engagement survey feedback or other opportunities to understand what’s important to employees to make improvements from people actually doing the day-to-day jobs. This approach is rooted in a principle we emphasize often: “seek to understand, then to be understood,” a lesson we learned from FranklinCovey. When leaders operate this way, teams feel heard and supported, enabling better decision-making, greater agility and stronger alignment during times of rapid change. It also builds trust, an essential component for organizations looking to elevate their teams, culture and profits.

Tom Lyle, Chief Operating Officer, North Mill Equipment Finance: Communication and change management are timeless. We are all digitally connected 24/7. Messages need to be focused so that we are getting the right messages to the right people. In order to support change, we need to have a foundation of trust in the team members that supports the constructive conflict necessary to drive the business towards better performance.

Eileen Schoonmaker, President of the Americas, PEAC Solutions: Without giving away our “secret recipe” for creating an unstoppable team at PEAC, we’ve learned that leveraging three core components of our organization through a 10x mindset is essential. Leaders must cultivate empowered, high-trust teams where individuals are encouraged to think boldly, act decisively and collaborate deeply. Equally important is establishing a scalable growth model that enables teams to move quickly without ever compromising on quality.

Michelle Speranza, EVP, Chief Marketing Officer at LEAF Commercial Capital, Inc.: In today’s fast‑moving environments, transparency and alignment are essential leadership fundamentals – not differentiators. Organizations need leaders who communicate clearly, stay steady under pressure and make decisions quickly while remaining connected to their teams. Another table‑stakes practice is developing leaders at every level through accessible, hands‑on mentorship and investments in programs like STRIPES, CLFP and internal initiatives – like LEAF’s bi-monthly educational workshops and M&T’s comprehensive leadership development training. Developing and supporting emerging leaders across the organization now is a requirement for any company that wants to perform and scale effectively in the future.

Why do you believe leadership effectiveness is becoming a more critical competitive differentiator now than it was even five years ago — and what risks do organizations face if they fail to invest intentionally in it?

Craft: The nature of today’s increasingly volatile world and marketplace dramatically escalates the importance of leadership. Organizations with the strongest leadership teams tend to have the clearest vision and values, with cultures that are robust, adaptive and effective. They also tend to have team members who are highly engaged and continuously growing. These elements synergistically combine to create demonstrable competitive differentiation, in an increasingly competitive marketplace. Those organizations that fail to invest in leadership are at a greater risk of falling behind, as we move into the future.

Fleischer: Leadership effectiveness has become a critical competitive differentiator because the expectations placed on leaders, and the environments they operate in have fundamentally changed. Today’s workforce is more dispersed, more dynamic and more discerning. Our people remain our greatest asset, therefore inspiring loyalty and purpose requires a far more deliberate and human-centered leadership approach than it did five years ago.

Strong leaders create connection, clarity and a sense of shared mission. Effective leaders invest in coaching, development and personal support; they build trust by communicating openly and demonstrating genuine care for their teams. When employees feel valued and understood, their commitment deepens — they bring more creativity, more discretionary effort and a stronger sense of ownership to the organization’s success.

The risks of not investing in leadership are significant. Without strong leadership, work becomes transactional, and a role becomes “just a job.” In that environment, employees naturally look elsewhere for meaning, growth and competitive pay.

Organizations that fail to develop their leaders face higher turnover, lower engagement, inconsistent execution and fractured cultures that slow innovation and performance. In contrast, those who prioritize leadership capability create resilient teams, retain top talent and differentiate themselves in a highly competitive market.

Leadership has always mattered — but today, it is a core driver of both employee experience and organizational performance.

Kovac: Human capital is not only an organization’s largest investment, but also its greatest strategic asset. If leadership isn’t listening to their employees, the organization will suffer excessive turnover and be unable to attract qualified talent; at the same time, it will discourage employees from being fully engaged. We’ve all heard the term “quiet quitting”; if leaders don’t act and communicate in a way that shows they are listening and acting on feedback, the organization will suffer over the longer term and become uncompetitive.

Lyle: One of my personal goals is to get our managers good enough, fast enough, so that there are no barriers to how large we can grow the organization. 2025 was a blowout year at NMEF with the Pawnee and Midland acquisitions doubling the size of the business. Executing these major projects was only made possible by having the right team of leaders ready to collaborate and rise to the challenge.

Schoonmaker: Leadership effectiveness has long been a critical, though often understated, differentiator for high performing organizations. In today’s environment, defined by rapid change, technological disruption and shifting workforce expectations, its importance has become unmistakably clear. Effective leaders provide the clarity, alignment and stability required to navigate complexity and enable teams to adapt quickly and deliver consistent results.

Organizations that overlook investing in their leadership development face significant risks, including slower decision making, diminished employee engagement and reduced capacity for growth and transformation. Ultimately, inadequate leadership erodes organizational agility and competitiveness, undermining both long-term performance and strategic progress.

Speranza: Leadership effectiveness matters more today because the environment around us is moving faster and asking more of people than it did even just a few years ago. In moments of uncertainty, employees look for leaders who are steady, transparent, and clear about where the organization is heading. Those qualities build trust, and trust is one of the most powerful assets any team can have.

The risk of not intentionally investing in leadership is that teams feel disconnected or unsure of where they’re going, which slows everything down. When leaders communicate openly, stay accessible and stay involved with their teams, people feel supported and aligned, even when things are shifting around them. But without that intentional investment, it’s difficult for organizations to rally everyone together to move towards what’s next.

For companies involved in STRIPES, what shifts have you observed in leaders who have gone through the program — whether in how they show up, make decisions or lead others? Please include examples of tangible results your business has seen as a result.

Craft: Each of our STRIPES candidates were top performers, with demonstrated leadership potential. As graduates, we have seen their individual and leadership performance soar to new heights, benefitting their teams, our clients and the industries we serve. Our STRIPES graduates often describe how the program broadened and deepened their understanding of leadership, while elevating their mindset. They speak frequently of the high caliber of their instructors and the added value of learning from their fellow equipment finance industry peers. Many have applied principles learned in the program, beyond the workplace.

Fleischer: We’ve seen leaders who participate in development programs come back more self-aware, more intentional in how they communicate and more confident in their decision making. They tend to show up with greater clarity and a stronger sense of ownership, which has a noticeable effect on team alignment and engagement.

In a few cases, these shifts have helped participants to step into larger roles and take on broader responsibilities. Investing in leadership development undeniably helps people grow — and when leaders grow, the organization benefits.

Lyle: The mentoring – As part of the program, STRIPES team give direct and timely coaching that helps expose blind spots and biases, building sharper self-awareness. We have seen this make a difference in how our managers collaborate and communicate across the organization.

The network – STRIPES connects our managers to a group of other rising leaders across the industry. Leaders willing to take the phone call and provide fresh perspectives on the problems they are facing.

Schoonmaker: We’ve noticed three things about our leaders who have gone through the STRIPES program: they are more intentional versus reactive; their leadership presence is more confident but also more open — they simply listen better, and finally, they empower others. The net impact is that they are clearer, braver and more effective. One of our graduates has been promoted to a senior commercial position, another has moved to a role with more potential, a third is expanding their team to unlock more opportunity.

Speranza: Leaders who go through STRIPES tend to come back with a stronger sense of who they are as a leader, effective strategies to help them lead with authenticity and a clearer understanding of how their decisions influence the broader organization. You can see it in how they show up: they communicate with more intention; they navigate challenges with more confidence and they’re far more proactive about aligning their teams early and often.

Those shifts matter, and we’ve seen it result in real growth. Following graduation from the program, participants tend to take on more responsibilities, more complex initiatives and more cross‑functional collaboration. And because STRIPES builds strategic thinking, emotional intelligence and executive‑level leadership skills, graduates return better equipped to support their teams – whether through unexpected change or intentional growth strategies.

Beyond the individual participants, how have you seen that leadership development ripple outward — into teams, culture, or the broader organization?

Craft: Our STRIPES graduates are creating a positive and long-lasting ripple across our bank, with our clients and the industries we serve, as they regularly apply what they learned in the program. They have become more effective leaders, mentors, special project contributors and role models. Each of our STRIPES graduates is making a sustaining, significant, positive difference, as they apply and build upon their experience.

Fleischer: Leadership development never stays contained to the individual, rather, it naturally ripples outward. Employees take their cues from their leaders, so when leaders show up with more clarity, consistency and emotional intelligence, their teams mirror those behaviors. Over time, these behaviors start shaping the broader culture. Decision making becomes more transparent. Collaboration becomes easier. Teams become more aligned because leaders are modeling the very behaviors the organization wants to scale. Even small shifts in how leaders listen, give feedback or set direction accumulate and that’s what ultimately strengthens the organization.

Lyle: Tools in the toolkit. The managers we have put through STRIPES have deployed their learning in real time. Whether it is approaching difficult conversations, matching strategy to situation or using quality tools in the operation. As they share what they have learned, they raise the capabilities of the organization.

Schoonmaker: When our leaders go through STRIPES, it’s not just about personal development. It’s about changing how work, decisions and leadership show up across PEAC. The ripple effect is stronger teams, better decisions and a culture that can scale.

How does leadership development — particularly programs like STRIPES — factor into your succession planning and long-term leadership bench strategy?

Craft: STRIPES Leadership Program has become a vital part of our Specialty Equipment Finance Group leadership development approach. At 1st Source Bank, we believe our “People Count” and strongly support career growth from within our organization. Through STRIPES, we are preparing future generations of equipment finance industry leaders.

Fleischer: Succession planning is a regular and intentional process at DLL. We review our leadership bench, identify potential successors and assess where additional development or coaching could strengthen their readiness. From there, we match people with the right development opportunities, whether that’s targeted coaching, internal programs or external leadership experiences like STRIPES. The goal is to ensure we’re building a strong pipeline of future leaders and giving them the support they need to grow into bigger roles.

Kovac: To date, three leaders have participated in the STRIPES program, but the plan is to send more through the program. Participants consistently cite how the program has broadened their thinking, strengthened their leadership mindset and equipped them with new tools to better support their teams and business goals.

We anticipate STRIPES playing an even bigger role in our long-term succession planning. As we expand participation, we see leadership training as an essential component to how we build a ready-now and ready-next leadership pipeline – with leaders aligned to our culture, grounded in our values and prepared to guide the organization through continued growth and transformation.

Lyle: North Mill Equipment Finance is a learning organization who invests in its people. We sponsor CLFP training, subject matter training and for our rising high potential managers, STRIPES. NMEF has had a person in the last four cohorts as we look to fill our bench with lifetime learners – people always striving to improve themselves and our business in pursuit of excellence.

Schoonmaker: Leadership development – and programs like STRIPES – is how we deliberately build a ready-now and ready-next bench by shaping how future leaders think, decide, and lead long before succession moments arrive.

Speranza: The impact of leadership development extends well beyond the individual participants. When leaders begin the STRIPES program, their teams feel the shift almost immediately. Communication becomes clearer, expectations are more consistent and people understand not just what they’re working on, but also why it matters. And as leaders model greater alignment, ownership and cross‑functional connection, their teams adopt those same habits, creating a ripple effect over time that continues to strengthen LEAF’s steady, people‑first culture and ensures people feel supported, informed and connected to our broader direction.

Looking ahead to 2026 and beyond, what leadership capabilities do you believe will matter most for navigating uncertainty, growth, and change — and how are you preparing your next generation of leaders now?

Craft: There are many leadership lessons that can be learned from the worlds of championship athletics and military special operations, that are highly applicable to today’s fast-paced business world. NCAA Football Championship Coaches Curt Cignetti, of Indiana University, Lou Holtz of the University of Notre Dame, as well as Navy SEALs, Army Green Berets & Rangers, Air Force Combat Controllers, Marine Raiders and various supporting aviators, often talk about the idea of how “rising to the occasion” in tough, clutch leadership circumstances, is really about falling back on your excellent training and preparations, leaning into what you learned from your prior experiences and a strong set of bedrock values. They speak to the importance of resilience, discipline, continuous learning/improvement and a sharp execution focus, as significant factors in sustaining success. I see STRIPES Leadership Program as a crucial part of the excellent training and preparation that enables our next generation of equipment finance leaders to rise to the occasion.

Fleischer: The leadership capability that will matter most is the ability to guide teams through rapid and continual change. Leaders will need to navigate uncertainty with steadiness, communicate with clarity and make decisions that balance both short-term pressures and long-term priorities. Skills like adaptability, empathy and strategic thinking will only grow in importance as our industry continues to evolve. We’re preparing the next generation of leaders by giving them access to a wide range of development opportunities — coaching, mentoring, online learning and various leadership programs. Our goal is to equip leaders with the mindset and tools to embrace change, support their teams through it and confidently lead DLL into the future.

Kovac: At Mitsubishi HC Capital America, we have identified, aligned and documented core competencies for every role, as well as leadership competencies for our leaders. Through training like STRIPES, and competency building learning, either through live online courses or self-paced web content like LinkedIn Learning, employees have the tools to grow their careers and obtain the requisite skills. We also have a robust mentoring program to enable junior employees to learn to navigate their careers through the relationships built between junior and senior employees. The beauty is that these relationships work both ways, an added benefit for all participants! This reciprocal learning strengthens our culture and accelerates leadership readiness across the entire organization.

Lyle: As all of the data tools and AI pile on, the amount of information in front of a manager can be overwhelming. Important information can get lost in a sea of noise. Our leaders need to be adept at leveraging these tools and able to think critically about asking the right questions and making data-driven decisions.

Schoonmaker: The leadership capabilities that will personally guide our organizations in the coming years are clarity in uncertainty, adaptability through change and the ability to inspire trust while scaling growth. Leaders must navigate complexity with confidence, align teams around a shared vision and turn challenges into opportunities for innovation and progress. At PEAC Solutions, we prepare our next generation of leaders by treating leadership as a responsibility, not simply just a title. We emphasize mentorship, inclusivity and collaboration while empowering leaders to shape strategies that enhance the overall customer experience, strengthen our brand and advance technology. By creating space for diverse voices, fostering global alignment and encouraging continuous learning, we are building resilient leaders who can guide with purpose and drive sustainable growth in an evolving landscape.

Speranza: Navigating uncertainty, growth and change all require leaders who can simplify complexity, remain steady and accessible even when circumstances shift, and communicate direction in a way that keeps teams aligned and confident about what comes next. Just as important is the ability to lead with empathy, understanding what people need on a human level to stay engaged and feel supported. We’re preparing our next generation of leaders by giving them meaningful opportunities to start building essential skills now. Through programs like STRIPES, industry involvement, company-wide mentorship initiatives and bank-wide leadership development programs, employees gain the strategic thinking, interpersonal skills and cross-functional perspective they’ll need to guide their future teams through whatever comes next.

If you were advising a peer organization that wants to build a durable leadership culture, what is one mindset shift or investment you believe they can no longer afford to delay?

Craft: While much investment is rightfully being directed toward technology, it’s important to remember that equipment finance is still a people-oriented business and that you win with your people. I recommend investing in leadership training experiences, like STRIPES, to sharpen today’s leaders and prepare our next generation of equipment finance leaders. Leadership training creates competitive advantages, builds strong sustainable cultures and delivers an amazing return on investment.

Fleischer: The one investment organizations can no longer delay is building a leadership culture rooted in consistent, visible presence. A positive culture doesn’t sustain itself — leaders bring it to life through the way they show up every day. When leaders are engaged, approachable and aligned, employees feel clarity and stability. When that presence fades, even the strongest culture can erode quickly.

Kovac: No organization that is invested in growing profitability can ignore employee feedback. Engagement surveys are strategic assets that provide a means to obtain feedback anonymously. But the real value is only realized when leadership chooses the top areas for development to act on and execute. Feedback without action is dispiriting for employees who will stop giving their input if no actions are taken.

It’s also important to create career paths for employees, with leadership and learning journeys to aid in their growth. A proactive approach to talent development and succession planning are important to plan for future leadership. Together, these shifts help build a leadership culture that’s resilient, future-ready and deeply connected to the people who power the organization.

Lyle: Invest in developing your talent, knowing it’s the long game. The ROI will not be immediate, nor is it likely to come directly from a specific project. Instead, it comes from employee retention and from having managers who are prepared to tackle new opportunities as they arise.

There is a great proverb about planting a tree: “The best time to plant a tree was 20 years ago. The second-best time is now.” The same applies to developing your managers. “The best time to invest in leadership development was five years ago. The second-best time is now.”

Schoonmaker: The most critical shift organizations can make is to adopt a leadership mindset rooted in moving beyond incremental gains to leveraging leadership as a primary growth engine. Leadership must be intentionally developed as a force multiplier that amplifies people, scales decision-making and accelerates execution across the enterprise. Organizations that make this investment build resilience, speed and clarity in moments of change. Those that delay risk slower growth, leadership bottlenecks and a culture that cannot keep pace with the complexity required to compete and scale in today’s environment.

Speranza: One mindset shift organizations can’t afford to delay is viewing leadership development as a core part of the business rather than something supplemental. Today’s environment moves too quickly for development to happen informally or only when time allows. Companies need a clear, consistent approach to developing leaders early and supporting them through their growth. Whether that’s through structured programs, industry involvement or mentorship, organizations need to give emerging leaders real opportunities to learn, stretch and contribute long before they step into bigger roles.