Leadership training and development continue to be big business. In spite of recent recessionary trends, companies are spending upwards of $4 billion annually in hopes of creating today's most effective leader.

Silver bullets abound -- blended learning, executive coaching, customized instruction, specialized assessments -- all in an attempt to produce executives with the attributes needed to succeed in today's exceedingly complex global business world.

From a company's perspective, having a leader with the magical right mix will lower risks and optimize business performance. But will it?

After 25 years of working closely with companies of all sizes and their executives, I have seen leaders who have been assessed using every psychometric tool available, exposed to the most valued of educational programs and given developmental opportunities that were the envy of any corporate colleague. Undoubtedly, this has brought value. After all, in most cases, the CEOs of today's larger corporations still reflect this traditional profile.

Unfortunately, this combination of development is no longer producing the desired results. Although continuous learning, be it on the job or in an academic setting, is essential for professional growth, it falls far short of answering the question, "In today's environment, what can be done to make better leaders?"

One might argue that the most important trait essential for leaders today cannot be built in any corporate or academic setting. In fact, it cannot be taught at all. In professional circles, it is referred to as an element of emotional intelligence.

In practical terms, it is simply referred to as "introspection." The ability of an executive to look within -- understand the consequences of his or her past actions; to appreciate and resolve inner conflicts through past learnings; to contemplate the demands of professional performance and feel the linkages between human values and actions -- sets the true foundation for leadership

Introspection requires us to "take stock." Amid our BlackBerries, cell phone, laptops, Bluetooth earpieces and other ubiquitous distractions, we have lost the ability to focus on what counts. The inner compass that assures wise decision making and admirable actions cannot remain due north without the calibrating power of introspection. It is the exceptional leader who understands this.

It has long been recognized that it is an executive's position of power that precludes him or her from receiving feedback regarding his or her behavioral habits, attitudes, traits and personal impact.

Ironically, it is these exact factors that research is showing to differentiate outstanding leaders from the average.

Introspection builds self-awareness and the capacity to link the performance of others and one's own behavior.

Human factors and how to enhance them cannot be separated from the professional world.

They are essential to leading a profitable business.

Had any of the pathetic leaders who have captured headlines in recent times (names such as Angelo Mozilo, Elliott Spitzer, Dennis Kozlowski, John Rigas, Dennis W. Bakke) felt self-accountability -- understood what was driving them and looked inward at the values, norms and consequences of their actions -- it is likely their behaviors would have been different. Rarely do executives fail because they do not know how to make the numbers. Conversely, it is because they do not know how to lead.

As executives matriculate up the corporate ladder their "blind spots" -- things others know about them but they do not or do not want to accept -- become larger. With time, these occluded attributes, like arteries closing down, eventually block one's leadership effectiveness.

It is only through ongoing self-reflection and the fullest possible extent of self-insight that a leader continues to grow.