While leading is a skill that can be developed and improved, the best leaders have skills that help them better manage their teams.

A group of more than 330,000 bosses, peers, and employees were asked to rank the top skills that great leaders--including millennial leaders--should possess. From the responses they received, development consultants Jack Zenger and Joseph Folkman came up with a list of the top 7 leadership competencies. Read on to see what they are.

1. Inspires others

The best millennial leaders know and understand how to inspire their audience without pushing them too far. They can effectively communicate what work needs to get done and when, and help the rest of the team see what the rewards are with a successful result.

2. Stays honest

Under situations of extreme pressure, it could feel easy to give in and say what we think someone might want to hear. Truly great millennial leaders, however, remain true to their original intent and beliefs--and team members will only respect that.

3. Analyzes underlying issues

When problem solving, people usually only stop at surface level solutions, never going the extra mile to find the real problem plaguing the team. However, great millennial leaders always manage to find solutions that address a deeper aspect of the situation.

4. Builds relationships

The times of a stark distance between bosses and employees is long past. These days, it's much more common to have a boss that you have a real, substantial relationship with--and being the kind of leader to take time to form those relationships is a powerful skill indeed.

5. Possesses a technical expertise

Having one great skill that defines your leadership capabilities isn't necessarily the most important thing, but it definitely helps millennial leaders build credibility among their team.

6. Acts as a mentor

The leaders we remember are the ones that touched us on a deeper level, who inspire us to develop ourselves as people--not just team members. Taking on a couple mentees might be time-consuming, but it sure will help your staff see you as someone who cares about investing personal time in their work.

7. Is dynamic

The best millennial leaders are able to change their businesses as quickly as the trends. Be innovative; be on top of what's going on, and adapt your company to reflect the ever-shifting world.