The single leg deadlift is a great exercise to give your glutes and hamstrings a real workout.
Compared to a traditional double leg deadlift, you need to use far less weight to get a similar training effect.
Single leg deadlifts provide far more of a challenge in terms of stability, so will help you improve hip and ankle stability quickly, as well as strengthening your core region.
Performing this one leg deadlift variation with added resistance, like a medicine ball or dumbbells will further challenge you in terms of strength, throughout this functional movement.