What makes leadership development vital? Because it is a huge chance for businesses to take advantage of the competitive edge within their respective industries.
If your company invests in creating the leaders of its employees, then you are likely to gain a competitive advantage through improving your bottom line, attracting, cultivating, and retaining people; enhancing strategy execution and enhancing your performance in navigating through change.
Our research supports this. When we conducted a survey of more than 5,000 participants in the program all over the world along with 876 of their coworkers91% of participants who were surveyed reported the goals they set for themselves in self-awareness, communication in implementing change, as well as other areas.
A staggering 97% informed us:
The program has prepared students for the leadership roles they will take on in the future.
The lessons learned are relevant to their leadership issues.
The participants in one of our courses were able to apply what they learned to an impact on the company, especially in terms of managing capabilities, overall efficiency as well as cross-boundary collaboration and the ability to accept different perspectives.
What Leadership Development Can Do to Lead to Continuous Success
4 Reasons to Invest in Leadership Development
What makes leadership development vital? According to research, the development of leadership allows organisations to achieve the following four factors that ensure long-term achievement:
Improve bottom-line financial performance.
Find and keep talent.
Drive strategy execution.
Enhance your chances of success when dealing with change.
1. Improve Bottom-Line Financial Performance.
Companies that score highly on their investment in human capital generate stock market returns that are five times more than firms that place less focus on human capital. Development in leadership builds the capacities to cut expenses, generate new lines for revenue and increase customer satisfaction.
2. Find, Develop and retain talent.
The development of leadership can boost employees’ engagement, improves the capacity of the company to address shortages in the talent pipeline and also reduces the stress and expenses associated with the process of turnover. Leaders who are great at recruiting, attract and motivate great employees. Managers who lack solid leadership abilities will find it difficult to retain and attract highly-performing employees.
Furthermore, it’s typically much less costly to train, coach, and then promote people within the organization over the long haul than employ someone outside and this makes development in leadership an investment worth it.
3. Drive Strategy Execution.
Effective leadership development isn’t just development just for the sake of development. The company must have a plan for leadership which is in close alignment with the business’s goals and equips employees with the leadership capabilities necessary to execute it. Development in leadership helps organizations define the culture and strategies of the company.
According to the words of The Conference Board: “Leadership development has a tremendous impact on shaping and transforming the way of thinking and the culture of the business. The process of developing, coaching and promoting employees internally is considerably less costly than what is typically needed for hiring an external employee.”
4. Enhance your success in dealing with change.
Leadership development improves the ability of people to lead in an ever-changing world. If organizations consider looking beyond the development of senior executives and high-potentials to realize the capacity of their workforce, their agility can be increased.
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