The Reasons to Participate In Leadership Development
There’s a lot of information out there about leadership, and with good reason. Developing good leaders within a business is essential for growth and sustainability. Without a clear path forward, things start to unravel. That’s why it’s important to develop leadership skills at all levels of your workforce. The best leadership skill development training are designed to create and achieve specific goals that may be unique to your company, but some basic principles tie them together.
Why Leadership Development Matters?
Independent studies by The Conference Board, and the researchers have consistently concluded that leadership development is one of the most pressing issues facing organizations today. Because it presents a great opportunity for organizations to seize a competitive advantage in their industry. If your business is committed to developing leaders, you can expect to gain a significant competitive advantage by improving profitability, attracting, developing, and retaining top talent, driving strategy execution, and increasing your chances of successfully responding to change.
Improves Financial Performance:
Companies that rank highly for their human capital investments generate five times higher stock market returns than companies that place less importance on it. Leadership development enhances the ability to reduce costs, drive new revenue, and drive profitability and improve customer satisfaction.
Attract, Develop And Retain Talent:
Leadership development increases employee engagement, improves an organization’s ability to address gaps in the talent acquisition process and reduces the hassle and costs associated with turnover. Good leaders can attract, hire and inspire good people. Managers who lack strong leadership skills will struggle to attract and retain high-performing employees. Furthermore, developing, training and promoting people internally is often much less expensive than hiring outside talent in the long run, making leadership development a sound investment.
Drives Strategy Execution:
Effective leadership development is not development in itself. Organizations need a leadership strategy that is closely linked to business strategy and provides the leadership skills needed to implement that strategy. The leadership development program helps organizations shape business culture and strategy. Leadership development helps organizations shape business culture and strategy. Developing, training and promoting people internally is significantly less expensive than the cost of hiring outside talent.”
Increases Success in Dealing with Change:
Leadership development enhances the leadership capabilities of employees in a rapidly changing world. When organizations look beyond developing senior executives and high-potential employees to unlock the full potential of their talent pool, agility increases.Why invest in leadership development? To attract and retain talent, High-Impact Leadership Development report, organizations with higher “leadership maturity” are 11 times more likely to have leaders who build talent for competitive advantage and 7 times more likely to have leaders who inspire people to follow them. Watching talent leave costs companies dearly, from morale, advertising, recruitment, relocation, to time spent on training new employees. Unfortunately, the report found that leaders with talent are rare. Only 60% of leaders in organizations demonstrate commercial acumen and business judgment. 48% are seen as drivers of change and innovation. And only 44% build people for competitive advantage.
Also Read: Understanding How an Effective Procurement System Drives Competitive Advantage
