The future of work is here, and recent studies are finding that many organizations are already suffering from a lack of effective leadership. According to the Harvard Business Review the need for leadership development is more urgent today than even before. 77% of the organizations recently surveyed reported that they are experiencing a leadership gap (1).
Without leadership development programs the issue is expected to only get worse overtime. Many of today leaders are baby boomers who are expecting to retire in the near future. This is concerning if you consider the fact that about 10,000 baby boomers are retiring every day (1).
What is even more concerning is that a significant number of leaders in the millennial generation do not feel prepared to take over their predecessors leadership roles. In fact, 63% of millennials feel that their leadership skills are not being fully developed (1).
In addition to the current leadership gap there are several other reasons your organization should make leadership development a priority.
Providing Leadership Training Courses to Develop Effective Leaders Increases Revenue
Companies who invest in comprehensive training programs have seen as much as 218% higher income per employee than companies who didn’t have formal training (2).
Investing in leadership development is the best way you can ensure that your employees have the management skills they need to tackle your toughest business challenges. Fully developed leaders can guide and oversee your teams work to ensure they achieve the best results.
Providing employee training and opportunities for growth has also been proven to increase employee retention rates which causes a rise in revenue. Increasing team morale and productivity will also help your organization boost its profits. According to LinkedIns Workplace Learning Report, 94% of employees would stay at a company for longer if the company invested in their development.
Leadership training often provides a high ROI. 86% of a companies in a recent study indicated that they had at least made back the amount they initially invested (3). In the same study it was found that the median return was seven times more than the original investment.
Effective Leaders Have the Necessary Skills to Tackle New Business Challenges
Acting as an effective leader today takes more than management skills. Today leaders need to also have high emotional intelligence and a deep understanding of diversity in the workplace. high emotional intelligence is a skill that is in high demand especially when it comes to leaders. 90% of top performers also score high in emotional intelligence (4).
As the global workforce grows and teams become more and more diverse it is becoming more important for future leaders to understand both diversity and inclusion.
Effective leaders must also learn about different management and leadership styles. This way they can determine which style works best for their team and workplace.
Effective leadership coaching and training will help them develop the skills and abilities they will need to build strong productive teams that achieve results in today’s global workforce.
As technology rapidly advances and industries continue to evolve effective leadership training has become essential to helping teams navigate and overcome challenges.
Quality Leadership Training Contributes to a Healthy Company Culture
Investing in leadership development is a good way to show employees that you care about them and investing in their future. This helps build a positive company culture that inspires productivity and innovation. Leadership training is also an opportunity for employees to learn more about the company’s mission and how they can contribute. Implementing programs that include mentoring and coaching help to build strong friendships among team members.
Conclusion
Providing leadership training for your high potential employees is a win win for your entire organization. Employees want to work for companies who invest in their futures. Leadership development inspires innovation, promotes productivity, creates a positive work culture and attracts new talent.
Infopro Learning has years of experience helping corporate companies develop high quality leadership programs that drive impact. To learn more about Infopro Learnings strategic approach to leadership development read the ebook High-Potential Leadership Programs Future Proof Your Organization with a Rock Solid Talent Bench.
