As organizations across the world continue to battle the Great Resignation, they may be overlooking a valuable practice that will help them today… and ensure continued success tomorrow. Leadership development is much more than employee training; it improves retention and recruitment efforts, drives employee engagement, builds organizational agility, and can boost your company’s bottom line.
Retention and Recruitment
Before their employees ask, “What’s next?”, smart organizations proactively invest in leadership development opportunities. When their skills and abilities are nurtured, team members develop a sense of ownership and can picture themselves as part of their company’s future. And in our current candidate-driven labor market, prospective employees are more likely to pay attention to a company who gives their workforce the tools they need for success. According to the 2022 LinkedIn Global Talent Trends report, jobseekers ranked upskilling their fourth highest priority following compensation, balance, and flexibility.
We’ve all experienced a time in our careers when we didn’t leave the job; we left the boss. The emotional commitment and trust that an employee has with his or her leader can affect their productivity, well-being, and longevity with a company. With intentional development of your leaders, your top management employees can bolster their soft skills, improve their communication practices, and align themselves with what drives employee performance. A collaborative and creative connection with their subordinates leads to happier employees. And happier employees will stay longer with your company.
A leader who can pivot in the face of change is necessary. A leader who can influence others to pivot in the face of change is priceless. While some leaders naturally thrive in an atmosphere of disruption, others may need to address longstanding mindset challenges. Leadership development equips your high performers with the ability to assess their current work practices, visualize needed change, effectively communicate the right messages at the right time, and make the vision a reality by collaborating creatively up and down the chain of command.
Boosting the Bottom Line
Experience… skills… loyalty… Without human capital, no business can succeed. It is rare to find an employee who doesn’t desire more income, a new job title, and further challenges in her career. Leadership development opportunities show your employees that growth is not only possible, it is within their reach. And studies show that workers who are promoted, or even make a lateral move within a company, are more likely to stay longer than those who remain in the same position. This saves the exorbitant time and costs involved in recruiting, hiring, and onboarding.
Leadership development comes in many forms. From individual assessments to team building experiences, one-on-one coaching to executive retreats, and half-day workshops to customized, long-term programs, leadership development can be customized to meet an organization where it is, and take it where it wants to go. And in this hiring market, the concept is a win-win for conscientious employers and the hardworking individuals who serve them.
Could leadership development be what your company needs right now? Book a discovery call and let's find out.