Investing in leadership development is crucial in today's fast-paced and constantly changing business world. Strong leadership skills are essential for driving growth, managing teams, and achieving organizational goals.
While some people may possess certain natural talents or tendencies that lend themselves to effective leadership, being a strong leader or manager is something that can be developed and learned over time.
Despite the fact that leadership training is often recognized as an important driver of value in an organization, a study by the Harvard Business Review, only about 10% of managers receive any formal leadership training.
This is in spite of significant research that shows that companies with formal leadership development programs are more likely to report higher levels of employee engagement and job satisfaction. Investing in leadership development programs can have significant benefits for both individuals and organization, by way of improved employee retention, increased engagement, and better business outcomes.
Below we’ll break down and explain how some of these benefits can be realized.
When managers receive training and development opportunities, they are better equipped to create a positive work culture and engage their teams. This can lead to higher levels of job satisfaction and lower turnover rates, as employees who feel valued and supported by their managers are more likely to stay with the company long-term.
What the research shows:
The Association for Talent Development found that organizations that invest in leadership development programs have 37% higher employee retention rates than those that don't.
Effective managers know how to motivate their teams and allocate resources efficiently. With the right training, managers can learn new techniques and strategies for improving productivity and achieving organizational goals. They can better manage their teams, delegate tasks effectively, and make better decisions.
What the research shows:
A study by the Center for Creative Leadership found that companies with strong leadership development programs report 2.3 times greater financial performance compared to those that don't invest in leadership development.
By investing in the development of current managers, organizations can create a pipeline of future leaders who are prepared to take on new challenges and drive growth.
A survey by Deloitte found that 89% of executives rate leadership development as a top priority for their organizations. By investing in the development of current managers, organizations can create a pipeline of future leaders who are prepared to take on new challenges and drive growth.
Effective leaders can motivate and inspire their teams, leading to higher morale among employees. When employees feel happy and engaged, they are more likely to be productive and contribute positively to the organization.
With the right training, managers can learn new techniques for building strong relationships with their employees and creating a supportive work environment.
They are better able to create a sense of purpose and direction for their teams, and help align employees around a common goal.
Managers who are trained in effective communication can also better communicate with their team members, understand their needs and provide constructive feedback. When employees feel heard and supported, they are more likely to be engaged and motivated at work.
Innovation is critical for staying competitive in today's business landscape. Effective managers encourage creativity and innovation within their teams, which can lead to new and better ways of working. This can include having the right tools and strategies to:
The business landscape is constantly evolving. Management training can provide leaders with the skills and knowledge needed to manage change effectively.
For example, learning how to communicate changes in a way that is clear, concise, and empathetic is an impactful way to alleviate employee concerns and ensure that everyone is on the same page through times of rapid change.
As change can be challenging, and employees can become resistant to it, leaders who are supported to build a culture of resilience within their teams are better able to foster adaptability, flexibility, and creativity to help their teams navigate change more effectively.
Effective leaders can create a positive work environment, increase productivity, retain top talent, and achieve better business outcomes. The right investment in a leadership program training program can equip your managers with the skills they need to be successful in their roles, including communication, decision-making, delegation, time management, and more.
If you’re interested to learn more about how Humentic's expert-led training can support your managers to develop the high impact skills that will make a difference to your workplace culture, you can book a complimentary call here.