Continued from yesterday’s post, here’s more about how your leadership development program affects your bottom line.
Develops High-Performing Leaders
When you invest in your employees’ development and professional advancement, they’ll become more committed to your organization and ensuring its financial success because its financial success becomes a factor of their own professional and financial success.
And when leaders become invested in the success of your organization, they’re more engaged and perform at higher levels. They’ll take the time and care to learn and develop the skills that will continue to make them better and more productive in their current and future roles inside your organization. They’ll also be better at leading their teams and will remain continually interested in learning more about how they can continue to increase the overall effectiveness and bottom line of your organization.
Decreases the Need to Outsource Talent
Along with having a reliable and consistent pipeline of engaged talent if you develop your own leaders, you’ll also decrease your need to outsource talent for tasks and projects. For instance, you’ll be able to develop your own internal consultants, analysts, and change managers with the appropriate leadership programs in place. You won’t have to hire or rely on outside resources to determine the financial and operational success of your organization.
You can simply empower your leaders to learn and develop their own team according to what’s needed for your individual organization. You’ll have already invested leaders and internal teams dedicated to perfecting their own practices and operations.
Promotes a Culture of Learning and Collaboration
If you encourage every employee to participate in his or her own development and to develop his or her own leadership skills, you’re encouraging an overall company culture of learning, innovation, collaboration, and growth. Instead of waiting for someone to tell them what to do, employees will feel empowered to exhibit leadership whenever it’s appropriate and beneficial for your organization—to seek their own answers and solve their own problems. And if everyone is learning, innovating, and growing and has the potential to become a leader inside your organization, employees will become more supportive of one another’s professional goals and will become more collaborative on projects, as opposed to feeling overly competitive and combative when a position or project becomes available. When more employees feel empowered to hone and exhibit leadership skills, innovation, productivity, and your bottom line will continue to grow.
Prepares the Next Workforce Generation
According to research highlighted in a LinkedIn® Learning guide, Millennials will account for 75% of the workforce by 2025. And while Millennials value leadership development more than any other previous generation, 65% of Millennial leaders feel unprepared for their leadership roles, and 87% of companies claim they don’t do a great job at developing leaders at all levels.1 So, if you want your organization to attract and retain the best talent for the current and next workforce generation, you’ll want to invest in creating the best leadership programs possible. Doing so will ensure that your organization remains competitive and innovative and that it’s recognized as a thought leader.
Ultimately, if you want your organization to remain financially successful and competitive for years to come, with a healthy bottom line, there’s no question that you should invest in developing the best leadership development programs possible.
1LinkedIn. Developing Employees into Leaders. Accessed 2/23/2018.