Why is leadership development important? Because it represents a great chance for organizations to seize a competitive advantage in their industries.<\/p>\n
If your business commits to developing its leaders, you can expect to gain a significant competitive advantage by improving the bottom line; attracting, developing, and retaining talent; driving strategy execution; and increasing your success when navigating change.<\/p>\n
Our research backs this up. In a survey of more than 13,000 CCL program participants, they reported feeling especially capable improving in the areas of team engagement and developing others. And then, 2 months later, those same leadership program participants estimated achieving an average of 60% improvement in both areas.<\/p>\n
And companies with higher employee engagement levels experience 21% higher profitability, according to Gallup\u2019s research<\/a>. They also have 17% higher productivity than companies with a disengaged workforce.<\/p>\n Watch our webinar, How to Create Leadership Competitive Advantage<\/em><\/a>,\u00a0and learn 4 compelling reasons for making leadership development more accessible.<\/p>\n So why is leadership development important? According to the research, leadership development enables organizations to do the following 4 things that drive sustained success:<\/p>\n Companies that prioritize leadership development are setting themselves up not just for cultural success, but also for financial success. Leadership development builds capacity to reduce costs, drive new lines of revenue, and improve customer satisfaction. Superior human capital management is an extremely powerful predictor of an organization\u2019s ability to outperform its competition.<\/p>\n In addition, leaders participating in leadership development become more motivated and vested in their organization\u2019s success, establishing a culture that can lead to increased financial performance.<\/p>\n Leadership development drives employee engagement<\/a>, increases the organization\u2019s ability to deal with gaps in the talent pipeline, and reduces the headaches and costs associated with turnover. Employee retention is 20 times greater at companies with a focus on leadership development. Great leaders attract, hire, and inspire great people. A manager without strong leadership skills will struggle to attract and retain high-performing employees.<\/p>\n In addition, it\u2019s often significantly less expensive to develop, coach, and promote people internally over the long run than to hire someone externally, which makes leadership development a good investment.<\/p>\n Done right, leadership development unquestionably delivers impact and success in strengthening leadership skills most important to work performance. But it isn\u2019t about development for its own sake. Organizations need a leadership strategy that closely connects with the business strategy<\/a> and equips employees with the leadership skills needed to implement it. Leadership development allows organizations to shape the culture and strategy of the business, setting them up for agility and growth.<\/p>\n We\u2019ve found that the most effective leadership development strategy<\/a> connects learning to real-world challenges and opportunities, helping leaders understand how their work supports the overarching success of the business.<\/p>\n Leadership development increases people\u2019s ability to lead change successfully<\/a>. When organizations look beyond developing senior executives and high potentials to leverage the full potential of all their talent, organizational agility, resilience, and innovation is magnified. When facing an unpredictable business environment, 86% of companies with strategic leadership development programs are able to respond rapidly, compared with 52% of companies with less mature leadership programs.<\/p>\n Investing in leadership development is more critical than ever for companies, particularly when \u2014 according to a Gartner survey<\/a>\u00a0\u2014 67% of employees seeking a new job look outside their organization first. Investing in leadership development, however, can help companies keep great talent within their organization.<\/p>\n Our own data from more than 5,400 leaders reveals that after completing a program, 86% saw significant improvements in their overall leadership effectiveness. Not only does this result in more successful and engaged employees, there is also a strong link between commitment to the organization and an employee\u2019s willingness to stay<\/a>.<\/p>\n Investing in leadership development can help boost retention of high-quality employees and save money in the process. Gartner reports<\/a> that every departing employee costs an organization, on average, $18,591. On top of that, our research<\/a> shows that 25% of organizations experience profit loss due to ineffective frontline leaders, further emphasizing the importance of leadership development within an organization.<\/p>\n And if you\u00a0don\u2019t\u00a0invest in leadership development opportunities for your employees, they\u2019re likely to seek out a workplace that will. In fact, a\u00a0recent study<\/a> found 58% of workers are likely to leave\u00a0their company if they don\u2019t receive leadership development opportunities.<\/p>\n Sophisticated\u00a0leadership programs<\/a>\u00a0develop a deeper, richer pipeline of talent, which is why organizations today are seeking to unlock the full potential of their talent pools at all levels.<\/p>\n Why invest in leadership development? Because when done right, it unquestionably delivers impact. (Not all leadership development is created equal, though. Learn what works \u2014 and what doesn\u2019t \u2014 in terms of leadership development research-based best practices<\/a>.)<\/p>\n A detailed analysis of more than 1,000 alumni of our flagship\u00a0Leadership Development Program (LDP)\u00ae<\/a> found that 99% reported success in strengthening the leadership skills most important to their work performance \u2014 communication, influencing across the organization, self-awareness, and implementing change.<\/p>\n Meanwhile, 98% reported a strong positive impact on their overall organization in areas critical to strategy execution, including:<\/p>\n In addition, evaluations of our online program for frontline leaders, which requires just 30 minutes a day, found similar results:<\/p>\nAccess Our Webinar!<\/h3>\n
4 Reasons Why Leadership Development Is Important<\/h3>\n
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<\/a><\/p>\n1. Improve bottom-line financial performance.<\/h4>\n
2. Attract, develop, and retain talent.<\/h4>\n
3. Drive strategy execution.<\/h4>\n
4. Increase success in navigating change.<\/h4>\n
Why Invest in Leadership Development? To Attract & Retain Talent<\/h2>\n
The Lasting Impact of Leadership Development<\/h2>\n
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