A leader has the ability to set the tone of the work environment. They have a significant impact on the entire organization, yet a study conducted by Hogan showed that bad leaders comprise about 65 to 75% of an organization’s leadership level. This means that 7 out of every 10 leaders is considered a poor manager!
An estimated $170 billion is spent annually on leadership development in the United States alone, however the majority is being spent on “Leadership Training.” In order to retain top talent, build a strong culture and increase overall success, training is no longer enough. Leadership training typically sticks to the status quo. It relies on problems and things that are already known and uses a very general teaching style. Leadership development however is not a one and done course, but an ongoing process that should develop the competencies needed to increase impact, develop necessary skills and leading in the changing business landscape. Here’s why it’s important.
Attracting, Retaining and Measuring Talent
If you want to measure the success of a leader, sometimes it’s best not to look at the leader themselves, but what their team is doing. Are employees happy? Are they sticking around? Great leaders are focused on building and retaining a powerful team. Leadership development helps boost employee engagement, increase the organization’s ability to deal with talent gaps and measure success internally.
Developing Strategic Problem-Solving Skills
There is a direct link between business strategy and leadership strategy, all of which should align with the goals of the organization. Strategic problem-solving means analyzing the root of the problem, the cause of it and how to fix it.It means setting the example for your employees, so they know how to respond when they face problems of their own.
Increasing Employee Satisfaction
Studies show that the number one reason employees leave their job is because of a bad manager. Good leaders don’t command and control. They connect and collaborate. Developing leaders that are able to address both the needs of their organization and the needs of their employees is critical when it comes to satisfaction.
Navigating Through Change
Large or small, every organization will come across unpredictable changes in their business environment. When leaders understand how to navigate and respond to these changes quickly and efficiently, it encourages employees to do the same. When you make development a priority, you make the success of your organization a priority.
Building a Strong Leadership Culture
Leaders can (and should) play an essential role for the growth and success of the organization. Leadership development has a huge impact on shaping culture. It allows leaders to look beyond their own mindset, in turn, place importance on building a strong culture and a successful organization. An innovative leader looks beyond the saying, “that’s just how we’ve always done it.”
While some may argue that the components of leadership are all the same, we would say that they are all related and that sustained growth and development is not possible without a clear understanding of the organization, and of yourself. Without ongoing development efforts, any of us would revert back to old patterns and habits; some good and some bad. It’s all about looking beyond your own role. The most successful organizations are those who align their business strategy with leadership development, all with the goal of creating a strong understanding of how things are now, where they want to be and how to get there.
Are you ready to lead your organization forward? We are now enrolling for The Leadership Journey; the first cohort will begin in March. For more information and to sign up, please email email@example.com.