Why Should You Invest in Leadership Development Program The last year has been a tiring one due to the global pandemic and everyone has been affected in some way or another. Many industries had to shut their operations or scale down their business due to mounting losses and restrictions imposed due to the pandemic. However, as vaccines begin to roll out and all the major economies around the world are opening up things are returning back to normal. This has led to a renewed demand from consumers and industries are beginning to see their growth rate returning back to the pre-Covid times. Due to this, there is an increase in demand for leadership development programs. A leadership development program offers a great opportunity for industries to seize a competitive advantage in their industries. When an organization commits to developing its leaders, it improves the bottom line which leads to attracting, developing and retaining talent. This also drives strategy execution and increases your success when navigating change. Here in this article, we will discuss the importance of a leadership development program.
Increase in productivity When it comes to the productivity of your company a right, consistent leadership can increase the productivity of your organization. At the primary level leadership is about understanding your people emotionally. Many prominent people have often quoted that emotional leadership is about understanding your people emotionally. Emotional intelligence involves being smart about emotions and using empathy effectively to empower and engage employees. The leadership development program integrates emotional leadership training as an important part of its curriculum and this can hone the emotional skills in your people managers and leaders.
Retain your workforce The aim of the leadership development program is to boost employee engagement, increase the company’s ability to deal with gaps in the talent pipeline and reduce the headaches and costs associated with turnover. There is saying great leaders attract, hire and inspire great people. A manager without strong leadership skills will find it difficult to attract and retain high-performing employees. In addition to this, it is 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.
Support future leaders You have to be strategic about developing and nurturing future leaders. If you fail to strategize then leadership roles are mostly given to the forward candidates with dominant personalities. Quality leadership is a combination of the right qualities and the right trainings and identifying those who have what it takes and provides them with targeted leadership training. When you are supporting future leaders, then it will help you in your succession planning and offer career pathways to employees which help in increasing the retention rate.
Increase employee engagement Everyone is keen to know how they are progressing in their respective roles, receiving praise when it is well-earned and constructive feedback as necessary. Moreover, 43% of highly engaged employees receive feedback at least once a week compared to only 18% of those with low engagement. Giving feedback is a quality of successful leaders. When you are attaining a leadership development program, then you are taught effective ways to give feedback that will motivate and increase the skill level of your employees.
Execute an effective leadership style