Having quality leaders is a requirement for any organization to be successful. Yet many organizations under-invest in developing their current leaders, and more importantly, preparing future leaders to play an important role. Succession issues, growth, and a thin labor market are just some of the factors that are constantly putting pressure on your leadership pipeline. Here are a few things to consider as you ponder whether or not to invest in leadership development next year.
Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.
Highly Capable Leaders Drive Productivity
Driving productivity goes far beyond setting and managing deadlines. Leaders inspire a sense of urgency through their ability to motivate employees to constantly do their best. The most effective leaders are able to relate to all personalities, understand what inspires them, and maximize their strengths. This is why properly trained leaders are able to increase internal motivation within their companies, driving up overall productivity. It is a known fact that good leadership retains good employees and minimizes unwanted disruption to productive teams.
Ensure That New Leaders Are Successful
Just because someone is good at a job doesn’t mean they will be good at managing others doing that job. Even the most talented and capable people need the training to develop the strong leadership skills and characteristics to support a diverse team. By investing the time and effort to develop future leadership, the transition process is much smoother and is more likely to be successful.
Minimize Costs and Disruptions Associated with Poor Leadership and Turnover
Replacing an employee is expensive. Losing an employee is costing you more than you think. If you take into account the cost of recruiting and on-boarding, as well as the loss of productivity and engagement, the financial implications are significant. It also affects company culture, as employees tend to disengage when turnover rates go up. By developing strong leadership, the cost of retaining good talent greatly diminishes, as well as the likelihood of problems related to ineffective management.
Stay Tuned: The next blog in our series will be diving into the impact of leadership on company culture.