Every company needs good leaders to thrive. You may hire the best employees in your field, but ineffective leadership could cause systemic problems that harm the rest of the company.
Many companies find and hire leaders and managers from outside of the organization. You can put out job postings for leadership positions and bring in new talent for your company.
However, you can also build up new leaders from existing employees. In these situations, an effective leadership development program is necessary.
Several companies already see the value of internal training in the workplace. In the United States, companies spent nearly $1,300 per worker for training and development.
Keep reading to learn more about leadership development in the workplace and how you can develop future leaders from your current pool of employees.
Benefits of Leadership Development in the Workplace
Implementing leadership development programs offers several benefits to companies. Aside from allowing businesses to hire internally for leadership positions, organizations can also enjoy the following advantages:
Improves employee retention
Employee turnover is a common problem for many companies. Over four million Americans quit their jobs from July to November last year. While resignations are something companies expect, high turnover rates signal internal issues.
Implementing internal programs to hone employees’ leadership skills can help organizations retain quality employees. It provides employees with career development opportunities and demonstrates that the company cares about their employees’ future within the organization.
Losing employees costs money. Attracting and hiring quality talent, especially for leadership positions, can also be expensive.
Developing leaders from your current employees is much more cost-effective than looking for new managers outside the organization. This approach also makes onboarding new leaders easier, as current employees already know how the company operates.
Increases employee engagement
Implementing leadership development programs helps engage employees and encourage participation. Employee engagement is crucial in improving performance and productivity.
When employees feel valued by their company, they are more likely to participate actively in the organization’s development. Employees who feel good about their jobs are more likely to stay and improve the organization.
Tips for Implementing a Leadership Development Program
Each company or organization has different goals and approaches to work and management. For this reason, leadership development programs may vary across various organizations or industries.
However, some general principles, like the ones below, can guide company leaders when developing and implementing their own leadership programs.
Focus on skill gaps and future needs
To implement an effective leadership development program, your company should first set its goals. This step will require a comprehensive knowledge of the organization, its strengths, and weaknesses.
Your leadership development program should address your company’s problem areas or skill gaps. What skills do your employees still need to learn? How can you strengthen your employees and teams to achieve business goals?
Let’s say your company does SEO for an immigration lawyer. You may have the technical skills for generic SEO, but your employees might need further training to understand immigration law and your target audiences.
Offer holistic growth
While learning job-specific technical skills is essential, leadership programs must also offer holistic development. Broader capabilities like resilience, initiative, and self-awareness are just as important when training future leaders.
Holistic leadership development involves balancing personal and professional growth. Both are necessary to create a healthy, collaborative relationships within and outside the workplace. Holistic leadership skills aren’t just specific to a particular workplace. It includes one’s mindset, character, and values.
Your programs must develop leaders as people, not just cogs in a machine. An effective leadership development program helps the individual as much as it helps achieve organizational goals.
Get sponsors and allies
Staging conferences and training sessions can take time and resources, which can be challenging to implement in highly demanding fields.
In these instances, sponsors and allies can help you speed things along and offer resources to improve the quality of your training program.
You can meet with stakeholders or reach out to sponsors and ask for their support. Explain the value of your proposed leadership program. They may provide material resources or volunteer experts to train employees on various topics and skills.
Leadership training programs shouldn’t be a one-off conference. Instead, they should extend to your company’s daily operations to ensure employees apply the knowledge and skills they have acquired.
One way to support your leadership development program is to delegate responsibilities and offer practical training to potential leaders. This practice could take the form of shadowing or personal mentorship.
Good leadership is vital to ensure a company’s longevity and continued success. Investing in employees and nurturing their leadership skills can aid in achieving this goal.
Developing leaders internally is an effective way to guarantee organizational innovation and cohesion. It also helps employees feel valued and find satisfaction in their work.
By following the tips outlined in this post, you can nurture good relationships with your employees and nurture your company’s future leaders. Not only will these practices help your company’s growth, you also create a positive working culture that lasts for years to come.