More businesses are finding themselves in need of employees with strong leadership skills. When it comes to filling these positions, growing current employees is a lot more cost-effective and impactful than hiring new ones. It will cost a company between 50-66% of the existing employee’s annual salary to hire someone new instead of training the existing employee.
Although employees with great leadership skills are in high demand, most companies are not confident when it comes to training their existing staff. In a recent LinkedIn Learning report, only 13% of companies indicated that they believe they are effective in developing leaders at all levels. Enrolling employees in external leadership skills and development training program would be beneficial, and will help these companies gain confidence in growing their future leaders from the ground up.
Research has also shown that a significant amount of employees are moving from one company to the next due to poor management performance. Employees being four times more likely to leave a company if they believe their manager is displaying poor performance. Employees are also more likely to leave a company where their manager is showing poor leadership and people skills, citing a toxic work environment and lack of motivation. It is vital to ensure that your leadership team has all the skills they need to inspire, motivate, and uplift the employees in their care.
In a world that is changing at such a rapid pace, a traditional approach to leadership is no longer viable or sufficient. Leadership today requires an orientation towards continuous learning and adaptation to the ever-changing business landscape. Effective leaders know how to adapt to change, and how to handle various situations and challenges within an organisation.
Successful organisations and their leaders recognise the importance of constantly improving and developing their leadership skills. Even though leadership roles and responsibilities vary significantly from company to company and across departments, the main objective is always the same: to sustain a successful and profitable business.
What will set you apart?
Are leadership skills & development training courses for you?