Few organizations have good leadership development programs. The companies that do have useful, organized programs find that it pays dividends. A good leadership development program can provide your organization with advantages in:
- Recruiting
- Retention
- Productivity
- Customer Satisfaction
Recruiting. Companies that spend time and money educating their managers will have an advantage when they go on campus. People who graduate from college today want more than just a competitive starting salary. They want to know how joining a company will keep them current in a competitive economy. A good leadership development program will make a firm more attractive than its competitors.
Retention. Many people will look at the typical career progression in a company and decide if they are willing to invest the time necessary to advance up through the ranks. A leadership development program will provide a road map for individuals who are motivated by advancement opportunities. It gives them something to refer to when they reach the moment of truth – a point where they need to decide if they want to stay with the organization or explore other opportunities.
Productivity. Leadership development should include both “hard skills” and “soft skills” as well as “tribal knowledge”. Hard skills are the finance and accounting components that must be managed to make certain a business provides value to its stakeholders. The soft skills – human resources and marketing provide the necessary building blocks to move the business forward. The soft skills, if managed strategically, will help make the leader refine the organizational focus into a lean, efficient business. Tribal knowledge is a cultural component that must be addressed in a corporate education program. A leader must know where she can go to find company-specific information.
Customer Satisfaction. The companies that provide the best training experiences will almost always be the best at taking care of their customers. Teaching leaders how to solve problems is one thing, but teaching them the impact of solving problems is something totally different. If a leader understands the dollar amount associated with fixing problems forever, the first time they arise, he will take the time to develop permanent solutions.
Great leadership development programs are a competitive advantage today. Tomorrow they could very well be the price of entry into the many industries.
For more on this topic click here to read an article in this month’s Chief Executive Magazine.
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