Leadership Development is a topic that a lot of HR professionals are talking about. This is no surprise, with 59% of organizations saying that Leadership Development is their #1 priority at this time. If you are not talking about it or considering Leadership Development in your organization, then you should start. I’ll be telling you about a few benefits of implementing a Leadership Development Program within your organizations.
Currently the labour force is made up of three generations; The Baby Boomers, Gen Xers and Millennials. With a large number of Boomers and Gen Xers occupying managerial and executive level roles in our organizations, and less Millennials in entry level positions, we will soon be faced with an employee dilemma in our labour force. The Millennials that are entering the workforce do not have the suitable skills and experience needed to fill all of the roles upon the retirement of all the Baby Boomers. Frankly, there just aren’t enough people!
Some companies have been proactive over the years, recognizing this trend early enough and have worked on developing successful Leadership Development Plans. It is becoming essential that all companies consider some form of Leadership Development in their workplace. A plan that aligns with the succession and HR planning in the organizations that promote their strategic goals and brand is essential to the success of your company.
I am here to provide you with the benefits of implementing a Leadership Development Plan in your organization. I have narrowed down, in my opinion, the top three benefits of Leadership Development.
- Increase in Skills and Experience in Millennials
With the lack of proper leadership training in schools and the current work place, Millennials lack suitable skills to take over the senior level roles in our workforce. Millennials have been sheltered growing up, with access to information at their fingertips and instant communication. Which has resulted in lack of proper communication, and interpersonal skills that is required to lead an organization. This is where the Leadership Development Program comes into play. With an emphasis of Millennial development, your organization will see a huge increase in the knowledge and skills. Like any training or development program, if done correctly you should see a result in your employees understanding of their job requirements. This can be measured typically through productivity and employee sales. Leadership development specifically targets mainly millennials, as they are the leaders of our future work force.
- Increase in Employee Retention
Every company is always looking to retain employees. There is no better way to do this, than with a Leadership Development Program. A program like this, will typically offer employees a fast track to senior level positions. When one can see these positions in the near future, they are more likely to stay with an organization. A leadership program allows for both the employee and company to invest in one another. In result, the employee is more likely to stay loyal to the employer.
- Increase in Employment Engagement
Your Leadership Development Plan, as stated above, includes an investment from both the employee and employer. With that comes constant feedback from both parties. This is a great way to get employees engaged in what they are doing. This engagement can be measured through retention and productivity levels. A Leadership Development Program will make employees feel valued and appreciated within the organization, and this in turn will make them engaged.
Leadership training can come in many forms; Networking events, Online Modules, Situational Testing, Mentorships, Job Rotation, etc. It is about finding what works best in your organization and running with it. Every company and every person is different. People learn in different ways, and it is just a matter of developing a plan that correlates with your employees learning styles with the companies Succession and HR Plan.
If you have any questions regarding Leadership Development in Millennials, please email firstname.lastname@example.org ! Thank you for reading ????
Dessler, G. & Chhinzer, N. (2016). Human Resources Management in Canada. Ontario, CA. Pearson Canada Inc.