The demand for learning programs is increasing. A study from Bersin by Deloitte & Glassdoor revealed that, “among Millennials, the “ability to learn and progress” is now the principal driver of a company’s employment brand.” That same report found that learning and development are beginning to matter more than salary among Millennials. Additionally, the steady efflux of baby boomers from the workforce to retirement and the influx of millennials creates a shift in the workplace. In case your leadership still doesn’t recognize the value of investing in leadership development -- we’ve created ten fool proof reasons to help obtain leadership buy-in.
Top Ten Proven Reasons to Invest in Leadership Development
- Investing in leadership development matters
Mentoring your employees to develop them into future leaders is one of the best ways to maintain your company culture, retain your employees and protect your bottom-line. By investing in leadership development you’re helping secure the future of your organization while helping employees obtain the learning and progression that they want in their own careers.
- It’s cheaper than a new hire
Leadership can be developed in employees who already fit in with your company’s goals and culture. And the best part – you’re paying to develop their skills to go further in your company, rather than taking on the expense of a new hire, not knowing if they will truly be a good fit for your organization.
- Impending workforce crisis
According to the Pew Research Center, each day 10,000 baby boomers will retire until the year 2030, when they all will have crossed the threshold into retirement. Many of them currently hold leadership positions and someone will need to fill their role. Investing in leadership development early on can help keep our values and traditions alive for awhile.
- Demand for learning and development opportunities
As baby boomers are making an exit, Millennials are filling those roles. This new workforce wants education and advancement in their place of business. EdAssist found that 59% of millennials are likely to choose a job with potential for professional development over regular pay raises.
- It will keep your employees engaged for the long-haul
Giving personnel a sense of ownership is proven to engage workers across all lines of business. Learning programs are proven to retain your employees for longer periods of time; learning programs offer both engagement and retention.
- Ability to cut costs by tapping into your employee knowledge base
Think outside-the-box and use the existing knowledge that your employees possess and repurpose it into meaningful content. Creating Employee Resource Groups (ERGs) can help you significantly if leveraged in the right way.
- It increases your chances of hiring and managing diverse employees.
The old days of costly training programs and disengaging slide shows that bore are over. On-the-job learning or mentorship and shadowing programs allow your employees to be productive while picking up new skills. Because they work with or alongside experienced employees, you know they’re picking up the right habits and processes, instead of snoring away in a conference room. Plus, because this style of learning and development is more focused on actual job duties, workers who don’t learn as well in lecture style environments will stand just as much of a chance in succeeding than those who do.
- Building a culture of collaboration
When your company has an vision that exemplifies interpersonal relationships and teaches those to go beyond their job and learn different parts of the business -- you’re doing it right.
- Room for growth
Employees who benefit from learning different roles and functions of other employees and departments will be more likely to find interest in other parts of the company. Rather than losing an invested employee, someone who is ready for a change will already be familiar with other positions they would like to fill at your company. Investing in these types of leadership development opportunities is a long-term play that will pay out in dividends just from employees learning different nuances about each side of the business.
- Reinvestment in employees
Investing in your future leaderships should go well beyond a article ghost-written for your CEO or a thought leadership piece that shares best practices. The investing of leadership development early has its benefits, but understanding that the true value is your ability to shape the future of your company will help drive your employees ambitions.
The changes in the workforce and the demand to attract more talent requires companies to build learning programs because of the proven success these programs display and the increasing demand for them. The stakes are too high for your company to lose out on qualified candidates who want to grow with you. What are you doing to help invest in the development of your future leaders? Share some insight with us in the comment box! If it’s time to upgrade the learning program at your organization, or even get it started altogether, Inspire Software can help.