Here are 7 compelling reasons to take seriously, to invest in, and to put priority on leadership development.
1. Leadership makes a difference.
The more change that lies ahead, the more important great leadership will be. The quality and quantity can be improved through development.
2. Companies can’t always find outside or buy the leadership they need.
If they do, it is expensive and does not come with a money-back guarantee. Sports teams can rarely buy a championship. In business, success in one company does not always translate to success in another.
3. Derailments are expensive.
The higher the level, the more expensive they are. Costs include wasted salary, relocation expenses, finding and installing a replacement, buy-out packages, damage to morale and productivity, and many other intangibles.
4. Survival of the fittest is not the same as survival of the best.
Leaving leadership development to chance is foolish. There just are not enough potential leaders around to allow most of them to drown with no assistance.
5. Most of the cost of development is sunk.
Leadership development is already taking place within any organisation (job changes, stretch assignments, making mistakes, and role model bosses). Not to reap a return on the investment is bad business.
6. Creating a learning environment is consistent with business strategies that involve having employees take on more responsibility, assume more risk, and solve problems.
7. It's good business practice.
Investors consider the quality of a company’s management. Talented people prefer to work for companies that invest in their development. Customers prefer to work with companies that can solve their problems. Companies like that have strong cultures that place high value on leadership.
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