Why leadership development is so important? Because this is a great opportunity for companies to use competitive advantage in their industry.
If your company is committed to developing its leaders, you can be sure that by increasing profits, you will gain a significant competitive advantage. Recruitment, development, and retention of talent; Implementation of management strategy; and increase your success in the face of change.
Management development leads to sustainable success
According to research, leadership development enables companies to do the following 4 things that lead to sustainable success:
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- Improve the final financial result.
- Attract and retain talent.
- Manage strategy implementation.
- Increase your success in the face of change.
Improve financial results at the bottom
Companies that value their investment in human capital earn five times more returns on the stock market than companies that value their investment in human capital.
Leadership development builds capacity to reduce costs, stimulate new revenue lines and increase customer satisfaction.
Attract, develop and retain talent
Leadership development increases employee engagement improves a company's ability to address talent gaps and reduces the headaches and costs associated with turnover.
Great leaders attract, hire, and inspire great people. A manager without strong leadership skills will find it difficult to attract and retain highly effective employees.
Also, it's often much cheaper, in the long run, to develop, train, and promote people internally than it is to hire someone externally, which makes executive development a good investment.