Leadership Development as a Strategic Advantage
Companies that make it a priority to invest in their leaders achieve significant benefits. In fact, when companies increase their number of skilled managers, they see, on average, 147% higher earnings per share than their competition, according to a Gallup study.
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- What current talent and recruiting trends mean for the future of your workforce
- Which business outcomes leadership development influences most directly
- Why leadership development programs require a unique approach
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Today's companies and their leaders face many challenges
Leaders who aren’t part of the solution are part of the problem
Today’s teams can be located across geographical regions and time zones, making effective management of a diverse workforce even more difficult.
More than half of employees working in a hybrid environment feel their leader can’t engage or inspire (Capgemini)
Only one in five leaders rated themselves as “very effective” at leading virtual teams (DDI)
Bad managers cost businesses in the billions of dollars every year (Gallup)
The benefits of developing leaders
Through effective leadership skills and key behaviors, leaders can meet the challenges of today’s workplace and drive critical outcomes.
Greater employee satisfaction and well-being
Improved employee retention
Change agility and business continuity
A more engaged and productive workforce
Greater innovation
Skilled leadership pipeline
84%
Most participants reported that our virtual cohort leadership program was effective or extremely effective when compared to classic, in-person delivery.*
Developing leaders at scale
Organizations need to adapt their approach to leadership development — as do the L&D leaders responsible for that strategy. Business as usual will not produce the leadership capabilities required at scale.
The traditional approach of sending all frontline leaders to in-person leadership development is impractical and cost-prohibitive. In fact, The Conference Board study has demonstrated that virtual, cohort learning is an effective way to scale leadership development across large groups of hybrid leaders.
Unless leaders’ behaviors change long-term, leadership development investment is wasted. Toolkits, coaching, peer feedback, practice time, and follow-up are the program elements that helped leaders report a 50.5% improvement in skill proficiency, reported 60 days after the program ended.
*Based on research conducted by The Conference Board in cooperation with The RBL Group, University of Michigan, ROI Institute, and Udemy Business, presented in “Effective Leadership in a Hybrid World of Work”
Read more on the importance of leadership development for today’s leaders
Reimagining Leadership Development for Today’s Workforce
Explore the challenges of developing leaders for today’s hybrid workforce, including why it’s essential to provide opportunities for leaders to learn by doing.
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[Video] Effective Leadership in a Hybrid World of Work
The Conference Board worked with Udemy Business to design, deliver, and study the results of a cohort-based virtual leadership development program. Hear the key findings.