Leadership Development: A Great Way to Attract and Retain Employees
There’s a lot for employees to consider before they jump to another gig. Does the new position offer exciting challenges? How long will the prospective commute take? What kind of memes are popular around the office? And, perhaps more importantly, what sorts of benefits and perks are available?
Attracting & Hiring with Leadership Development
Benefits can be a game changer when it comes to recruiting and retaining talent. A free gym membership, weekly in-office massages and subsidized lunches just might be what leads a prized candidate to accept your offer (or a valued employee to turn down a competitor). As your HR and executive teams brainstorm potential perks, think about adding leadership development training into the mix as well. Sure, that may not offer the immediate satisfaction a free smoothie machine delivers. Nevertheless, employees will view this training as a welcome and needed opportunity.
Feeling dubious about that claim? Well, consider this report on working millennials published by PriceWaterhouse Coopers. Acknowledging the shift in corporate demographics, PWC wanted to discern the hopes and expectations of this incoming class of professionals. After all, they will make up 50% of the workforce by 2020.
Reviewing the results, the company was surprised to learn that a competitive compensation package was not the biggest draw for this crop of prospective employees. Instead, 52% of those questioned said the opportunity for career progression was the most important factor in determining whether they take a job. These workers are attracted to companies that foster a sense of belonging and investment in their employees.
Retaining & Engaging with Leadership Development
In turn, this means that millennials also prioritize learning on the job. In fact, 35% of the respondents were drawn to companies because they offered training and development programs. And they especially value training that capitalizes on their use of and fluency with technology.
This desire for development and advancement is also tied to having strong mentors and leaders in the office. Employees crave opportunities to interact with and learn from senior management. Unfortunately, desire and reality fail to match up all too often. According to Gallup’s “State of the Workplace” poll conducted in 2017, the majority of employees didn’t think that they were being managed well. And they didn’t feel encouraged or motivated to produce outstanding work.
What’s more, 51% reported that they weren’t engaged in their job. Additionally, while many polled thought that leadership at their company was lackluster, they felt positive about the labor market overall. Indeed, they were confident about their chances of finding more satisfactory positions.
Yet to their detriment, many companies are still hesitant to budget for leadership training. They claim it’s too difficult to measure the return on their investment. However, that view is myopic and potentially damaging to a business. Great leaders beget great leaders, with the opposite being true as well. As we noted above, bad management can quickly lead to apathetic employees, poor decision making and high turnover – all of which affect your bottom line.
Measuring the ROI of Leadership Development
Corporations that hemorrhage employees due to lack of support typically shell out a lot to replace them. After all, recruiting costs money. There are headhunting and advertising fees, signing bonuses, potential moving expenses and associated HR costs. And when companies fail to make the necessary changes, the cycle often repeats.
Conversely, good leadership and management training is often a boon to company culture. These programs typically help clarify corporate missions and values. They also demonstrate to employees that you care about their growth and development. Moreover, leadership opportunities foster a sense of dedication and loyalty; employees like working for bosses that know how to properly manage and companies that truly want to invest in them. Plus, when a workplace is stacked with strong leaders, it becomes a more nimble, adaptable and inspiring business.
There’s no question that leadership development is the foundation upon which a successful business is built. If you want a high-performing team, you’ll need people who know how to manage and manage well.
Hone is making it easier than ever for companies to tackle leadership training. Book a demo today and learn what we can do for you!