To retain your best talent, you need to keep developing employees into leaders who will take your company to the next level. Otherwise, they may not think twice about going elsewhere to find those growth opportunities.
The Proof Is in the Numbers
Gallup recently surveyed 17,000 U.S. workers of different generations – baby boomers, Generation Xers and millennials – regarding what they look for when applying for a job. According to study results published in Harvard Business Review:
- Sixty percent of younger employees want opportunities to grow – and 50 percent hope to have a chance to progress further along in their careers.
- Baby boomers and Gen Xers also found these factors important, but put slightly less emphasis on them.
- Workers in all three categories put a high priority on management quality.
So, whether they have good managers or want to be good managers, leadership training pays off in terms of keeping high-performing employees of all age groups on board.
An Arizona State University study resulted in similar findings. Employees polled said leadership development opportunities kept them more engaged and motivated on the job.
Boost Your Competitive Edge
By implementing leadership training or continuously improving the program you already have in place, your company increases employee morale and loyalty, contributing to a stronger competitive advantage bolstered by lower turnover and better overall management.
- Determine what your employees want from their careers, and then place them in positions where they can achieve these goals. When people see you’re investing in their development, the results will likely be higher engagement and better performance.
How to Develop an Effective Leadership Program
Harvard Business Review found that only about one third of employees actually hope to be promoted to management – and even fewer aspire to occupy an executive position. While most employees want to progress in their careers, not all want management to be the primary focus of their job description.
- It’s not a one-size-fits-all formula. In addition to managers, you need to retain key employees who excel on technical, training and other business-critical tracks.
- Understand the most productive worker won’t always be the best candidate to lead others. Your current managers need to recognize the qualities of potential managers and then groom them appropriately. In its research, Gallup found that only about 10 percent of employees have the characteristics to become great managers. Another possible 10 percent could become decent managers, with proper training.
How can Lyons HR help your business?
Training and development are crucial elements of your successful talent management strategy. But they devour time and resources. Have you considered working with a professional employer organization (PEO) to help ease the burden and keep your programs on track? Lyons HR is an ESAC-accredited PEO with specialists in numerous areas including payroll, benefit and risk management administration, as well as training and leadership development. Contact us today to learn more.