A company is only as strong as its weakest leader – that’s why great organizations invest in leadership development as a business strategy. Leadership influences culture and plays a critical role in your organization’s sustained success.
Good leadership drives engagement and motivates employees, which improves performance and increases organizational productivity. But while more companies are incorporating leadership development training for their employees, these seven statistics suggest more needs to be done.
- 77% of organizations report they’re experiencing a leadership gap.
- 10,000 baby boomers are retiring every single day.
- 67% of millennials are looking for a new job.
- Of those who plan to stay, 91% plan to stay in their current job for fewer than 3 years.
- 63% of Millennials say their leadership skills are not being fully developed.
- 83% of businesses say it’s important to develop leaders at all levels.
- Only 5% of businesses have implemented leadership development at all levels.
Let’s break this down for a moment:
77% of organizations report they are experiencing a leadership gap, and while that number is staggering, it’s hardly surprising with 10,000 Baby Boomers retiring every single day. Unfortunately, millennials may not be clamoring to take over their spots – 67% of millennials are looking for a new job. Of those who aren’t looking, only 9% plan on staying at their current job for more than three years.
Perhaps part of the reason millennials feel restless in their current positions has to do with a lack of leadership development. More than six out of every ten millennials say their leadership skills aren’t being fully developed by their employers, which is surprising given that 83% of businesses say it’s important to develop leaders at all levels. In this case, the culprit seems to be a lack of action on behalf of organizations – only 5% of businesses say they have implemented leadership development training at all levels.
If your organization doesn’t have a comprehensive leadership development program for all employees, what are you waiting for? Boomers are retiring by the tens of thousands every day, and your company’s ability to stay competitive, attract top talent, and increase productivity is on the line. Investing in training leaders can have incredible results, with some companies reporting 114% higher sales, 70% lower turnover, and 71% higher customer satisfaction.
To address the leadership gap and prepare for the future, organizations must invest in comprehensive leadership development and training programs. Learn more about the leadership solutions offered by Team Sylvester and follow our blog to stay up-to-date with the latest posts.