What is a Leadership Development Program & Why Does my Business Need one?

How does your organization invest in its employees?

In Work Institutes 2021 Retention Report, 18% of respondents reported that “Career” was the reason they left their jobs. That’s a pretty ambiguous answer, but when you dive into the details a bit, it becomes more clear. A lack of opportunities for growth, achievement, and security were the top reasons why these departures occurred. 

Luckily, this is a preventable statistic. Investment in your employees, especially in their leadership development, can increase satisfaction and engagement, reduce turnover, and foster leaders within your organization as you grow.

What is Leadership Development?

Leadership development is quite simply the development of skills in current and future organizational leaders. It works to build skills like confidence, communication, and decision-making in employees so they can be more effective as they take on higher-level positions within the organization. 

Leadership Development is helpful for:

• Newly-promoted managers
• Current managers with new responsibilities
• Non-managers with leadership aspirations
• Individual contributors managing cross functional projects
• Young employees who are interested in becoming future leaders
• Even experienced leaders who maybe transitioning departments or companies 

What is a Leadership Development Program?

A leadership development program signifies an organization’s pledge to help its employees advance within the organization and develop the necessary knowledge and skills along the way. 

A good leadership development program framework should cover the following skills:

• Setting Goals: Setting achievable goals that can be easily measured will help leaders understand and track success
• Communication: Leaders should be able to communicate clearly and concisely in a professional, yet approachable tone
• Accountability: Leaders hold themselves and their reports accountable for their actions and responsibilities to ensure results are achieved
• Influence: Knowing how to exert positive influence will allow leaders to negotiate effectively with others and produce results
• Mindset: Leaders know which type of mindset produces the best results at the most opportune time

Additional skills that may be specific to your organization and/or future strategy should be added as necessary throughout the process. While they often have similar characteristics, it’s important that leadership development programs are customized for each organization and, as much as possible, for each employee taking part.  

Why is Leadership Development Important?

The impact leadership development has on organizations can’t be overstated. Talented employees who are already within the organization are much more likely to stay and grow, eliminating the need for bringing in outside resources. Promoting the continuous growth of employees also means that you are investing in the leaders of the future and ensuring the values of your organization remain intact as you grow. The positive culture created by this focus on your employees will ensure not only that turnover is reduced, but also that you are able to attract top talent if and when you do need to bring new employees onboard.

Individuals benefit just as much from leadership development. Along with the personal and professional skills that are cultivated through the development itself, employee confidence in their own skills, as well as the skills of their leaders, increases. As employees feel more supported, their engagement and loyalty to the organization become stronger, and they become less likely to look for new opportunities. Relationships between leaders and employees strengthen, and positive work environments emerge.

How do I Choose the Right Program for my Business?

When deciding on a leadership development program, there are several factors to consider, including:

• The support you’ve received from your CEO and Executive Team
• The financial resources available for the program
• The types of leadership you’d like to grow and nourish within your organization
• The metrics you’d like to focus on to determine success
• Your organizational culture and the types of programs that would best suit your employees

Once they have thoroughly considered the components above, many organizations decide that coaching is the right course of action. Coaching provides 1:1 digital development that can be personalized to each individual employee’s needs and goals. Beyond coaching sessions, additional activities and resources may also be shared to unlock employees’ full potential. 

Types of Coaches

Just as there are many different types of employees within your organization, so there are many different types of coaches and coaching styles. What’s important is that the coaches assigned to each of your employees fit their needs. 

At Valor Performance, our coaches have backgrounds ranging from Olympic athletes to business and military leaders. While all of their stories and areas of expertise are quite different, they are all high performers in their fields and have years of experience in performance mindset coaching.

To make the perfect match with a Valor coach, each employee will first complete a brief online assessment, where they will share their strengths and areas of opportunity. After receiving 360-degree assessments from peers, managers, and direct reports, Valor uses advanced software powered by AI to match each individual with the coach who is the best fit for them. 

97% of all individuals believe their Valor coach is the correct fit, but a different coach can be requested if the fit is not exactly right.

Measurable Goal Setting

While taking part in leadership development is a fantastic opportunity for both your organization and your employees, it’s important to ensure the results mean something. Choosing metrics to determine success for each individual and the organization as a whole will go a long way in providing a Return on Investment (ROI) for your organization.

Valor Performance provides data analytics and metrics that will help you determine that ROI. You will be able to see and understand your team’s engagement, mindset, motivations, and the impact our coaches are having on their growth and performance. Valor will also provide benchmarking against similar organizations for a bigger perspective. 

Leadership development is an incredible benefit for the individuals within your organization, as well as for your organization as a whole. When done well, it can affect your organization’s bottom line, as well as the retention and engagement of your employee community for years to come. Valor Performance’s coaches, with their world-class coaching mindset skills and exceptional credentials, are best equipped to lead the charge. 

Schedule a demo to see how Valor’s Leadership Development can inspire and motivate people throughout your organization.