Let’s be honest, a business without strong leadership is not set for success. And if you find yourself struggling with leadership in the workplace, you aren’t alone. In fact, according to the 2021 Global Leadership Forecast report that was published on May 12, 2021, businesses around the world are currently facing a severe leadership crisis. The quarterly report states that a mere 11% of the surveyed companies report a strong leadership force which is the lowest the statistic has been in the last decade. 

But when did this become such a significant problem?

The failure itself lies in the fact that companies are not providing the relevant leadership development and transitional training for current or newly hired managers and executives. And this kind of leadership negligence is one of the most crucial issues facing organizations today. With this in mind,  it’s vital you get ahead of this crisis before your competitors do. 

Strong leadership represents a great chance for your business to seize the competitive advantage in your industry and by committing to developing your leaders, your business will attract, develop and retain top talent, ultimately improving your bottom line by bettering internal processes and employee morale.

There is no better time than now to get ahead of your competitors and better your leadership strategy! Below, we take a look at how you can use the right leadership development tactics to better your business. 

The Importance of Leadership Development for Sustained Business Success

If you want to boost employee morale and engagement, increase your business’s ability to amend gaps in talent, and reduce turnover, then leadership development is vital. This is because with the right leadership development strategies in place, your organization will:

1. Attract, nurture and retain top talent:

Want to attract and retain only the best talent? Of course, you do! But what are the steps you can take to make this possible? Leadership development, of course. Still not convinced? A notable statistic reported by Vantage Circle states that if a manager acknowledges good work performance, employee turnover is reduced by 31% and an astounding 8 in 10 employees will seek a new job after just one bad day. These statistics highlight just how fickle the work environment can be in the modern age and why it is important to have well-trained and upskilled leaders within your organization. Essentially, training and developing leadership skills are valuable for retaining top talent and for reducing turnover costs. 

With the above in mind, if you have strategic and bespoke leadership training and development tactics in place, your organization will better employee engagement and give you the skills to effectively deal with talent gaps while reducing costly turnover. 

In summary: By nurturing strong leadership within your organization, you will attract, inspire and retain the right talent for your business. 

2. Improve financial performance:

Every business wants to better its bottom line and organizational leadership learning affects business performance but also has a direct impact on financial performance. In fact, businesses that invest in human capital deliver a 5 times higher stock return than businesses that place less importance on their human capital. 

By investing in human capital, you invest in business growth as leadership development results in boosted workplace productivity. At its core, the process of educating your leaders is an investment. 

In Summary: By investing in transformational leadership training and leadership development, your organization will develop the tools needed to reduce costs, improve client satisfaction and drive new revenue. 

3. Drive greater strategy and execution:

Strategy is about turning plans into action and reaching the desired outcome, and every success in business comes down to the capacity to implement decisions and execute processes efficiently and consistently. But how do you reach a point of strategic excellence across your organization?

Leadership training and development should never be overlooked because it aligns closely with overall business strategy and strategic skill. This is because development equips your leaders with the knowledge and tools needed to implement strategy across their departments. 

In Summary: With the right leadership development in place, you will provide your business leaders with insight into how they can successfully nurture company culture which will ultimately shape overall strategic processes, from planning to execution. 

The above highlights just 3 reasons why leadership development is important for sustained business success. We live in the digital age and with this age comes “disruption.” Leadership development allows businesses to lead their teams in a disruptive world and unlock the full potential of talent pools which magnifies agility and workplace innovation.

It’s time for you to transform your business with powerful leadership development! 

If you are looking to transform your business leadership, AFAQ is here to help.

How We Can Help

AFAQ for Leadership Development is a forward-thinking leadership and organizational development consultancy agency and we work closely with organizations to bring out the best in senior leaders, managers, and teams.

We are proud to be founded in a deep cultural understanding of what it takes to be an effective leader in the UAE and with this in mind, we specialize in designing, developing, and delivering bespoke assessments and development solutions that are meaningful and relevant to achieving your specific organizational goals.

Contact the AFAQ team today and develop sustainable leadership capacity across your organization.