The data shows that leaders are leaving, but are you prepared…

According to the Center for Creative Leadership "Leadership Development Factbook 2021: Benchmarks and Trends in U.S. Leadership Development," turnover rates for executives and top-level leaders have been steadily increasing over the past few years. The report indicates that the turnover rate for executives reached 17% in 2020, up from 14% in 2018.

In "Why Top Young Managers Are in a Nonstop Job Hunt," the Harvard Business Review (HBR) revealed alarming statistics about turnover among younger leaders. The study found that nearly 25% of high-potential employees are actively seeking new opportunities, with 60% of them citing a lack of career advancement opportunities as the primary reason for their job dissatisfaction. 

Unfortunately, there is more data like this and perhaps you have seen it in your organization. But an increase in leadership turnover leads to the question: Who’s next and are they ready?

It is my belief that every organization should provide both ongoing professional development and leadership preparation pathways for their staff.  The number one frustration when employees leave is often based on who will fill their position and how will their work get done.  Having a leadership preparation pathway helps to reduce the lag time in filling these gaps and creates a culture of certainty and adaptability in your organization.

Succession planning is necessary because as experienced leaders retire or move on to new opportunities, organizations must have a robust pipeline of talent ready to step into key roles. Without effective succession planning, organizations risk facing leadership vacuums that can disrupt operations and hinder growth. Developing new leaders ensures continuity and stability, safeguarding the future of the organization.

Here are a few ways that leadership development impacts organizational success:

Leadership development is essential for driving innovation and fostering a culture of continuous improvement which allows organizations to tap into untapped potential and unlock new opportunities for growth and innovation.

When employees see opportunities for growth and advancement within an organization, they are more likely to feel valued and motivated to contribute their best efforts. This results in reduced turnover and improved morale.                                     

Leaders who are well-trained and equipped to lead with integrity, empathy, and authenticity can inspire trust and loyalty among their teams. A positive organizational culture is essential for building engagement, attracting top talent, and retaining employees over the long term.

With the right plan for preparing leaders, you nurture employees in such a way that encourages people to willingly come to work, effectively support their clients, and conduct themselves in a manner that does not put additional strain on organizational resources. A leadership development program will cost, but it pays in ways that are both quantifiable and necessary for continued relevance and sustainability.

If you are looking to develop a leadership development program or want to review what you have, download my Leadership Development Program Framework here. 

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You can also book a discovery call with me to discuss your specific program needs.