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CLOs - Here are 5 reasons to increase your company’s budget in leadership development programs

The changing state of work continues to challenge HR and Learning & Development Professionals this year as it has since the pandemic. This combined with the shifting economic landscape might lead you to believe that companies are tightening their belts with leadership development spending. On the contrary, the “Blanchard 2023 HR/L&D Trends Survey” of 700 HR and L&D professionals reports that organizations plan to spend 10 to 30 percent more on leadership development.

Here’s what’s driving it and why your organization should also increase your investment in leadership development programs.

Increasing leadership bench strength - As today's work environment continues to change, so must leadership. In many organizations, their current approach to leadership development is not working. Investing in new approaches to leadership and management is required in the redefined leader-employee dynamic that exists today.

Improving engagement and the employee experience - HR and L&D leaders cited turnover and attrition as one of the top leadership challenges of 2023. Addressing leadership development, improving engagement and employee experience addresses the issues behind turnover and attrition. Respondents to the survey above mentioned that “balancing mental wellness training and business training for leaders” would be an important component to improving engagement and experience.

Upskilling new leaders - New leaders and managers need to be equipped with the skills to face the challenges and opportunities of today’s work environment and the future of work.

Replacing retiring leaders - Leaders are retiring and will continue to do so in high numbers. By 2030, all baby boomers will be 65 or older. New leadership development is key to drive performance and innovation.

Responding to changes in the marketplace - There have been mass layoffs in the beginning of 2023, but despite that the job market remains strong. Yet many organizations are finding it tough to find the talent with the right skills to fill open roles. Leaders need to be creative in their hiring, training and coaching of new recruits in order to fill vacancies to avoid burning out current employees.

Leaders must invest in their people to drive performance and stay competitive.

If you’re interested in learning if Exalt Coaching can help your organization, let’s schedule a capabilities briefing.

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