{"id":64749,"date":"2021-03-22T06:00:37","date_gmt":"2021-03-22T10:00:37","guid":{"rendered":"https:\/\/trainingindustry.com\/?post_type=articles&p=64749"},"modified":"2024-07-10T13:35:20","modified_gmt":"2024-07-10T17:35:20","slug":"6-elements-of-a-successful-leadership-development-strategy-cptm","status":"publish","type":"articles","link":"https:\/\/trainingindustry.com\/articles\/leadership\/6-elements-of-a-successful-leadership-development-strategy-cptm\/","title":{"rendered":"6 Elements of a Successful Leadership Development Strategy"},"author":52,"featured_media":64751,"template":"","tags":[67,3117,166,28593,5058],"class_list":["post-64749","articles","type-articles","status-publish","has-post-thumbnail","hentry","tag-leadership","tag-leadership-competencies","tag-leadership-development","tag-leadership-development-strategy","tag-virtual-leadership-development","global_topic_tax-leadership"],"acf":{"sponsored":false,"gated":false,"gated_content_type":"","file_attachment":null,"gated_content":"","form_instruction_header":"To access the full article, please fill out the form below:","pardot_html_embed":"","author_override":true,"author_name":"Erin Elizabeth Goldman, CPTM","author_image":60259,"author_bio":"Erin Elizabeth Goldman, CPTM, is a people development partner at ZipRecruiter.","excerpt":"Successful leadership development strategies go well beyond securing a budget in engaging organizational leaders in the process.","main_content":"Investment in leadership development can result in a meaningful, positive impact on the bottom line. The Center for Creative Leadership (CCL) reports<\/a> that organizations realize a return on their investment (ROI) in leadership development through increasing leaders\u2019 ability to influence teams and impact the business \u2014 attracting and retaining top talent, leading through change, and driving results.\r\n\r\nFurthermore, leadership is critical during periods of uncertainty, like the business landscape we\u2019ve worked in during the COVID-19 pandemic. Over half of the executives surveyed for Deloitte\u2019s 2021 \u201cGlobal Human Capital Trends<\/a>\u201d report suggested that skillful leadership is vital to navigate the unknown futures ahead.\r\n\r\nTo reap the benefits of adept leaders, organizations spend a tremendous amount of money on leadership development. Estimates from Training Industry<\/a> indicate that in 2019, it was a $3.5 billion global industry. Unfortunately, an enormous investment does not guarantee success. According to McKinsey & Company<\/a>, only 11% of more than 500 executives surveyed strongly agreed that their leadership development efforts achieved desired outcomes.\r\n\r\nLearning organizations can consider the following elements in their leadership development strategy to better position themselves for success:\r\n

1. Ensure Executive Support<\/h2>\r\nNo executive support, at the very least, means there is no budget for leadership development. However, successful strategies go well beyond securing a budget in engaging organizational leaders in this process.\r\n\r\nInvolve top leadership early. You could formalize this involvement through key stakeholder interviews or by building a steering committee to advise on and approve key milestones. Alternatively, you could garner buy-in through less structured practices. Set up informal meetings with leaders who champion learning and development (L&D)<\/a>; listen to their experiences, and ask for input and feedback along the way.\r\n\r\nWhether a formal or informal approach will work better for your company culture, executive buy-in is critical to gain broad participation and engagement. If leaders don\u2019t care, why should employees?\r\n

2. Understand Organizational Needs<\/h2>\r\nBefore designing a solution, it\u2019s vital to understand the problem. Just because the executive team deems leadership development mission-critical does not mean that there is a solid grasp of the underlying issue \u2014 or that leadership development will solve it.\r\n\r\nAccording to Harvard Business Review<\/a>, this misalignment is one of the many reasons leadership development efforts fail. In one example, the crux of the issue was that managers did not understand what practices and behaviors were expected of them. It\u2019s best to tackle these systemic issues before implementing a learning program.\r\n\r\nTo embark on that discovery, start with data. Interview key stakeholders to understand what leaders need, or review the rich data sources from company surveys and exit interviews<\/a> to identify themes about culture dynamics.\r\n\r\nWhile articulating the problem, also look for what\u2019s working to later amplify those processes and behaviors. To that end, consider employing appreciative inquiry<\/a>. Ask questions like:\r\n