How to Invest in Your Executives – and Increase Productivity and Retention
Executives – and all employees – benefit from a solid career development program. Your company wins as well. It may be challenging to keep this initiative at the top of your priority list – but when all is said and done, you can’t afford not to.
The smartest business leaders look at learning and development not as a cost but as an investment in the future of their companies. They quickly realize that the pros far outweigh the cons.
Why Companies Ignore Development
Business leaders have a tendency to focus on the here and how. At the same time, many are trying to do more with less – fewer employees, tighter budgets, and time is a precious commodity. There is always time for the most important things as you position your organization for competitive success.
- Executive development does not have to be costly. Take a person-to-person approach to understanding your people, recognizing their needs and helping them to fill in the gaps. Done well, this strategy pays off in terms of long-term loyalty,
The Best Investment You Can Make
Research consistently supports the importance of investing in ongoing executive development. Without it, the price you pay is the loss of top talent. This is especially true among younger professionals. In one study of more than 1,200 young high-performing employees, many said they felt they were not receiving the career development support they needed – and were job hunting as a result.
By offering executive training, continuing education and similar options, you will attract people who are looking to better themselves. There are myriad benefits including:
- Enhanced recruitment and retention: The best people want development. If you fail to provide it, they will go elsewhere. It is a valuable benefit candidates list in the “pro” column when they consider a job offer. Once a high performer is hired, your strategic development program builds loyalty – and loyal employees are in it for the long term.
- Robust succession planning: Promoting from within is good for business. Your development program deepens your bench strength and helps you identify and address your people’s strengths and weaknesses. There is no better way to nurture future leaders.
- Increased engagement: Bored employees are more likely to take on negative attitudes and pose a threat to relationships with colleagues and customers. Executives are not immune. In fact, they set the tone that cascades though every level of your organization. Development programs keep people engaged at all levels.
- Better planning for the future of your company: When you focus on development, you ask yourself, “What kind of leadership do I need? What will my customers expect from my team? Which industry changes should I anticipate?” Your executives are integral as you answer these questions. A workable development path forces you to consider the future direction of your business.
- Higher productivity: Better-skilled professionals deliver more and better work. In today’s fast-paced business environments, your competitive success rests on your company’s ability to solve new and increasingly complex problems. Continued improvement is essential to gaining this competitive edge and ongoing development opens the door that will get you there.
- A stronger culture: Executive development fosters innovative thinking. It creates an environment for people to collaborate and inspire one another with new ideas. This diversity of thought also serves to create objectivity and build trust among co-workers.
- Cost savings and revenue generation: Learning helps your team members better understand the company as a whole. This better positions you to address customer needs. When your leaders are growing and developing new approaches, you establish superior strategies that ensure long, profitable customer relationships.
- Innovation: Your company will benefit from investments in learning initiatives that foster creativity and intellectual growth. Innovative learning experiences such as business simulations and role plays help people to learn by doing.
Do you need direction as you get your senior leadership and entire organization on board when it comes to executive development? Call on the executive search consultants at BrainWorks team to help you strategize, implement your plan and earn key buy-in. Read our related posts or contact us today so we can set up an informational meeting.