Growth is an imminent goal for almost all organizations, and for good reason. According to McKinsey & Co., leaders who focus on growth generate 80 percent more shareholder value than their peers over a decade. But for many businesses, it can be difficult to choose an area of focus for growth.. Based on research, we know focusing on leadership development within an organization can be a critical place to begin. Here, we share why you should focus on leaders’ growth in the workplace – and tips on how to start.
What are the benefits of focusing on leaders’ growth to the company?
When a leader practices focusing on revenue growth consistently, it impacts the way they show up, creating a ripple effect across the organization. Not only does this have a positive impact on shareholder value, but it also has a beneficial effect on the organization. Through influencing a culture of ambition, this decision can create a shared goal and a community within the workplace.
However, growth is not a given: a quarter of companies don’t grow at all. In fact, between 2010-2019, only one in eight organizations achieved more than 10 percent revenue growth annually. This spotlights why supporting leaders through leadership development is imperative in unlocking a company’s growth potential.
When growth does occur, particularly in leadership development, this can have a qualitative and quantitative effect on an organization. When leaders are focused on the growth of their work professionally and personally, shareholder value increases– as well as revenue. These leaders are 2.4x more likely to outperform their peers and industry competitors in profits alone.
Revenue gains are not the only benefit to investing in leadership development. According to Forbes, leaders whose growth has been cultivated are more likely to inspire and motivate their coworkers. Those employees in turn are more engaged in the company’s goals, which creates a better performing team, benefiting everyone at the organization.
So how do you begin investing in leadership development at your organization?
We at Humani HR understand that leadership development is a balancing act. Ideally, a development program would explore personal growth for the leader while simultaneously enhancing their ability to mentor others and lead in their role. Particularly when it comes to growth, these leaders should be involved in programs that foster expertise and confidence. Focusing on skills that make great leaders such as the following is crucial:
- Developing and fostering emotional intelligence
- Learning effective communication styles
- Practicing difficult conversations
- Streamlining communication
- Building confidence and adaptability
- Creating a community for leaders
What tools can you use to implement leadership growth today?
At Humani HR, we solve issues that occur within People & Culture at organizations. That is why our Director of Leadership and Development, Amber Branny, developed our own Leadership Development program.
Within this five-part series, leaders learn the crucial skills they need to foster growth and success at their organization – and with one another. They also learn how to implement these skills effectively in all areas of their lives.
