Jamesson Solutions’ Donna Warrick sees leadership development as both vital to maintaining a succession pipeline and extremely helpful in employee retention – the talent you already have. And retention is much less expensive than replacing. So it’s smart to offer leadership development to even your newest employees.
Without quality leadership, employees become disengaged at work, leading to retention issues. Hiring a new employee to replace an old one costs anywhere from an additional 50% to 200% of the role’s salary, Tynan says, based on Forrester’s analysis.
Developing your talent is very important for your business, because of a lot of things happening out there in the world today.
First of all, we still have this war on talent. And so we are all out there, competing for the top talent and one of the ways that we can be better at being in the game with that is by developing our own people – not only developing our people but developing into the future leaders of our organization.
You also have these generational aspects. You have Baby Boomers who are still retiring at large numbers, and that’s leaving some gaps in our in our upper levels of leadership. You also have Gen Z’s and Millennials who are very interested in working for organizations that are committed to developing their talents. That’s the type of companies that they want to work for.
And so most of us think of developing our leaders at the top or top level. While that’s always a good thing to do, I think sometimes we miss the opportunities when we’re not when we’re not thinking about those lower levels inside the organization.
If you want to be winning that war on talent, if you want to keep your top talent that you have, then the best thing you can do is create a strong development plan that runs through all levels of the organization and have that strong succession pipeline.
Jamesson Solutions leadership development can be tailored for your organization. More information here: https://jamessonsolutions.com/services/