Unless you have an unlimited training budget you probably keep a close eye on your training expenditures. How does this affect your planning? Do you select courses based on lower cost and higher employee reach or do you more selectively cultivate members of your leadership team and other high potentials? Read more below to understand what organizations are doing to leverage their training dollars into greater returns on leadership development and what the benefits look like.
Hiring new employees with deep talent often comes at a high price. Investing in the human capital resources you already have suggests a wise investment according to current training trends. Chief Learning Officer magazine writer Mike Prokopeak describes in his article titled, Follow the Leader(ship) Spending how top-down executive leadership and development spending priorities align with focusing on internal talent. The highest levels are the areas of strategic planning, business acumen, EQ (emotional intelligence), leading innovation, and coaching. The next level of skills for frontline managers emphasizes coaching, communication, employee engagement, business acumen, and critical thinking.
With the passage of the Tax Cuts and Jobs Act, reducing the corporate tax rate by 14%, companies have more money to re-allocate but that doesn’t translate to a direct increase in training and development spending. As a leader in the management of human capital resources in your organization, it’s important to demonstrate to your economic stakeholders how an increase in training and development will directly lead to an increase in revenue.
Matt Lasov, Vice President of Finance & Operations at ExecOnline illustrates in his Chief Learning Officer article Turn Tax Cut Dollars Into Long-Term Results five direct benefits from investing in leadership development supported by research and examples, including increases in revenue, profitability, brand value, productivity, and solidifying your leadership bench.
Whether you need expert coaching or training for your leadership team, or just some fundamental leadership essentials for your up-and-coming leads and supervisors, contact us for a no-obligation consultation. We will customize any of our courses in leadership and provide follow-up activities to ensure long-term growth and development.