Today, the business environment is volatile and complex. The organizations are keeping up with the ever-changing demands of their clientele. Therefore, for providing a growth-oriented climate to their workforce, excellent leadership has become the need of an hour. The scenario has changed; therefore, it is fair to conclude that different strategies will be needed to move ahead and succeed.
Leadership development is an essential aspect of corporate training in every organization. To ensure steady growth and reduce employee turnover, leadership development at all levels of an organization is necessary.

The companies are widely adopting agile practices with collaborative platforms and teamwork, the emphasis on individual initiatives by employees across the entire organization is increasing as well. It is important to ensure that the decisions that arise out of these initiatives align well with the company’s overall objectives. Therefore, it is important to equip employees at all levels with adequate communication, technical, and leadership skills.

Approaches to leadership development evolve with the business scenario. Leaders need to leverage vital leadership statistics and pull-out actionable insights to implement the most fitting approach in their organization.
There are several interesting statistics about leadership development that leaders must consider in modern workplaces.
 
 1. Every day, 10,000 baby boomers retire.

2. By 2020, 48% of the workforce will comprise millennials.

3. 67% of millennials are looking for a new job and 91% of millennials plan to stick with their current job for less than three years. 

4. 84% of organizations are predicting a deficit of leaders in the next five years.

5. 83% of organizations say it is crucial to develop leaders at all levels, but only 5% of them have implemented development at all levels completely.

6. 25% of organizations have stated that less than 10% of critical leadership positions have successors who are willing to take on the said positions.

7. The top priority of 58% of organizations is closing the leadership skill gaps in their workforce, out of which only 43% of organizations are closing the gaps across all leader levels.

8. Only 18% of organizations state that their leaders are “very effective” at meeting business goals. And 19% of organizations that state that they are “very effective” at developing leaders.

9. Though a huge amount is spent on leadership development than any other element of corporate training still 71% of organizations do not feel that their leaders have the ability to lead organizations in the future.

Leadership abilities play a crucial role in driving the success of any organization. While excellent leadership can bring in great profits, poor leadership can wreak havoc on the workforce’s productivity and efficiency. Hence, ensuring incremental increases in leadership capabilities should be a priority for existing leaders. 

Leadership development is not an easy task, primarily when it’s implemented across an entire organization. Also, today’s complex and dynamic business environment doesn’t help the situation. Adapting to change and creatively reshaping strategies for a better future are crucial elements of leadership development. Leaders can implement effective methods in their modern workplaces to steer the success of their organization and build a growth-oriented workplace. 
To know more about some of the top leadership development industry statistics, please read our infographics.

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