Developing employees is one of the most valuable things you can do for your business. Not only does it create an opportunity for them to grow personally and professionally, but it is also essential to the overall growth of your business. If your employees are not learning and growing, neither is your business. The best way to prepare your business for the future is to identify and develop future leaders in your organization.
Creating an intentional strategy for developing employees is one of the most important things you can do as a leader to impact the culture of your organization. This is especially true for those you would categorize as future leaders.
In fact, it might be the most important factor in preventing them from leaving your organization. According to this study from Deloitte, Millennials who leave their job within two years cite being unhappy with how their leadership skills were being developed as the primary reason. At the same time, those intending to stay with their organization for more than five years are twice as likely to be part of an intentional process for personal development.
However, many business leaders don’t know where to start when it comes to developing employees for future success. They recognize the importance of investing in employees but don’t often have a formal plan in place. In most cases, developing employees is left up to each individual manager—and there’s no systematic process.