An article in Fast Company declared that leadership development is broken and it’s time to fix it.
Companies are spending a lot of money on leadership development - in fact, in 2023 the global market size was $77B and is expected to reach almost $200B by 2033. However, much of this spending is going to waste since 77% of businesses struggle to find and develop leaders. And, according to DDI’s Global Leadership Forecast, 59% of CEOs worry about attracting and retaining talent and 50% are concerned about developing the next generation of leaders.
So, what’s the problem?
- In-person training conferences or retreats are expensive, don’t include everyone and don’t change behavior since there’s no reinforcement or follow-up after the event.
- Executive coaching is far more effective but is still very costly, reserved for a select few and doesn’t foster internal relationship building.
- Online training is more affordable and scalable but often employees aren’t prioritizing individual learning so these content libraries often go unused.
The key to effective leadership development that actually changes behaviors and cultures is to promote interactive learning, reinforcement and consistency at scale.
- Social and collaborating learning helps to encode and reinforce learning. Through discussion and sharing experiences thoughts and concepts become more concrete. Connecting with others also builds lasting and trusted relationships.
- Reinforcement and reminders help to change behavior and create new habits over time instead of a “one-and-done” learning experience.
- Role modeling sets an example and also gives permission to others about how to act and what’s acceptable and even possible.
- Virtual experiences are more cost-effective, scalable and more inclusive. Everyone can join in from wherever they are at a time that’s most convenient for them.
TONE Networks has adopted these characteristics and implemented them with various organizations with dramatic results – 82% of our members are engaging with TONE at least once a month even after a year and 50% are more likely to stay with their current company because they feel more engaged and supported at work.
Let’s not waste any more time or money on leadership development programs that simply don’t work and don’t get results.