Why Companies Need to Effectively Develop Leadership Competencies to Create Better Business Impact

Plethora Learning | Blog Author | Mitali Murdeshwar
Mitali Murdeshwar October 07, 2021

Across businesses and industries globally, organizations have been aware of the significance of effective leadership development since long now. As per Gallup, companies giving priority to leadership development can see employee engagement rates doubling and earnings-per-share increasing 147%.

Be it managers or directors or VPs, leadership training is essential at all levels and yet most organizations do not have proper leadership development training programs in place. Studies have shown that only one out of ten people naturally possess the talent to manage teams. This means it’s imperative to invest in developing leadership capabilities among leaders to help them engage their teams, propel business productivity and enhance the business.

While there can never be a one-size-fits-all solution for leadership development, there are several reasons why it’s necessary to leverage impactful leadership development training solutions. Here are a few of them:

Managing Global Teams

With the recent remote working norm, companies have been able to hire regardless of location norms. Leaders today are building robust teams across the world without actually ever meeting the team members physically or even visiting offices personally. While there are myriad digital tools to make these tasks feasible and easier, managing teams globally is hardly a cakewalk. To effectively manage varied groups of employees across geographies and time zones, it’s necessary to master different facets of leadership skills. These include the ability to persuade employees, influence them and unite them to work together as a team to achieve business goals despite not being in close proximity of each other.

Bringing Inclusivity in Leadership

Diverse and inclusive teams have been found to perform better and drive more efficiency making a very strong business case for them. But it’s not enough to simply have such teams. They also require the right kind of leaders who will help such teams sustain as well as feel engaged and empowered. Leaders need to ingrain the idea of inclusivity in the way they lead teams by building a culture within the organization where employees feel valued and can bring out their diverse sides into their roles. To do so, leaders need to demonstrate empathy and nurture a feeling of belonging to build inclusive teams to give employees enough freedom to express their ideas.

Motivating Employees

Remote or physical work, motivated and engaged employees remain one of the most crucial elements for the success of any workplace initiative. In order to ensure that employees are motivated, it’s necessary that leaders know how to lead teams positively without instilling any fear in the minds of employees. They should be able to focus on communicating positively to build a culture where employees can find purpose and better satisfaction in their work. One step towards this is for leaders to create a viable leadership plan that focuses on making a difference in all areas of employee’s life by recognizing their big and small achievements.

Driving Business Impact

At a time when businesses need to come up with innovative strategies to drive business growth, its upto leaders to build the right approach and mindset towards this. One of the core areas to focus upon for developing an innovative mindset is to encourage a customer-centered attitude to problem-solving. Leaders can help teams enhance business productivity by helping them understand customer needs better by identifying product gaps and discover customers’ pain points.

Encouraging Overall Growth

It is the responsibility of managers to encourage a culture which will help the company grow and the employees to thrive. While the pandemic may take its own course, leadership development should be a priority for every organization irrespective of whether it is operating remotely, physically or in a hybrid setup. Leaders need to put their best foot forward to encourage the overall growth of the company by being involved in the day-to-day schedules of their employees.

Plethora houses a wide range of leadership development training solutions that can give your business the added assurance of impactful leadership.

Learn more about our Leadership & Management solution which provides you with high-quality online learning courses.