The Business Case for Talent Development
In today’s business environment, there is a clear competitive advantage for organizations willing to make an investment in development.
As organizations are required to meet increasingly complex challenges with decreasing resources, innovative leadership and a coaching culture have become essential ingredients in the recipe for success.
A 2009 Zenger Folkman study found that leadership had a significant impact on organizational outcomes across the board; from innovation, productivity, profitability and customer satisfaction, to employee recruitment, engagement and retention.
Great Leadership = Relationships Plus Results
The same Zenger Folkman study revealed that
- Leaders with a strong focus on results had a 14% chance of being seen as great leaders
- Leaders with a strong focus on relationships had a 12% chance
- Leaders with a strong focus in both areas had a 72% chance of being seen as great leaders
And yet, in a Neuroleadership Institute follow-up study, of the thousands of employees surveyed, less than 1% of leaders were rated high in both areas.
Plus Creativity and Innovation
In addition, a 2010 IBM survey of 1,500 executives identified creativity as the critical 21st Century leadership competency.
A Harvard Business School study found that medical facilities with a collaborative environment and a commitment to innovation were ahead of their more traditional counterparts in their ability to stay on the cutting edge with new technologies and procedures.
Coaching Culture: What and Why
A coaching culture is an environment (1) which utilizes formal coaching as a key talent development strategy, and (2) where individuals throughout the organization employ coaching behaviors as a means of supporting, developing and collaborating with each other.
Organizations with a strong coaching culture create leaders who bring out the best in those around them, build high-performing teams, embrace continuous learning, practice effective communication and foster trust.
The ROI of Development
At the end of the day, an investment in development must deliver results. Research on the ROI of talent management initiatives affirms that the results are real and measurable.
Impact on the Individual
- Increased commitment to mission and vision
- Higher levels of job satisfaction
- Reduced conflict and better conflict management skills
- Improved working relationships with stakeholders throughout the organization
- Greater levels of collaboration and ability to create high-functioning teams
- Increased courage, confidence and sense of self-empowerment
- Greater ability to set clear expectations and achieve results
Impact on the Organization
- Increased productivity and quality
- Higher levels of engagement and retention
- Reduced turnover
- Greater top-line revenue and bottom line profitability
- Improved customer service and satisfaction
- Accelerated rates of creativity, innovation and change
How We Measure Impact
We employ a variety of evaluation methods before and after a development initiative: individual and team 360° assessments, climate and culture surveys, customer feedback, and analysis of income, costs, time to market, turnover and other KPI’s
For more information on how ThirdWay Leadership can create dynamic change in your organization, please Contact Us.