The Business of...
Leadership Development
Leadership development is a process to help people improve their leadership skills so that they can perform better in their roles. The leadership development business is booming and the outlook for 2025 is even brighter. It is a significant industry with an estimated $166 Billion annual spend in the US alone and is expected to grow by $27.7 Billion over the next few years. According to Forbes, leadership development is a $366 Billion global industry. Period. Full Stop. Leaders are in great demand. Leadership is defined as the ability of an individual, groups or organizations to lead, influence or guide other individuals, teams or organizations. Local corporations, small businesses, non- profits, public agencies and community-based organizations are actively on the hunt for talent with strong leadership potential. Actual leaders are in short supply and Leadership Foundations, Leadership Academies, Leadership Conferences and graduate level Business Schools are filling a void and an opportunity in the market. You may have heard the quote, “leaders are not born, they are made”. This statement reflects why leadership development is currently in such high demand. Leadership development helps people improve their capacity for guiding teams, inspiring others and getting results in a positive, collaborative manner. It can also be a set of processes and activities that an individual participates in to improve their skills and perform effectively in their current or future leadership role. This is true for new managers as it is for youth soccer coaches because the goal of leadership is to achieve a similar outcome or goal. Leadership development initiatives are most effective when they focus on performance outcomes that support a key business priority like revenue increases or expanding into new
markets. However, one of the key principles in leadership development is to highlight the difference between power and leadership. Power does not necessarily equate to leadership. The right leadership traits, skills and training can be the “secret sauce” for a company’s success in a very dynamic business environment. As businesses evolve, big or small, they must respond to technological advancements, external events and generational shifts. Today, change can oftentimes feel like the only constant for leaders. They have a much broader scope of priorities than ever before. According to Deloitte’s Global Human Capital Trends survey, 80% of the respondents rated leadership as the top priority for their organization. As a member of the Colorado Black Chamber of Commerce, I encourage all of us to think about our future generation of leaders and the importance of leadership development. “What is our action-plan to leave things in better shape than how we found it?”
THG is a government relations consulting firm that specializes in water and energy issues.
www.thg.consulting
Dale R. Hunter Founder, The Hunter Group (THG).
9 The Acumen
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