Leadership Skills Training Courses
Leadership Skills Training Courses: Are They Worth It?
If you invest in a new piece of equipment or a new software program, it’s pretty easy to track your ROI. But if you invest in leadership skills training courses for your present and future leaders, how do you know you’re getting enough bang for your buck?
Some companies consider leadership training to be optional. However, studies show that the money invested in top quality leadership skills training courses can have a direct impact on your bottom line. Consider these numbers:
- Companies who trained financial executives saw an average increase of 16.3% in cash flow.
- Training for sales and marketing professionals resulted in 24% higher profit margins and sales increases of more than 6%.
- In some companies, client satisfaction improved as much as 9.5% (and happy clients will bring in repeat business and spread the word.)
(Ferriman, Learning & Collaboration, 2013)
Joel has conducted hundreds of successful leadership training programs over the past 20 years. He can show you how to evaluate your company’s training effectiveness. Here are some key questions to ask yourself.
Do you see changed actions and attitudes?
At first, people are usually highly motivated by their training experience. They are excited about implementing new ideas and strategies. But how long does this euphoria last? If you invest in your leaders by providing skills training courses, create a before-and-after plan. Before training begins, assess where you are in terms of cash flow, sales, and client satisfaction. Then schedule touch points once a month for the next six months to track implementation. Set beginning benchmarks and let your people know that you’re expecting to see steady forward progress.
What does internal evaluation tell you?
When your leadership training is complete, your managers should experience a high degree of personal satisfaction. Whether you gauge their satisfaction by a formal survey, or in one-on-one conversations, get their feedback. You should see a noticeable change in their leadership skills, a visible implementation of best practices. The productivity of their direct reports should improve, along with their own.
Are you generating new business?
Bringing in new clients or increasing sales revenue is a key benchmark to watch. The best leadership training courses inspire and motivate participants to sharpen their skills and to believe they can accomplish great things. If they take big risks, and you’ll see bigger results.
Is turnover taking a downturn?
According to the Bureau of National Affairs, US companies lose $11 billion every year as a result of employee turnover. Don’t become part of that statistic! Retaining top talent is a challenge in any economy. When you make leadership training a part of your corporate DNA, you build loyalty with your key people.
Are you attracting new talent?
Like attracts like. Your senior leaders are the public face of your company. A top-notch training program creates a bond between your company and its leaders that gets the attention of others and makes them want to join your team.
What’s the word on the street?
You want to build leaders who are proud to work for you and happy to be vocal about it. If they are telling their friends, neighbors, professional colleagues and industry connections about the great company they work for, your reputation will be enhanced along with your bottom line.
If you want to stand out from your competitors, leadership training is not an option; it’s a requirement. The best skills training courses will build excitement, increase commitment, and inspire creative ideas. Make it a part of your mission to build great leaders.
Copyright © 2023 Joel Garfinkle, All Rights Reserved. Joel Garfinkle is recognized as one of the top 50 coaches in the U.S. He is a Master Certified Coach with 25 years of executive coaching, corporate training, and speaking experience. He is the author of 11 books, including Executive Presence: Step Into Your Power, Convey Confidence and Lead With Conviction. He has worked with many of the world’s leading companies, including Google, Amazon, Deloitte, Eli Lilly, Starbucks, Ritz-Carlton, Oracle, and Microsoft. Subscribe to his Fulfillment at Work Newsletter which is delivered to over 10,000 people. You can view his video library of over 200+ easily actionable 2-minute inspirational video clips by subscribing to his YouTube Channel.
This article may be reprinted or forwarded to colleagues and friends as long as the above copyright notice and contact information is attached in its entirety. If you reprint this article, please advise us that you have done so and forward a copy of the article, or a link to the web page where the article can be viewed, to Joel Garfinkle.