The Harvard Business Review article “The Impact of Leadership Development Programs” highlights the importance of leadership development programs for companies. Specifically, the article notes that companies with strong leadership development programs have a 19% higher customer satisfaction rate than companies without such programs.
This finding is particularly relevant to succession planning for companies, as it emphasizes the importance of developing a pipeline of internal candidates who can step into key leadership roles when they become vacant. By investing in leadership development programs, companies can ensure that they have a pool of talented and qualified candidates who are prepared to take on leadership positions and continue driving the company’s success.
In addition to improving customer satisfaction, leadership development programs can also lead to improved employee engagement and retention, increased productivity and innovation, and better decision-making. By developing their leaders, companies can create a culture of growth and development that encourages employees to stay with the organization and contribute to its success.
Overall, the Harvard Business Review article underscores the importance of leadership development programs for companies, particularly as it relates to succession planning. By investing in these programs, companies can ensure that they are prepared for leadership transitions and have a strong foundation for long-term success.