From Inc. Magazine by Ryan Jenkins on February 13, 2017
According to a recent Deloitte study, talent development is the second biggest challenge HR professionals face today. It’s estimated that companies spend about $130 billion per year on employee development, with the lion’s share of this funding going to leadership development. Furthermore, according to a study released by Inc., 61 percent of CEOs prefer to develop and promote employees internally by providing external training. However, only 28 percent of these organizations have formal leadership development programs. Leadership development will only become more important as Baby Boomers leave the workforce and are replaced by a wave of Millennial employees. Approximately 61 percent of Millennials say they are dissatisfied with how their leadership skills are being developed, while nearly 70 percent aspire to become leaders in their organizations within the next five years. A full 60 percent say they want direct training to develop the skills they’ll need to take up the leadership mantle. With more than 10,000 Baby Boomers retiring every day, the glaring gap between the desire for leadership development and what is actually provided must be addressed.