Why should leadership development be a priority?

As chief executive officers continue to turn over at a rate of almost 10 percent a year, succession planning can no longer be an occasional activity for businesses or exclusively an HR responsibility. Leadership development is a core element for effective succession management, but it is often overlooked. Reasons range from fear of short-term slumps in productivity to the incorrect assumption that it can be done quickly when in fact, it takes time. Leadership development is certainly worth an organization's time and energy because as leaders throughout the organization engage in the process of developing others, the leadership pipeline becomes stronger and succession options increase.

There are five additional reasons that leadership development should be a top priority. They are:

1. It will help you get the job done. When management connects development goals with work that needs to be done, the organization will perform better.

2. Gives you replacements. Is your organization prepared for turnover in key positions? Minimize the negative impact of the loss of key employees by developing skilled people ready to take on new roles or additional responsibilities.

3. Builds people skills. When your team is responsible for dealing with people effectively, building leadership capacity is important.

4. Helps you keep current. By clarifying needs, expectations and goals with your staff, you'll gain insight into your own developmental opportunities and challenges.

5. Demonstrates your own ability to lead. The reputation of those in your organization responsible for leadership can only be enhanced when they are seen as people who invest in developing others.