As executive coaches, we see a troubling lack of emphasis on leadership development in the business world. This neglect occurs both on an individual and company level, despite the clear importance of preparing individuals for leadership roles.
Consequently, we are facing a significant leadership crisis. Global statistics indicate that 75% of leaders ultimately fail, yet more than 60% of companies continue to spend less than $500 annually on leadership development per person. It seems that many companies prioritize things like coffee and breakroom perks over investing in a strong leadership pipeline.
It is essential to understand that leadership development is not something that can be overlooked or viewed as a luxury. Merely being appointed as a leader or receiving a promotion does not automatically qualify an individual for the role. Neglecting to focus on leadership development can have far-reaching consequences, not only for the individual leader but also for their career, their team, and the organization as a whole.
Rich and Maikel explain the high cost of neglecting leadership development in this episode of Mainline Executive Coaching ACT.
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Rich Baron:
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Maikel Bailey:
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https://maikelbailey.com/