Companies in Australia find themselves trying to keep up with the ever-changing evolvement of the workplace. They compete with over 2.4 million businesses, spread across the country, with numerous branches, to outperform themselves in the market. The evolution has been exponential since the advent of the fourth industrial revolution, which has integrated automation, machine learning and data exchange in the workplace. Keeping in mind John Maxwell’s ‘Law of the Lid’, Leadership development training is integral to keeping the business updated, relevant and profitable. It helps enhance the overall ability of the leaders and, in turn, improves the business performance.
Due to the resource abundance, the Australian economy has enjoyed unprecedented economic growth in the past 25 years. It has more than doubled the country’s capital over a short period. However, reports show that the Australian economy is now slowing down. It is due to sluggish productivity, weak employment growth, poor customer confidence and lack-lustre delivery. The question occurs whether the leaders of Australian corporations are ready to make a recovery and pursue economic growth over complacency. The Study of Australian Leadership (SAL) addresses this issue and mentions that investing in leadership capabilities pay off the companies in the long run. Workplaces that incorporate innovative leadership development training programs and activities produce more capable leaders with confidence in their abilities, decision-making, performance and innovation.
For decades, companies have executed leadership development programs to train and equip potential employees to undertake managerial positions in their offices. However, the evolution of good leadership and the skills necessary to be one is evident. There is no one kind of manager or a leader. Therefore, these programs include awareness about current requirements, education and exposure to contemporary management styles, peer support to encourage shared learning and formal mentorship to get holistic training for the challenging role. Good leadership programs provide personal training to meet individual needs and equip them to face unpredictable challenges that the company or the market throws at them. Research-based soft skill training aids them to build better communication skills, relationship-building, compassion, empathy and other soft skills. It enables them to be more inclusive, assertive, respectful and resilient while building productive teams. They also focus on enhancing their well-being, performance and satisfaction to achieve better morale and work-life balance.
A company’s success and performance depend on its most capable and reliable leaders. The innovative ideas and contribution of managers who have been with the company for a long and know its inner workings is crucial. Therefore, growing the leaders from the organisation and equipping them with the necessary skills can be more beneficial than hiring someone new when the time is tight. Good leadership also has a ripple effect on the team and the company and keeps it steady during the shifts in the industry.
Companies that invest in leadership development training programs observe an improvement in their bottom-line finances. This impact originates from the simple fact that company leaders are now better equipped to handle business challenges and market demands. They have superior and novel strategies and an execution team that works in cohesion to achieve the company goals.
When employees have dependable management and an organisation that invests in their progress, they are more likely to stay and grow. They also actively take up new opportunities and roles and deliver their work productively. Companies can retain and develop talent within their organisation than invest in numerous hiring processes.