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Dear Employees, Your Budget Has Been Cut (Revisited)
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When we first published this in February 2023, it quickly became the most listened-to episode globally that we have done, before or since. Despite this, organizations are not prioritizing leadership development and training, and the situation is worsening with several organizations continuing budget cuts in L&D extending into 2024. This neglect of leadership development has serious consequences for employee engagement, retention, and overall organizational performance.
The simple fact of the matter is that globally, leadership is in trouble. Yet despite what senior leaders and organizations are reporting, very little is being done to correct the problems. Here are some of the latest facts based on global research from Gallup, Deloitte, and similar organizations:
- 83% of companies say leadership development is crucial, yet less than 5% implement leadership development training (Based on a survey of 18,000 HR and C-Suite leaders)
- 77% of organizations say leadership is lacking.
- Only 9% of leaders demonstrate real versatility in their leadership skills to adapt and pivot as they work with individuals, teams, and other leaders (based on a study of over 24,000 leaders).
- Only 25% of global leaders are seen by their teams as trustworthy, knowledgeable, respectful, and supportive. (that means 3 out of 4 leaders are truly struggling)
- 3 out of 4 employees in the US and Canada report they currently are or were recently working with a toxic boss (see the previous bullet point).
- 55% of CEOs recognize the need to develop next-generation leaders, yet only 11% of HR departments feel they have a strong bench of developing leaders.
- 50% of organizations lack sufficient leadership talent. 47% predict a shortage of leadership in the future.
- 63% of millennials believe they are not being coached and trained for leadership positions (the majority of leadership positions are now held by millennials).
- Most people get their first leadership position between 28-32, however, the average age for first-time leadership training is not until the age of 43.
Without proac
Leaders, Lead Well!
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