Not everyone succeeds in business on the first attempt. Many entrepreneurs and business leaders all failed in their first forays into the business world. Even Virgin CEO Richard Branson’s first venture failed to make it (along with a number of other ventures, too). Leadership training has, however, developed into a tool that business owners can use to empower their employees to greater things, helping advance and build on the success of the business.
Practise makes perfect: taking a leaf from the trader’s demo account
One of the most lucrative and sought after jobs to come out of the 1990s was the role of the professional share trader and so it’s a good area from which to take inspiration – perhaps more now than ever.
Today, technology has opened the way for almost anyone to enter into trading. However, very few would do so without first setting up a demo trading account to practise and test their strategies in the real market. Using a forex trading demo allows traders to use virtual funds as they analyse new markets. It’s a way of testing strategies on both desktop and it’s a solid example to look to if you’re seeking proof that training works.
Leadership training for the next generation benefits everyone
When the unexpected happened – say, a senior staff member leaves suddenly or is absent – throwing junior employees in at the deep end rarely works. Whether you train them through leadership courses or additional qualifications, exposing potential leaders to new ideas and successful strategies of thought can help companies benefit. As the head of Pakistan’s ACCA Sajjeed Aslam said, at the start of Leadership Convo ‘19: “evolving business environments bringing new challenges, the primary theme is [the] capacity and character to rethink and redefine the role of business leaders of the future”.
Equally, with these digital and new technologies emerging and becoming woven into the fabric of business, leaders will need to understand how this will affect business practice – the next generation are commonly the best acquainted with the new trends and, by putting them into positions of authority early on, current leadership can benefit from their ideas.
Five ways leadership training benefits a business as a whole
This is so important that we have condensed the key outcomes of leadership training into the five points below.
Increases productivity: Investing in employee leadership can help increase productivity throughout a company. It allows managers and leaders to access emotional and people skills to get the best out of their teams.
Employee retention: When staff are backed by investment from employers, it can provide them with the belief they are supported from above. This can have a very positive effect on workplace morale. It makes employees much more likely to be motivated and loyal to their company.
Trains future leaders: Leaders don’t always rise from the bottom by themselves. Sometimes they need to be nurtured. Identifying potential leaders and giving them the skills to lead opens career pathways and supports succession planning.
Nurtures employee engagement: Leadership means communicating with employees and team members constantly, giving them feedback, praise or incentivising through targets. Not all leadership styles suit all companies or leaders. Understanding what they are and how to use them helps employee engagement levels.
Encourages better decision making: Leadership is all about ensuring the right decisions are made for the company and those working within it. Training can help leaders identify what kind of leadership style is required. Leading a team isn’t always about one way of doing things.
Leadership training is no different to any other form of practice, whether it’s a fireman practising on tower training, a footballer running drills or a trader logging in to their demo account. To get better requires training in a safe environment when it doesn’t count so that, when the real thing happens, the right decisions can be made.