There’s a lot of talk in business today about the importance of demonstrating leadership at every level. Yet, many organizations still play it safe, earmarking far more leadership development opportunities for designated “high potentials.” This strategy might seem efficient, but if you want your team to win a race, wouldn’t you want every runner to have a shot at being first? Let’s talk about why opening up leadership development is a must-have for businesses that are in it to win it for the long haul. 

The Leadership Development Gap Is More Common Than You Think

Imagine this: A company invests heavily in developing a select group of employees deemed leadership material. This approach has its merits but also a glaring flaw—it overlooks a wealth of potential among the ranks. Like finding hidden gems in your backyard, broadening the scope of leadership development can uncover talent that can drive your business forward. 

Have you heard of the leadership development paradox? As identified by Navio Kwok and Winny Shen in the Harvard Business Review, it’s when those who are already excelling get all the development attention, while the rest, potentially equally capable, wait on the sidelines. This selective investment is a missed opportunity, limiting individual growth and narrowing the organization’s vision of what leadership looks like. 

Diversity in leadership is a business imperative

Think back to the last time you were surprised by an employee’s insight or problem-solving ability. These moments are golden, but we often fail to turn them into bigger opportunities for the business and the individual. By making leadership development more widely accessible, we’re giving more employees the chance to have a bigger impact and shine. And we’re also providing our businesses with a robust, diverse leadership pipeline ready to tackle future challenges. 

Diversity in leadership isn’t just a buzzword; it’s a business imperative. Different perspectives lead to better decisions, more innovation, and a stronger connection with a diverse customer base. And yet, despite knowing this, many companies haven’t changed their leadership development model. It’s time to break the cycle. 

Strategies to Make Leadership Development Work on a Tight Budget

So, how do we shift gears? How do we think more broadly about leadership development and who gets access to it and make this work on a tight budget? First, by recognizing that leadership potential isn’t confined to traditional markers like seniority or current job title. It’s about the ability to inspire, innovate, and navigate challenges—qualities that can be found across the organizational chart. 

Thanks to technology, tools now exist that can be immensely helpful for strengthening leadership pipelines. When evaluating them, make sure they offer the following key strategies: 

• Accessibility: To strengthen the leadership pipeline, we must open leadership development up to more people—while both satisfying individual needs and addressing tight schedules and company budgets. The number of leaders who have retired or switched companies has created more urgency than ever around this. Another contributor to the growing leadership gap is the changing nature of work and the different skill sets it demands. It’s high time that companies fill the pipeline. 

• Mentorship and sponsorship: These are not just tools for individual growth but powerful strategies for organizational development. They create a culture where knowledge and experience are shared freely, opening doors for many to step into leadership roles. 

• Real-world learning: Lastly, let’s ensure that leadership experiences are part of the job, not just an occasional retreat, workshop, or training class. When employees at all levels are given the chance to lead projects, tackle real-world problems, and learn from the outcomes, they’re being trained—and also transformed. 

Yes, expanding access to leadership development creates more fairness and equity—but it’s also about ensuring our organizations are as dynamic, innovative, and resilient as the markets in which we operate. By embracing a broader vision of leadership, we can unlock a world of potential that’s been waiting in the wings, ready to take our companies into the future. 

As we look ahead, let’s challenge ourselves to rethink what leadership development looks like. It’s not just about selecting a few for the fast track; it’s about recognizing and nurturing the leadership potential in everyone. After all, in the unpredictable race of business, your organization has a better chance of winning when everyone is set up to reach the finish line. 

This article was originally published by Fast Company