A low-cost library might not yield results, while premium coaching could spark a game-changing ripple effect across your entire organization.
If you’re in charge of selecting a leadership development solution for your organization, your budget might feel dwarfed by the goals and needs the program must address. And while the money you have to spend is limited, the options you have to choose from—coaching, learning platforms, content libraries and more—are not.
All of those factors can make it difficult to identify the option that will deliver the best ROI.
An “affordable” subscription to a vast digital library of leadership videos and courses is no bargain if it doesn’t deliver the results you need. On the other hand, premium coaching for a few key executives might feel extravagant at first but ultimately create a huge ripple effect across the organization.
It’s not that content libraries are “bad,” and coaching is “good.” The right solution for one company could be a waste of time and money in another. So how do you make the best choice based on your goals and your budget?
Before you contact a single provider or even start reviewing the options available to you, consider the questions below. As a CEO focused on transforming leadership development through technology, I can tell you that the organizations that are clear on their answers get the best results from leadership development, no matter what their budget is or the specific programs they choose.
What are your specific goals?
Leadership development is too expensive (U.S. companies spend more than $81 billion on it per year) to be merely a feel-good purchase or a box to check for the year. Your investment in a program will pay off only when you know exactly what you want it to achieve. So think about your company’s priorities right now. A few examples:
Does your CEO want to create a coaching culture?
Has low performance by new managers surfaced as a problem?
Is innovation one of your priorities this year?
Is your organization worried about the state of your leadership pipeline?
If your goals seem way out of alignment with your budget, you may have to determine which goals need immediate attention and which ones can be acted on later. For instance, if your mid-level managers are jumping ship to your competitors, developing your current leadership bench needs attention right away. On the other hand, a broader initiative to build leadership capabilities across all departments could wait.
How many people do you need to target?
Is a company-wide program necessary to achieve your goals? Or would it be more effective to focus on a particular department or type of employee, such as first-time managers or a new executive team?
Your answer can help you start narrowing down options. For example, if your top priority is developing a new executive team, coaching could be the right choice. It’s highly customized and effective. But your focus is on a larger group—like new managers—coaching might be out of your budget, and a digital learning platform could be a better fit. Similarly, perhaps you can send all first-time managers to a conference or bring in a facilitator for a weeklong program, but you can’t afford these options for every employee who’s interested in leadership development.
What’s going on right now with the employees you want to develop?
The capacity of the participants is often overlooked as a key factor in whether a leadership development solution succeeds. So, once you’ve identified the employees who’ll be part of your program, think about what might be affecting their current bandwidth to learn, grow and change.
Let’s say you’re considering a program that would bring in a facilitator for a week of daylong classes with your managers. That might sound like an amazing development opportunity, and for some organizations, it is. But if your managers are already overextended with their workloads, this “opportunity” could become just another source of stress. Instead of paying attention and learning from the facilitator, the managers might be covertly multitasking through sessions just to stay afloat. And what if program participants don’t work onsite full time? Will a fully remote employee get the same experience as in-person participants? Will hybrid employees resent an extra day in the office?
In such cases, a program that empowers your managers to learn on their own schedule might be a better solution. You could provide them with a micro-learning app or access to a learning library. (With those options, just be sure to also give them customized learning paths. Busy, stressed managers don’t have time to sort through piles of content to figure out what they need, either.)
Thinking through these questions will help you zero in on what your company really needs from leadership development and the type of program that best fulfills those needs. I know the vast array of options out there can seem dizzying, but this variety also means that you have a better chance of finding a program that truly aligns with what you need and can afford. The more clarity you can bring into the selection process, the more likely you are to avoid costly mistakes and choose a leadership development program that delivers the results you need.
This article was originally published by Neena Newberry in Fast Company.
