Developing new leaders is a top challenge facing organizations nationwide. In fact, only 41% of 1,000 recently surveyed C-suite leaders believe that their organization’s leadership development programs are of high or very high quality.
The amount organizations are spending on leadership development programs each year is staggering. U.S. training expenditures, of which leadership development is a part, rose nearly 12% from the prior year to $92.3 billion in 2020-2021. Of that total number, annual spending on external vendors and consultants, including all products, services, technologies, consulting services, and off-the-shelf and custom content, was $8.1 billion.
This report examines the current state of organization’s leadership development programs, the factors presenting the greatest challenges when managing programs, and the expected outcomes.