As more business owners look to advance their own talent rather than continually hire new employees, they’re realizing the growing role employee development plays in their company’s success.
According to the Deloitte Human Capital Trends Report, leadership is the second most important concern for organizations. But a Bersin by Deloitte study of millennial leaders found that 30 percent of respondents did not feel ready to be in their leadership roles.
Savvy business owners are responding to that sentiment with programs designed to give employees the skills needed to grow in their roles and eventually take leadership positions. According to Forbes, U.S. spending on corporate training has grown to over $70 billion annually, including initiatives like on-site and industry-specific training, undergrad and MBA tuition reimbursement, and financing for certificate and degree programs.