This is certainly a scary time. Businesses across the country are hemorrhaging customers and clients due to the coronavirus pandemic. It’s tempting to tighten the corporate belt and find ways to save money — perhaps by laying off workers, outsourcing some departments, or even downsizing to a smaller location.

However, as the old saying goes, sometimes you have to spend money to make money. The fact that business might be slow right now means it’s an ideal opportunity to invest in your employees by providing them with leadership training. By doing so, you will also be making an investment in the future of your company. Let’s take a closer look at some of the specific benefits that leadership skills confer!

1. Retain Your Most Valuable Employees

You’ve probably heard it a dozen times over the course of your career: people don’t quit jobs. They quit their bosses. On the flip side, an employee who feels that their bosses are supportive, understanding, and fair will go out of their way to go the extra mile. Leadership training can help good managers become great ones and bad managers turn over a new leaf.

Not only will having a strong management team in place pay off when it comes to the retention rate of employees, but it will also attract a higher caliber of new candidates. Word will spread that your company is a great one to work for largely because of its people.

2. Innovate, Grow, Expand

Think of the best leaders you’ve ever worked with. What make them so effective and so memorable? Chances are that in addition to excellent communication, adroit negotiation skills, and a commitment to consistently meeting high standards, they were also innovators.

One noteworthy quality of leaders is that they do not stay still. They aren’t usually content to punch the clock day in and day out, without a project (or several) to sink their teeth into. So if they aren’t field-testing a new operating procedure, they are probably pitching a way to market a product that isn’t performing well, developing a new sales strategy, or brainstorming methods to improve productivity without sacrificing quality.

Without leaders, your company will stagnate and grow stale. Your business is only as dynamic as your people, and effective leaders not only offer game-changing innovation, they inspire it in others as well.

3. Recognize and Reward Performance and Potential

Think of the first time your boss or manager offered to send you to a professional development seminar, bought you a business book that changed your perspective on your career, or otherwise made an investment in your future. How did you feel?

Probably you were flattered that she saw potential in you, excited to grow and improve professionally, inspired to learn as much as you could and to apply your newfound knowledge. It feels good to learn that others recognize your talent and understand how hard you work.

When you give employees that vote of confidence, you’re saying “I see what you are doing, and I like it. I also see that you’re capable of so much more, and I’d like to help you get there.”

Any team member worth his or her salt is going to rise to the challenge and respond to your investment by giving the opportunity their all.

The Bottom Line

Not everyone is leader potential — and that’s just fine! But sometimes, you never know if an employee might have that potential hidden way down deep beneath their other strengths. Take a chance and encourage them to develop their qualities of leadership; you just never know what exciting results you might see!