Management development is important because it allows an organization to create a steady flow of capable leaders who can move into vacant management positions in the future. Companies that invest in management development reduce employee turnover as such programs increase job satisfaction, which deters employees from seeking greener pastures elsewhere.
Management development is crucial to an organization because managers oversee the performance of other employees. Training managers impacts many employees within the organization. Management development enables an organization to equip its managers with the skills and expertise required to succeed at their respective jobs and make the organization successful. An organization with an effective management-development program increases the productivity of its employees because such programs increase employee engagement and motivation.
Internal management development is typically better than external management development as it allows an organization to equip its employees with the exact skills required within the organization, instead of developing only general skills. Management development is a key to retaining young talented managers who want an opportunity to grow through official training.
Many organizations train their talented employees on most aspects of their jobs, but some fail to offer personal support to the same employees. To avoiding making this mistake, managers should take a personal interest in the future of their employees by coaching and mentoring them individually.