Last week, we started a conversation on 10 Strategies Leaders Can Implement To Drive A Culture of Peak Performance in 2024 where we discussed two strategies – A. Cultivating Inclusive and Diverse Work Cultures and B. Driving Leaders’ Growth Through Emotional Intelligence.
Decades of research, including studies from Columbia University, emphasize the direct link between a well-defined high-performance culture and significant improvements in employee engagement, productivity, and overall company success.
Gallup oriented us that while “quiet quitting” is a new term, the phenomenon is anything but novel. Disengaged employees have been a long-time — not to mention expensive — problem for leaders: Employees who are not engaged or who are actively disengaged cost the world $7.8 trillion in lost productivity, according to Gallup’s State of the Global Workplace: 2022 Report. That’s equal to 11% of global GDP.
To drive a culture of peak performance, we will discuss two additional strategies in this episode to guide for leaders seeking to improve profitability and operational efficiency while retaining their employees, investors, customers, and other stakeholders in 2024.
C. Leadership Development Through Continuous Learning
As the business landscape evolves, so does the need for ongoing education and growth. In 2024, it is important for leaders to continuously acquire new knowledge they can apply to their work and lives. Leaders should also commit to relearning and unlearning to update their skills and detox their experience to remain agile.
Little wonder Peter Drucker commented that “We now accept that Learning is a lifelong process of keeping abreast of change. And the most pressing task is to teach people how to learn.” Because leadership and learning are indispensable to each other, when we commit to contious learning, we understand something we have understood all our lives but certainly with a new perspective and dimension.
Fostering a culture of lifelong learning is a critical requirement for any organization that wants to drive innovation and transformation in its industry. As Leo Buscaglia said, “Change is the end result of all true learning.”
We must cultivate a mindset that embraces lifelong learning within our teams. We must encourage curiosity, experimentation, and the pursuit of knowledge, making it clear that professional development is not just supported but expected.
While many leaders assume that compensation is top of employees’ list, and if sufficiently compensated an employee will be engaged, motivated and productive regardless of other influencing factors such as work-life balance, wellbeing and learning opportunities.This is simply not the case. In an analysis of 3 million employee surveys, ‘learning and development opportunities’ were found to be the second most significant factor in determining engagement
While instructor-led training delivers great value, utilizing microlearning and on-demand resources can be expedient in bridging skills gaps. These tools allow us to engage in learning in a manner that is flexible and tailored, integrating personal development seamlessly into our day-to-day activities.
Research shows that by 2026, the corporate online learning industry will grow by over 250% hitting almost $50 billion.In 2019, 59% of learning and development pros spend more of their budget on online training than they did three years ago. Over a third of them also spend less on instructor-led training (ILT).
In addition to instruction-led training and online learning, being open to feedback is a great way to ensure continuous learning. Feedback is a powerful catalyst for growth. We foster a culture where constructive criticism is not just accepted but encouraged, knowing that it is through this exchange of perspectives that we can truly refine our skills and approaches as leaders.
If we really want to drive peak performance, it is important to ensure that learning interventions are not just sought to tick the box. Appropriate training needs analysis must be conducted, the best fit training service provider consulted, and adequate budget must be provided to guarantee success.
D. The Evolution of Performance and Impact Measurement
One major reason some leaders relegate leadership development is because they don’t measure the ROI on such investment. Performance and impact measurement is evolving, focusing on the tangible results of leadership activities.Implementing ROI Metrics for Leadership Programs will enable us ensure that the investment in our growth yields quantifiable benefits. By doing so, we link the development of leadership competencies directly with organizational success markers.
Another strategy to support performance and impact measurement is to cultivate a culture of continuous feedback. This will enable you maintain a real-time pulse on your performance. Endorsing the continuous feedback model that allows for immediate and frequent insights into your leadership efficacy will promote fast adaptation and development.
As leaders, we also need to consciously align our behaviors with our strategic goals, understanding the importance of coherent action in achieving desired outcomes. This alignment ensures that every effort made by our leadership contributes directly to our overarching objectives.
Conclusion
Next Tuesday, we will continue the discussion by sharing two more strategies any leader who want to build a peak performance culture must apply. You can join us for Rock Your 2024 Like A CHAMPION – A hybrid session where we will distill your goals and give you a roadmap for WINNING BIG in 2024. This program will get you on the path of cultivating a growth mindset and taking consistent valuable action in 2024. Visit www.abiolachamp.com/RY2024LAC to register.
About Dr. Abiola Salami
is the Convener of Dr Abiola Salami International Leadership Bootcamp and The Peak PerformerTM. He is the Principal Performance Strategist at CHAMP – a full scale professional services firm trusted by high performing business leaders for providing Executive Coaching, Workforce Development & Advisory Services to improve performance. You can reach him on hello@abiolachamp.com and connect with him @abiolachamp on all social media platforms.
