Corporate leadership is more challenging than ever. This guide will help you understand the 9 key industry statistics of 2022, which are likely to create new career opportunities for leaders and executives.
The “how to be a leader” is a question that many people ask. Here are 9 key leadership development industry statistics for 2022.
Statistics on the leadership development industry demonstrate that it is a large one.
They do, however, demonstrate that there is still a lot of opportunity for development!
Continue reading to learn how firms execute leadership development, how much money they spend on it, and how effective leaders and corporations are at providing managers with leadership development programs.
So let’s get started!
Statistics on the Leadership Development Industry (Editor’s Pick)
- In 2020, $357 billion will be spent on leadership development throughout the world.
- Between 2020 and 2024, the sector is predicted to rise by $26.7 billion.
- Frontline managers desire to improve their coaching abilities, according to 34% of respondents.
9 Industry Statistics on Leadership Development
1. In 2018, $366 billion was spent globally on leadership development.
On the one hand, according to Training Industry, $366 billion was spent on leadership globally in 2018. Furthermore, in 2019, that figure grew to $370 billion. $169 billion, or about half of the $370 billion, came from the United States alone.
Training Industry, as a source
2. By 2020, $357 billion will have been spent globally in leadership development.
Globally, $357 billion was spent in leadership development the year the COVID-19 epidemic struck. This is a modest decline from the previous year’s figure of $370 billion. If the companies had not been harmed by the pandemic, it is expected that the figure would have been much greater than in 2019.
Training Industry, as a source
3. More than nine out of ten companies aim to maintain or expand their investment in leadership development.
Almost 95% of firms planned to increase their investment in leadership development in 2018 or maintain their current level of commitment. Only around 6% of them, on the other hand, intended to reduce their spending on leadership development.
Business Intelligence Board, Chief Learning Officer
4. Approximately 8% of firms spend more than $10,000 per person on leadership development each year.
According to the Chief Learning Officer Business Intelligence Board, just 8% of organizations spend more than $10,000 per person each year on leadership. In addition, 6% spend between $7,000 and $10,000. Finally, the majority of companies (68 percent) spend less than $4,000 per year on leadership development for each employee. According to a 2018 poll of 28,000 business executives, this is the case.
Business Intelligence Board, Chief Learning Officer
5. 29% of firms employ leadership development to help CEOs improve their strategic planning abilities.
Just under one-third of organizations (29%) say they employ leadership development programs to help CEOs build strategic planning abilities. Furthermore, business acumen was ranked as the top ability that people want to improve by 28%. In addition, 25% want to improve their emotional intelligence and their ability to drive innovation. Finally, 24% said they want CEOs to improve coaching skills as part of their leadership development programs.
Business Intelligence Board, Chief Learning Officer
6. Organizations desire to enhance coaching skills for frontline managers in 34% of cases.
According to a poll of 28,000 company executives conducted by the Chief Learning Officer Business Intelligence Board, 35 percent of firms want frontline managers to improve coaching abilities via leadership development programs. Furthermore, 31% said communication is the most important skill for frontline managers to learn. Employee involvement, business acumen, and critical thinking are also mentioned by 27%, 21%, and 20%, respectively.
Business Intelligence Board, Chief Learning Officer
7. Training and development will cost an average of $176 per employee in 2020.
Companies spent more in 2020 ($176) than they did in 2019, when they spent an average of $147. However, it is still less than in 2018, when businesses spent an average of $194 per employee.
Training Industry, as a source
During the pandemic, there was a 19% rise in virtual instruction-led training.
During the pandemic, enterprises used virtual instruction-led training at a 19 percent higher rate, whereas they used live instruction-led training at a 10% lower rate. Finally, according to the leadership training data, there was a 7% rise in integrating training and learning approaches.
Training Industry, as a source
9. Between 2020 and 2024, the market for leadership training is predicted to rise by $26.7 billion.
The leadership development business is predicted to rise by $26.7 billion between 2020 and 2024, according to Technavio. As a result, the existing high-value sector will grow even more.
Technavio is the source for this information.
The Final Word
Finally, data from the leadership development business show that the development and learning industry is a fast-growing one. It also informs us how much money companies put into it and the abilities they want their workers to learn via training. Leadership statistics and leadership development statistics, on the other hand, may provide us with even more information on this subject.
