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Definition of Leadership Development:

Leadership development is expanding and enhancing the skills, abilities, and knowledge of individuals who will perform in leadership roles in an organization. These individuals will be responsible for successfully executing the business strategies and help immensely in achieving the organization’s goals and objectives. These leadership roles could be formal, with decision-making authority, or could be informal wherein they engage with employees, mentor them, and provide timely feedback. 

Companies usually invest considerably in leadership development programs, and it usually involves coaching and mentoring. It is an essential part of succession planning. Often, leadership development is used interchangeably with leader development. Some argue that leadership development is about enhancing the leadership skills of every individual, instilling a sense of ownership in everyone. Some others believe leader development is more about training an individual to a particular leadership role, focussing on the goals they have to achieve.