Key reasons why smart business leaders invest in Employee Development
Key reasons why smart business leaders invest in Employee Development
It’s a dream of every business leader to build a great business which grows 10x. Everyone likes the fragrance of one hundred percent optimally performing business.
But then, even with the best talents, effective techniques and technologies, it’s almost impossible to near adequate efficiency. At least until we learn the skill of leveraging human resources correctly. No matter how talented employees are, if they are not nurtured and trainedenough, then the business would be failed.
Development and Training isn’t just important to any company, it is Critical.
It’s a simple equation. The growth of any business is directly proportional to Employee development.
As the business landscape becomes increasingly dynamic, improving your team’s performance is imperative within evolving markets. Employee development and training is no longer an additional perk reserved for the C-suite, it’s mandatory for the growth of any business and the team that drives it.
Why Leaders Should Invest in Employee development
When business leaders invest in employee development, they attract and retain all the best minds, and they also build animpregnable work culture unafraid of innovation, change, failure and success. Employees grab the bull by its horns and run with smart ideas, instead of running away from difficult situations. Here are the key reasons why leaders should invest in employee development, and thus, company’s success or rather growth.
# 1 Best Way of Attracting and Retaining Talented Employees
Money is no more the major factor attracting talented minds; employees have now started looking beyond the bill.
This is the age where the employees prioritize better career growth, work culture, scope for development and learning over or along with other compensations.
Certainly, to sustain as a company with faultlessteam, Leaders have to start focusing on employee development. Speaking of how it’ll help any organization to attract and keep the most valued employees.
After all, no employee wants to work at a company that lets its people stagger while the competition passes them by. And no one wants to stay at a company that fails to value the knowledge of its team.
Better compensation to Employees
Employee training is the better remuneration for any
employee whose first priority is skill development and career growth.
Think about it. If any organization is going to work on an employee’s professional skill assessment and development, this cognition and training is going to stay with them wherever they go as it’s clearly an asset for them.
Also, offering employee training and development as a part of the job responsibilities will place the employer above their competitors.
Train employees to make them more loyal
It’s true that employer behavior towards employees largely determines their loyalty towards them.
And one sure shot way of making this happen is by providing them adequate training. As a result, they may stick with the organizationand passing the tests of time.
Ultimately if an employee feels he is given recognition by his organization, it will boost his morale and encourage positive behavior towards work. This will encourage an employee to do his work effectively and efficiently. So, the result of this is that the employee will be happier; therefore, he will stay longer with the organization.
Helps companies to earn A Better Reputation
Goes without saying, Valuing employees and care on honing their skills boosts the reputation of the company.
What is good reputation? In simple words, more trust and interest among potential employees/candidates. Also, this is one way of attracting loyal supporters and making it to the good books of your customers and prospects.
Everybody likes brands that are cordial over the ones that are not.
By adequate Employee Training companies can Attract Good People
While a good remuneration may attract a huge lot of potential candidates, with the provision of employee training, companies will be attracting the cream of them.
The ones who want to improvise. Work on their skillset and strengths. The eternal learner kinds, joining the organization so they can be better and use those skills for the company’s benefits as well. No wonder, why investing in employee training is a really good idea.
#2. Employee Training and development Produces Better Managers
If the employees are trained adequately, business leaders won’t have to worry about hiring managers in the future.
How? Well, here are the answers.
- Employee training and development program will be helpful to create a pool of competent employees
- Out of this bunch, it’s possible to select the suitable employee for the promotion.
- An employee training program is the easy way to know employees’ strengths and weaknesses
By making new comers to go through an employee development program, leaders can make sure that they promote the trained talents.
From a business point of view, nothing can be better than this, as by hiring senior staff and managers from the available pool of talents within the company, leaders can save the effort of training new managers.
Also, as these employees would already have an experience of work morale and culture of the organization, they’ll quickly get a hang of their roles and responsibilities. This saved time can be invested in other important business functions.
#3. Improves Engagement among Employees
Thoughtful leaders try to avoid the employee’s boredom in work place.
Although, it’s crucial to let them have some time off while working, letting them get bored in most cases backfires bad. The reason is that such boredom could make them lazy, evoke negative attitudes in them and give rise to several haphazard work habits.
This will directly affect the team and work place’s productivity. So, what’s the best bet? Keep them as engaged as possible. It’s one simple way of implementing the required workplace morale.
Plus, it’ll keep the team active throughout their office hours so they feel more productive and can focus better on the tasks at hand.And also, most importantly, the time that would have gone into boredom will be utilized for adding value to your business and its precious pillars; your employees.
#4. Boosts the organization’s ROI
Some investments pay off well and some investments don’t.
Employee development is one of the good investments that pay off well and for a good duration of time.
Basically, the funds that have been allotted to invest in employee training and development will come back to business as these well trained, confident and engaged employees will bring for you.
Gives monetary vision, right?
Well, that’s the beauty of employee training and development. It doesn’t only attract and retain talent but also encourages them to use their abilities and skills optimally towards their roles and responsibilities.
This efficiency is the reason why the company can invest less money for hiring new employees. Clearly, this will give a boost to the company’s ROI as the business could make the same (or maybe more) amount of money for a smaller investment.
Also, employee development has the potential to increase sales, because sharpened minds always play ahead.
#5. Employee Development Prepares the Business for Scaling
When a company invests in employee development, it is making the way into the elite club of organizations using the modern tool of management and hence it’s nodding yes to the future.
In simpler words, when the employee is given adequate training and there is a continuous action on their overall development, they become ready to face all sorts of challenges that the organization may have to come across at the time of scaling.
Also, employee training could be used for upgrading employees’ skills and talents according to the upcoming technologies and trends.
For example, a decade ago, companies weren’t that aware of some new technologies. So, what did they do? Didn’t sit ideal for sure.
They started upgrading their arsenal. Trained their employees. Hired new talents with the right skill set to handle the new technologies.
Introducing them to the latest set of tools and gears that go into efficient development and execution of a product, service or business efficiently.And everything else that happened.
It seems like a good move, right?
Well, perfect enough to work for all businesses and industries. So, don’t let go of the chance and to prepare the business and employees correctly for future scaling.
Here’s a quick list of some interesting employee development stats,
According to LinkedIn’s 2019 Workforce Learning Report, 94 percent of employees say that they would stay at a company longer if it simply invested in helping them learn.
A long-term research project commissioned by Middlesex Universityfor Work Based Learning found that from a 4,300 workers sample, 74% felt that they weren’t achieving their full potential at work due to lack of development opportunities.
A whopping 87% of Millennials say that professional development and career growth are significant to them.
Seventy-four percent of talent developers, 66% of people managers, and 65% of executives agree that leadership training is the most important type of soft skills training to invest in right now. And most of them also agree that training employees in communication and collaboration is a must.