It was Henry Ford who once said: “The only thing worse than training your employees and having them leave is not training them and having them stay.”
Every manager wants a team of highly skilled employees, and it is a fact that if you want to recruit and retain high quality talent, you must invest in employee development. After all, a recent IBM study showed that employees who do not feel as if they are developing and thriving within a company are 12 times more likely to leave.
When employee goals fail to move beyond making it through the day and bringing home regular pay, that is when both the employer and employee suffer the most, and this can stem from a frustration of business stagnation, lack of engagement and, ultimately, a lack of development opportunities.
So, what are the top reasons you should be investing in employee development?
- It boosts your company’s reputation
Investing in your employees’ learning and development can boost your reputation as an employer who cares about their staff. Offering employee development as part of the benefits of working for your company can help you to fend off competition to attract the best talent. It can also cultivate an environment of continual improvement.
- It increases employee loyalty
By investing in employee training, your employees will feel valued and appreciated. This will make them more loyal to the company, and loyal employees are more engaged, motivated and productive within their roles. This, in turn, will lead to a positive work environment, which increases employee motivation and fosters individual growth amongst employees.
Research has shown that employee replacement can, on average, cost a company between 6 and 9 months of that employee’s salary. On top of reduced output, high employee turnover rates can affect a company’s market position and profitability.
- It boosts employee ability
Perhaps the most obvious benefit of employee development is the effect that it will have on their abilities and output. The more you train your team, the more successful they will be. Employee development creates a pool of talented and loyal employees who are aware of their strengths and weaknesses and are able to develop these further.
Not only that, training and development has been proven to make employees better able to respond to changes in the market, contributing to company successes in the long term.
For the training to have the most impact, alongside identifying any skill gaps that you have noticed, ask your employees what development opportunities they think they would benefit from. This will make your employees feel heard, show your willingness to cater to their needs and show how much you value them.
- Reduces stagnation
By promoting from within, rather than outsourcing, you prevent stagnation within your company, where people are stuck in the same role for years. By training up your employees for promotion, you’ll be rewarding the hard work of people who know your company inside-out with leadership opportunities.
Through prioritising internal promotion, it provides a natural culture of mentoring and leadership. New hires will take time to understand their duties and adjust to the work culture but hiring from within will not only save time but also show your employees that hard work and dedication is rewarded, resulting in employees wanting to work hard and go the extra mile. Also, by hiring from within, you’ll also be able to mould your future leaders into exactly what your company needs.
To see how we can improve your business, get in touch today to see what bespoke development options we can offer – 01437 721879.