Finding the time and resources to invest in professional development, such as a team assessment, can seem like an overwhelming prospect. However, in the long term, investing in a training program can actually save your business money. By providing opportunities for your employees to excel and further develop professional skills, you foster a positive company culture, can identify strong leadership and demonstrate a continuing investment in your employees. In the long run, your business is more likely to thrive when employees feel valued, because they’ll feel more confident in their careers and push innovation.
“The cost of recruiting a new employee is thousands of dollars.”
Why is retaining employees so important?
Unfortunately, many companies today foster a slash-and-burn-style culture of recruiting employees for short durations of time, often even under a year. Yet, according to Zen Workplace, the average cost of recruiting a new entry level employee costs 30 to 50 percent of their salary. If workers feel they’re stagnant in their careers, it’s inevitable that they’ll start seeking new opportunities elsewhere. This leads to high costs in on-boarding new employees, and the pricey cycle simply repeats itself.
U.S. News and World Report notes that often employees want to develop professionally, but may not be able to incur the cost of seminars, training programs or other resources independently. When employers take on this cost, it can lead to happier employees and encourage collaboration. Business simulations and other programs are best used when employees can work in teams, and therefore are optimized for a workplace setting. Establishing this level of collaboration in the office, while simultaneously developing core career skills for employees, can contribute to loyalty and retention.
Foster leadership skills
Identifying strong leadership in some employees might be easy, but with the day-to-day minutiae of many jobs, some workers may not have ample opportunity to excel. When you invest resources into professional development, you give workers a chance to utilize skills that may not shine during the average work day. By identifying leaders currently within your organization, you can promote internally, which fosters the idea of employee value. When workers feel that there are opportunities to prosper and move up the ladder in an organization, they’re more likely to stay for the long term.
Innovation is key
More often than not, workers have ideas for making processes more efficient or have creative ideas that need support. For employees to share these insights, they must feel invested in the company and that they will be with the business long enough to see ideas come to fruition. Moreover, innovation is often best realized when workers are confident collaborating. Training programs can introduce a philosophy of teamwork and collaboration that, when supported, becomes a natural component of an organization.
Training programs can seem like a hefty cost up front, but in time provide positive outcomes for organizations of all sizes, whether a small startup or major corporation.