One of the most important aspects of a well-run and successful business is its employees. How good your employees are is an essential consideration if you want to have a productive and efficient company. However, for your employees to progress and evolve, it is essential that you invest in employee development. This can mean several different things from external staff training to in-house team building exercises.
Many companies make the mistake of overlooking the importance of employee development, but it is an essential part of your overall company progression, and without it, you may find that your company is falling behind its competitors. While employees have a duty to work for their employer, the employer should also ensure that they are getting the most out of their employees and that they have the skills required to do their job to the best of their ability.
Often, employee development is something that employers put on the back burner and intend to do at some point in the future but becomes easily forgotten about. Just in case you still aren’t convinced enough, here are some of the main reasons why investing in your employees’ development is key.
Boosts Company Reputation
For your company to be successful, it is important that you have a good reputation with potential clients and future employees. It is a positive aspect of your business if your investment in employee development is recognised by others and it may allow you to attract the best staff when you advertise vacancies in your workforce. By doing positive things towards your employee development, then this will be returned when your employees do positive things for your business. Think of it as positive business karma!
Not only will investing in employee development help to improve your reputation and attract the best staff available in the industry, but it will also help you to retain good staff. Research has shown that around 40 percent of dissatisfied employees end up leaving their jobs and they will have disengaged with their job role and workplace long before they take the plunge and look for work elsewhere. Having members of staff that are disillusioned and no longer engaged in their role and their place of work will have a significant impact on company productivity and is estimated to cost businesses around £550 per disengaged employee.
Instead, by showing new members of staff that as a company you take their development seriously and that the company invests in employee progression and development will help them to stay focussed and engaged with their job role. This gives them further motivation to work as hard as possible.
While investing in employee development may ensure that you have some of the best trained and experienced staff as part of your workforce, it also means that you can develop their knowledge and skills after they have come to work for you. Learning never stops and there are always new skills and innovative techniques to consider when it comes to working in a professional industry. Therefore, by investing in your staff after they have started working, this ensures that their productivity and performance is maintained at a high level. Even if someone you hire has twenty years’ experience in their field, don’t assume that their learning has finished. If you have members of staff who are not confident in essential skills, then you should consider facilitating their training. You can do this through Findcourses where you can find professional training in your area, such as training Scotland. If you want your company to be productive and high performing as possible, then it is important to keep your staff regularly trained and up to date on all the latest developments in your industry.
Allows Employee Promotion
One of the biggest motivations that leads to employees leaving a workplace and finding work elsewhere is because of the lack of promotion opportunities available to them. It is important that your business allows a route for promotion so that employees feel that their hard work will be rewarded. By making lines of promotion accessible and visible to employees, you are providing them with something to focus on and work towards, which will in turn help to increase their overall productivity.
Upward mobility is an important feature in the workplace and many employees don’t want to find themselves working in the same position and doing the same role for decades. Therefore, if you find yourself a good employee then make sure you make the most out of them and promote from within. Don’t automatically advertise externally for job roles; think about who is already in your workforce that could be deserving of a chance to step up to a significant opportunity.
Less Worker Turnover
By investing in employee development, you can limit the worker turnover that your company goes through, which will save money in the long term. Even if you employed the perfect candidate for a job vacancy, you will still have to train them on the way that your company works and your other employees will have to take time out of their schedules to help new staff settle in and learn the ropes. This takes their attention away from the work the company is already working on and reduces overall company productivity.
To avoid this, you are better to invest in the staff that you already have and focus your time and money into their development to fulfil the role required instead of hiring someone with no experience of your business. However, this isn’t always possible, and it is important to bring new staff into your workforce occasionally to introduce fresh and new innovative ideas to your business.
Increased Employee Loyalty
Another reason why investment in employee development is key is that it will lead to increased employee loyalty. By investing in your staff and ensuring that they are constantly facing new tasks and learning innovative skills, you are showing your interest in them and their capabilities. This will lead to your employees being much more loyal to you and your business. In cases where staff do not feel valued or rewarded, or that their employers don’t care about their progression, they are unlikely to remain loyal to their employers or in their role within the company.
By being a company that promotes employee development and encourages employee loyalty, you may find that your staff refer other highly skilled professionals to work for your company.
Sometimes in business, things don’t always go to plan, so it is essential that you, your business, and your workforce can be malleable and flexible when needed. Well trained staff are the best at being flexible and are able to change direction with little warning. Therefore, by investing in additional training for your workforce you can ensure that your staff can react quickly and efficiently when faced with unprecedented obstacles.
Spending time developing and training your workforce can sometimes be overlooked and derailed in the busy daily life of a business. However, it is important not to underestimate the importance of investing in employee development and how this can lead to more success for your staff, you as an employer, as well as the business overall.