Business leader conducting training with team
It’s a well known truth that you have to spend money to make money. Continuing to reinvest in your business in a smart and strategic way is essential to staying competitive in ever-changing markets.
Understanding where and how to allocate resources, however, can be a budget balancing act. Technology and equipment upgrades, infrastructure maintenance, marketing programs and talent acquisition tend to take precedence. But when Gallup reports that more than 50% of US employees are “quietly quitting,” failing to reinvest in their current workforce is not an option.
Competitive salaries, good benefits packages and flexibility are essential in today’s still tight job market. However, prioritizing employee development has some added perks that really make it a win-win proposition. From greater job satisfaction and loyalty to better retention rates – and ultimately better employees – continuous learning benefits everyone involved. If you’re not already emphasizing employee development, here are some reasons why it’s time to shift your focus.
1. Attract the best talent
Every company hopes to attract top talent. From the pandemic-driven pivot to more remote work options, candidates can now access opportunities across the country and the world. High-performing professionals are looking for more than just cushy pay and robust benefits packages. For ambitious and driven individuals, development opportunities are an important selling point. They thrive on challenges and continually seek out opportunities to broaden and expand their skills.
Potential employees want to know they have a future at your organization. They want to land somewhere that offers longevity and room for growth. When you foster a culture of professional development, these individuals can see that their drive is valued and embodied by your organization. They want to reach their potential and your company must be committed to ensuring that happens.
2. Increases retention
Even more important than attracting new talent is keeping the people you already have on hand. Replacing a lost employee can easily cost you half your annual salary or more. And when a team member leaves, they take vital institutional knowledge and a significant amount of company morale with them. Losing great employees can have a devastating domino effect that results in even more turnover.
Emphasizing professional development sends a clear message that your company cares about the future of its employees. In addition, he considers these employees to be an important part of the company’s future as well. Continuous development allows employees to see themselves in their company’s long-term vision and values. Loyalty grows out of this shared expectation of a mutually beneficial future – and loyal employees don’t leave.
3. Keeps the team satisfied and engaged
Job dissatisfaction and boredom are costing companies real money in lost productivity and engagement. Team members need to feel that their work has real meaning and value. Happy, engaged employees do better work, produce more, and make fewer mistakes. Additionally, well-trained workers have a greater understanding of how to do their jobs effectively. And with more positive results comes even more job satisfaction.
Helping your employees grow encourages them to continually reimagine themselves and their daily work. It keeps their minds and perspectives fresh. Ask team members how they envision their positions in the future and help create the maps for getting there. Ultimately, your employees’ success is your company’s success.
4. Allows you to create future leadership
Investing in employee development allows you to shape your future leadership around your company’s specific needs and values. With a culture of learning and growth, you can identify nascent leaders early on. Offer them targeted opportunities to expand and diversify their skills to build a pipeline of qualified candidates for future roles.
Internal promotion allows you to retain any investments you’ve made in your employees. These insiders are already familiar with your company’s day-to-day operations. They can more easily transition into new roles by leveraging previously acquired knowledge and skills. Recognizing and utilizing existing talent can also empower co-workers to seek greater advancement and more responsibility.
5. Keeps your organization looking forward to the future
Staying ahead of the curve in a world that is moving forward at breakneck speed is no small feat. Industry standards everywhere are constantly evolving, and staying relevant is a must. Enterprise-level innovation is vital to ensure markets and continued expansion. New strategies can improve products, increase efficiency and reinvent outdated processes. But achieving innovation requires a company formed by innovative minds.
Professional development gives employees exposure to new people, new ideas and creative ways to approach current and future work. Through continuous learning, employees can build industry knowledge, discover new strategies and techniques, and learn about the latest technological advances. They can bring the spirit of innovation to their daily work and more easily adapt to future changes.
In today’s job market, professional development has gone from being a nice perk to an essential requirement. It attracts high achievers looking to reach their potential and ensures that current employees feel useful, supported and valued. Whether you promote learning through training courses, mentorship programs, or educational reimbursement, when employees are growing and developing, your company can follow suit.