Every business knows that in order for it to be successful, it needs employees… they’re the bloodline to every business, keeping it alive. So, if that’s the case, why wouldn’t a business invest in their employees by investing in an employee training and development program? For some businesses, it’s not necessarily that they purposely won’t create that type of program… sometimes it’s forgotten or pushed aside for business-related matters of greater importance.
As bad as that sounds, it’s the truth. When companies create employee development programs, it makes them feel appreciated and that the hard work that they do day in and day out isn’t going unnoticed. It also lets them know that the company wants them to grow with the company. Sure, it’s easy for some to see clearly see which types of investments are safe bets but the one investment that companies seem to overlook or are unsure of is investing in its employees?
Did you know that lack of development opportunities is one of the top reasons why good employees quit their jobs? According to Forbes, the top six reasons why good employees are quitting their jobs is due to:
- Not feeling appreciated
- No growth or development opportunities
- They’re overworked
- Not being challenged
- Not being paid fairly
- Feel they’re being stifled
Out of all of those reasons, feeling unappreciated is the biggest reason why good employees quit. The sad part is that those employees would never quit if companies would do something, anything, to show employees that they appreciate the hard work that they do, and it starts with management. It doesn’t have to necessarily be anything extravagant… a simple gesture of gratitude would suffice.
A manager can order click pens with a company logo on it and employees will typically be very appreciative of that because by them having an item with the company logo on it makes them feel part of the team and they’re proud to use those products too. If you want to keep the bloodline of your business going, you HAVE to invest in your employees. Take a look at all the reasons why investing in your employees will be the smartest business move you can ever make.
Investing in Employees
Attracts and Retains Great Employees
In case you didn’t know, employee retention is a major challenge for lots of employers, especially during the hiring process. With a solid and effective employee development program, the burden of hiring new employees won’t be there.
Creates Employees Who are Promotable
It’s always a great idea to hire from within whenever you possibly can. The whole point of employee development programs is to get employees ready and prepared for what’s next to come in their career. This is a great investment because for one, current employees already know the company and how the operations and systems work.
There wouldn’t be too much more to train them on in the next stage of the promotion process because they already have the foundation from their previous position. Secondly, it’s much easier to hire someone new for an entry-level position and teaching them the basics. They’ll eventually be able to enter the development program and be up for promotions too.
By companies investing in their employees, it makes employees feel appreciated, right? Of course, but what companies don’t realize upfront is that when an employee feels appreciated, it builds loyalty within them to stick with the company who is investing in them. It’s reciprocity of appreciation rather than a feeling of obligation that employees feel.
Even if an employee was approached by another company that offered them more money, most employees won’t go to the other company solely because they like how their current company makes them feel. With the other company, they know that they may possibly make more money but there’s no guarantee that that the company will make them feel as good as their current company makes them feel… sometimes it’s not about the money.
Companies will see that it’s not about the money when they lose good employees to a pay cut but they’re willing to take that pay cut to be treated with dignity and respect. That’s not saying that your business isn’t incorporating a well-developed employee development program but for those that don’t have one, you’ll be doing your business a huge favor by investing in one.