You might think that employee development and training, once you’ve covered the basics, is one business expense that you can do without, but take a look at these very real reasons why employee development is an investment you can take to the bank and you might just change your mind:
It Makes Succession Planning Simple
As your business grows and expands, it’s likely that you’ll need to fill more senior roles and it is so much easier to do that when you can simply promote an existing employee to the position – someone who knows the business inside out and is loyal to the company – than it is when you have to bring someone else in. So, by investing in your employee’s continuous training and development, you make succession planning much easier than it might otherwise be.
It Helps Your Company Keep with the Times
In the 21st Century, technology is changing so rapidly that if you don’t keep up with employee development in all of the areas, you could quickly get left behind by your competitors who have invested in their employee’s skills over the years.
It Increases the Value of Your Employees
Continuous employee development makes your employees more valuable, and that makes your business more valuable too. The more your employees know the more they can do for you and the less you’ll have to worry about finding people to ‘fill-in’ or employing new staff to cover skills gaps in your organization.
It Increases Staff Retention Rates
Having your employees, who you’ve trained up at your own expense, leave after a short while because they’re bored or feeling undervalued will cost you a lot of time and money, so it’s definitely something that you don’t want, and you know what? Showing your staff you care about them and that you’re willing to invest in them by sending them on development courses and building their skills, will help you to hold onto your staff for longer and foster their loyalty to your company!
It Increases Efficiency
It goes without saying that if your employees are highly trained, they are going to be able to do more, faster than staff who have trained in something 20 years ago and then left to their own devices.
Not only that, but a company where everyone is educated just runs more efficiently than one where everyone has different levels of education and ability.
It Boosts Your Reputation
Having a team of staff who are all highly skilled and continuously developing themselves will set you apart from other companies in your industry and give your reputation a boost. When everyone knows that you’re operating industry-standard best practices, they are much more likely to seek you out over the competition, and this isn’t something you can afford to ignore in the current economy when most markets are saturated, and anything that makes you stand out in a good way is to be embraced.