Talent is the most valuable asset for any company. It's essential to invest in training and other development opportunities to allow your employees to stay on top of their game, but it's also crucial to protect your talent from outside forces. There is an ever-growing number of companies dedicated to poaching employees from other organizations. Besides, according to a recent survey done by PWC, 65% of employees in the U.S.A are looking for another job. The survey further found that 88% of executives have reported higher turnover than usual. According to the poll, most respondents intended to relocate for a higher salary, better perks, and more job flexibility. Therefore, businesses need to be proactive and think about how they can protect and retain their talent. Companies can ensure that their employees don't jump ship for something better by thinking ahead and investing in the right strategies.
Training is one of the most significant ways businesses can invest in if they want talents to stay engaged and happy with what they do daily. By investing time and money into training, businesses can give employees a leg up on their competition by teaching them new skills that make them more valuable at work. Companies need to invest in different types of training opportunities. Providing individuals with an environment where they feel empowered and capable of doing great things goes a long way toward protecting your business from outside competition.
Ensuring the well-being of workers is another investment that any business should make. This includes workers comp exemption, proper equipment for workers to use while on the job, and health insurance coverage. There is often a lot of fear and anxiety associated with being out of work due to injury or illness. Workers can become distracted or disengaged at work, which can lead to a drop in productivity.
When businesses become proactive about their workers' well-being, workers will be more willing to take risks and become engaged workers. This can lead to a healthier company as workers are feeling good about where they work. They will be less likely to leave the company, which means workers are more invested in the success of their employer. This will also benefit the company as it will increase productivity and business profitability.
Training will allow your employees the opportunity to continue learning, develop new skills, and excel at what they already know how to do. Training your team on something relevant to their job function shows them that you are investing financially and time-wise into them - which is an even more significant investment of trust. Training doesn't just have to be limited to management or higher-level workers but should extend down into lower-level workers as well - especially those who are new hires. This type of training will help workers understand their job functions better, creating a more efficient work environment.
Employee training increases their productivity. Having the right skills to do their job increases an employees' confidence level in what they can accomplish. This leads to them being more productive at work and having a more significant overall impact on company revenues. For example, in 2013, AT&T was torn between laying off 100 000 of their employees or retraining them because their jobs had become redundant in this decade. They decided to retrain, which decreased their product development cycle time by 40% and improved their revenue by 32%. By retraining its employees, AT&T's revenue has increased by 27%. The company has reaped the benefits of investing in its employees by training them.
When you invest time and money into developing employees' skills and giving them access to other opportunities for development - even if they don't leave your company or take another job- this shows trust between management and employees. It also increases loyalty towards both the company who invests so much time, energy, and resources into making sure everyone succeeds at work; as well as toward co-workers
Investing in talent can be of great value to any organization. When employees feel empowered and trained by their company, they will stay longer, reducing turnover rates. It'll also make them more valuable overall when it comes time for promotions or other opportunities within the industry that could lead to better jobs elsewhere - but only if you invest in training!
Protecting your most significant asset is essential within any organization. By investing time and money into developing employees' skills, you ensure that they stay happy with their jobs. This will lead to them being more productive at work as well as protecting the company from the outside competition - all of this adds up to better business outcomes overall.
The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.
To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.