Jason Hennessey is the founder & CEO of Hennessey Digital, and an SEO expert, author, speaker, podcast host, and serial entrepreneur.
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As a CEO, I work with a lot of business leaders, and over the years I’ve noticed some tend to overlook one of a company’s greatest assets: their employees’ ongoing learning and professional growth.
Have you ever wondered why so many employees have left or are poised to leave their stable jobs right now? Interestingly, a report from LinkedIn found that a majority (94%) of workers said they would stay with an employer longer—and be more engaged—if their employer supported their individual development.
You might be thinking that it’s all doom and gloom, but it isn’t. Just like you put your money into the stock market, there’s an even more valuable asset. Investing in your intellectual capital by providing a thorough training and development program for employees improves your talent magnet for attracting and retaining employees. It makes your company more appealing to prospective employees and keeps your current employees invested in continuing their employment.
In my own business, I’ve learned the value of investing in my employees’ growth and success. Building a strong team is one of the best assets you can create for your business. In a growing company, it’s vital to have dynamic training and continuous learning resources to create effective growth. To help with this process, we’ve hired a learning and development manager who develops curricula and creates opportunities to invest in our employees to create “people success” within the company.
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Improving The Team
When I’ve been asked why I invest so much in my employees, business leaders are often surprised by my passion that it’s my employees’ development that will provide the greatest returns. As a person, I want to see them grow and find personal satisfaction in their jobs. As an employee, I want them to continue working for our company and being excellent in their roles. In contrast, the common concern business owners express is that if they do the same, what happens if those employees are trained and then decide to leave? If you’re asking this question, you have the wrong mindset.
Rather than asking, “What if they leave?” you should be asking, “What if they stay?” While there’s some financial risk in investing in employees who may leave, there’s considerably more risk in having poorly trained employees. A poorly trained employee is much more likely to make a costly mistake in your company, and a team full of poorly trained employees will operate much less efficiently and cost you in other ways—lost time, poor decision-making and likely even poor client experiences, which could cause you to lose business.
A better comparison is the cost for employee development versus the cost of turnover: employee hiring, onboarding, training and possibly severance. The talent you have on your team is your business’s greatest resource and asset. The investment made into employee training pays for itself over time when you factor in the turnover costs.
Improving Leadership
A lack of training and continuing education can also lead to poor management and leadership skills, which has a direct effect on the workplace culture and has the potential to create a toxic working environment. Leadership training is an important step that’s often overlooked but can make a significant difference in the productivity and happiness of your team. By giving your leadership team the tools they need to do their jobs well, you can improve retention as well as allow them to take ownership of their roles and play to their skills to produce the best results.
Improving Job Satisfaction
Creating opportunities for continuing education can increase job satisfaction and make your employees feel more engaged in their work. Making the time for employees to spend on learning shows that you value them and want them to continue to grow and develop as they work for you. It enhances loyalty.
Educational opportunities also allow for growth and upward mobility. Many people need to continually grow and feel a sense of progress and satisfaction. You can provide this by giving them ways to acquire more skills in their current role and learn new skills that can help them move into something else they have an interest in, such as a leadership position. We include career pathing, which allows employees to work with their managers toward a promotion or a position in a different department that interests them.
Conclusion
Your employees are the most valuable resource your business has, so it’s worth investing in them to preserve and grow that asset. In doing so, you’ll create a better team, better leadership and better employee job satisfaction. In the end, investing in your workforce will positively impact your bottom line.
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Author: Jason Hennessey, Forbes Councils Member
