If you put together a circle of business leaders and ask them what they need in order to successfully create a business with longevity, you would likely hear that employee development is somewhere near the top of the list. Where many of these leaders fall short is actually delivering on said development. However, not investing in your employees is often hindering your own potential success rather than saving money. Seventy percent of American workers are either uninspired at work or actively disengaged, which cost businesses more than $450 million in 2013. The only way to combat this issue is provide motivation for your employees, which comes best with investment.
- Encourage (And Sponsor) Skill Building
Let’s start by dispelling a myth many bosses hold as truth when it comes to employees. Creating a more skilled employee does not necessarily guarantee they will suddenly take their abilities and leave you. In fact, it’s the opposite. One of the many reasons people choose to leave their jobs is that they no longer feel any challenges or chance at improving themselves at their current jobs. As a result, they look elsewhere.
How can you prevent this? For one, consider instituting employee training programs. This may seem like a lot of money to invest, but in reality, it’s the opposite. A report by Oxford Economics puts the cost of a new hire at around $30,000. Meanwhile, the average cost of ongoing training is $1,500 per employee. Another option is letting the employees choose what training they would like to do by setting aside a stipend for personal development.
- Implement A Wellness Program
This may sound a bit off-base, but one of the most demanded quality-of-life aspects of a company is a wellness program, with 77% of employees saying that “health and wellness programs positively impact the culture at work” in a survey. Why is this so? Different people have different reasons, but remember that work-life balance is a hot-button issue these days, and many people feel that they are so focused at work that they don’t have the time to put together a proper regimen. The ability to do so at work gives many employees a great peace of mind.
A healthier set of employees are often not only happier and harder working, but help the bottom line as well. A Harvard study recently showed that medical costs decrease by about $3.27 for every dollar spent on wellness programs, and absenteeism costs are reduced by about $2.73.
- Help Your Employees Develop Their Personal Brands
If you’re noticing a trend here, it’s that employees respond well to initiatives that help them as complete people, not just assets to the company. In the same vein, employers often neglect an important development opportunity: giving employees to improve their own personal brand. Have you drawn attention to content they create or awards they receive? How about encouraging them to have updated, complete, and professional social media profiles? Not only does this improve their image in the professional world, but helps you as a company. Visible employees instantly make your company look more credible, and in some cases, may create opportunities where you didn’t know there were any.
- Develop A Company Culture
Sometimes a company culture may be something the furthest from your mind when you are focusing on the day-to-day trials of a business. What you may not realize, though is that if you’re not working on creating one, a culture is being created without you—all the more reason to take the reins. When you’re thinking about putting together the tenets of a company culture, try to match your branding. For example, if you put together a fun, family-friendly product, you want to put this friendly, likable, open mentality into how your company is run. However, by the same token, you don’t want to push it too hard on employees. For one, it may drive them away rather than help them buy in. In addition, as your company grows and shifts, so will your culture. However, if you succeed, your investment will show that you practice what you preach—something many in the job market are looking for.
- Learn From Others
In the same vein of many business practices, while innovation is treasured, so is also keeping an open mind to the rest of the market. Investing in your employees is no different. More and more major companies are using employee development to appeal to the best potential employees in their fields. Could you name what some of those techniques are? If not, the time has come to do your homework, and it’s easier than ever to learn some of these tactics.
For example, Alder’s Linkedin profile covers how the security company uses various amenities and practices to retain talent as the company grows. One of the best things you can do is look to see what other companies in your field are doing to not only make their talent happy, but make them better and more well-rounded at what they do. Not everything is possible to implement, but that’s okay—see what’s feasible and start implementing a plan.
We all want top-notch employees to be handling the important jobs at our company, but sometimes, you need to do your part as an employer to create that employee. Implementing the practices described in this article can cost time, money, and energy, but when an employee knows you think of them enough to make that expenditure, they can pay you back with their newfound skills, and the top of the job market will be watching your actions.
