No longer is a great employee retained through a generous salary (even in a cost-of-living crisis)! Work is where we spend a third of our lives and gone are the days when money would be enough to confirm the signature of a new employee. Now workers proactively seek more than this – they want to be fulfilled at work to achieve job satisfaction and self-actualisation. That’s why investing in employee development is key to retaining your top talent. If you do not do this, your company will suffer.
Examples of Investment:
Day One: You can invest in your employees from day one in multiple ways. Research indicates that a successful first day and induction period means your employees feel valued from the very beginning. As a result of this, they are more likely to create an emotional attachment to the company and therefore will be less likely to leave. Furthermore, showing you care on that first day could consist of small acts of kindness such as a manager taking them for breakfast or a coffee to welcome them, a buddy person to bounce questions and ideas off, a care package on their desk to welcome them (could consist of any relevant paperwork, a coffee cup, café voucher, pens etc.). All these small acts of kindness build that relationship from day one as well as solidify expectations.
In addition to a strong welcome, a comprehensive training program as part of their induction also shows you want them to succeed and gives them the tools to develop right from the start. Successful training often consists of both a company induction (such as an overview of the values, culture, policies, benefits, meet and greet etc.) and a role-specific induction. It also pays to inform employees of the performance management and development plans. You could even go the extra mile with a welcome breakfast on their first day!
Continuous Learning & Development:
This is probably the BEST investment you will ever make! Invest in your people and your people will invest in you. Having learning and development plans for each employee is becoming the new normal with full departments now existing to help make this happen. Examples include skills training, courses (such as CIPD qualifications) and peer training.
Even better tie this in with your learning and development team and ensure that the employee contributes to their own career pathway within your business! A performance management meeting should be a two-way process discussing feedback and career development, which aligns with the company vision.
Benefits of employee development for the company
- Creates a reputation as a company people want to work for.
- Attract the best talent for your business.
- Retain the top talent by keeping employees challenged and by allowing opportunities for them to grow and upskill.
- Costs of recruitment are lowered significantly due to lower turnover.
- Companies, where employees feel valued, have less absenteeism and presenteeism.
- Increased productivity and profits.
Benefits of employee development for the employee
- Motivation levels are higher.
- Engagement goes up!
- Employees feel valued.
- Generation Z wants to be developed and actively seeks this when looking for an attractive employer.
- Allows a career pathway to be created within one business and provides stability and belonging.
- It seems clear that the desire to be developed is here to stay. Research shows this is a win-win for both the employee and the employer and that creating a culture of engaged successful and motivated employees is well worth the ROI and the effort!
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