Executive Corner – Future-Proof Your Workforce
Michael Clegg | 10/04/2023
Every company has a multitude of assets.
When you think of an asset, what comes to mind is usually cash, accounts receivable, product designs and trademarks, buildings, machinery, and the list goes on and on.
Business owners, CEOs, and managers try to maintain and grow those assets. More money, more investment back into the company, more products or services offered, and again, more money are all part of the framework for business growth. Leaders usually emphasize the products and services because sales bring in revenue. They forget that an even more valuable asset needs investing—the people!
Your employees drive your business, whether directly or not, and they are worth the investment. More specifically, they deserve professional development. Sadly, there is a lack of emphasis on professional development and training programs.
This gap is not merely a missed opportunity; it’s a deficiency that directly impacts employee engagement, satisfaction, and, ultimately, a company’s profitability.
According to the data, 45% of workers are willing to stay longer at a company that invests in learning and development opportunities. Moreover, companies with comprehensive training programs boast a 24% higher profit margin, underlining the direct correlation between investment in employees and financial success.
Employee interest in professional development is not just a passing trend—it’s a demand that defines the expectations of the modern workforce.
A whopping 87% of Millennials report that professional development and career growth is a priority in their job search, yet only 29% are very satisfied with current career advancement opportunities.
The gap between aspiration and reality is striking, emphasizing the urgent need for companies to reevaluate their approach to employee growth and development.
Impact on Retention Rates
Retaining top talent is a perpetual challenge for companies. The cost of turnover is high—financially and regarding knowledge loss. Financially, it can cost anywhere from 100% to 300% of the lost employee’s salary to replace them. Investing in employee development is not just a strategy for retaining talent; it’s a proactive measure to ensure a skilled and engaged workforce that contributes to sustained success.
Benefits of Training and Development: A Win-Win Proposition
The benefits of investing in training and development are compelling. Not only do your employees feel valued, but they also feel like they can grow. Companies with comprehensive programs enjoy a 218% higher income per employee, engaged employees lead to 17% higher productivity and 21% higher profit, and leadership training enhances learning capacity by 25% and performance by 20%. It’s not just an investment; it’s a strategic move that pays dividends in productivity, profitability, and a positive workplace culture. The best strategy that companies can employ is Professional Development.
Seizing the Opportunity: Promoting Professional Development Services
The need for comprehensive professional development services is clear. We’ve developed the Pathways Program at Q Works to meet this demand. Everyone deserves development. It’s our goal to close the gaps in training and future-proof your workforce, ensuring they stay ahead in an ever-evolving business landscape.
It’s not just about filling a gap; it’s about unleashing the full potential of your workforce. By investing in comprehensive, personalized, and accessible training programs, companies can enhance employee satisfaction and drive unprecedented success. The choice is clear—seize the opportunity to transform your workforce and propel your company into a future defined by growth and innovation.
Sources: Joey Coleman WorkRamp Zippia
Want more leadership-focused content?
