Making sure a business survives through the day-to-day, month-to-month, and year-to-year can be a challenge, but how do you make the move from surviving to thriving? Mick Yates writes this article to explain how investing in your employees now can create a positive effect for your business for years to come.
It is not easy keeping up with the current business market. With millennials taking over the lead, employers and business owners constantly need to search for new ways to keep their employees motivated and therefore retain them. Opportunity for millennial’s success are everywhere and if they do not feel content on their current position, they will easily move on to the next opportunity they see. Young people are highly confident in their career goals, and they have no time to spare in a place which gives them no room for growth. There is no better way to keep your staff engaged and motivated than to help them thrive and improve their skills. Here are some of the reasons why you should start investing in your employees’ growth as soon as possible:
1. It Boosts Productivity And Morale
Employees want to be recognized for their own qualities and talents. When an employee is confident about their work and knowledge they own, it directly affects their productivity (or lack of). Investing in their career and knowledge will show them that you, genuinely care about them. It helps to build a healthy and motivated working environment. Giving them space to rise and shine is going to make them more confident in their skills. But not only that they will feel confident, they actually will have a pretty good reason for it.
2. It Keeps Staff Turnover At A Lower Rate
With options lurking everywhere, the easiest thing for one Millennial with no, to little experience, is to walk away and find a position where their needs will be properly met. Younger employees are hungry for knowledge and they tend to lose interest quickly if you do not provide them with a constant chance of improving. It is your job as a leader to be interested in your staff and in their needs. Investing in their skills will not only make them feel more confident, but it will also prepare them for more serious positions in your company. That way, you do not have to start from scratch every time you need a new manager or a leader – you can offer the position to one of your existing staff members that already know the job. Believe me, they will most certainly appreciate it.
3. Fewer Mistakes
If you skimp on your employees’ training, you are most certainly going to face their failure or lack of skill. Undertrained or unskilled staff members are always the ones making most of the mistakes. Thankfully, with proper training/programme, your staff members will feel more in control over their own work and they will actually know how to do it (properly).
4. The World Needs Leaders
Investing in training and leadership development is one of the leading ways of keeping Millennials engaged and loyal. Who would want to leave the job where opportunities for growth are endless? But even if they do, it is not that big of a deal. The world is in the need for strong, and young leaders, who can offer valuable leadership skills to the world’s job market. One of the first countries that seem to realize this, are Australia and Canada. Providing leadership development in Australia became almost mandatory in some business industries, and for some, training is at least once in a few months.
5. Reputation Matters, A Lot
A good leader who left your company for another opportunity should never be underestimated. Millennials will usually wander off to another workplace after 18-25 months of the same job (and position). Remember, wherever they go, they will take your company’s reputation with them. For every good employee you lose, you may gain triple – but only if you put your effort into engaging with your team. If they remember your workplace as a safe place for growth, they will most likely even come back after they have satisfied their need for change.
Coaching programs and leadership development training are slowly becoming almost mandatory in this chaotic business market that is spinning 24 hours per day. Keeping up with the current trends is not even a choice anymore – it has become crucial for the success of any comp
This article is written by Mick Yates, an executive leadership coach who is the founder and CXO level consultant for LeaderValues. You can find this post here.
If you need help getting started in a new business venture, and you are in Chicago, Oak Brook or surrounding areas, contact us today if you feel you need some coaching on this topic!