The importance of training and employee development should be obvious for any business, but what may not be so obvious is how these programs can grow people in a business so that they can prosper in more prominent leadership jobs.
Even if you don’t end up promoting a lot of leaders from within your organization, a focus on leadership development can still lead to valuable benefits for your company. The following six reasons are why your company should focus on growing talent.
1) Leadership Stability
When your company focuses on growing talent by building leadership skills, it positions individuals within your company to take the reins of your company in the future, possibly leading the company to new heights. Hiring from within ensures valuable continuity for successful companies and helps to retain tribal knowledge on best practices.
2) Supports Engagement and Morale
Employee engagement is increasingly being seen as essential to a company’s success, and development programs provide workers the chance to engage with their employer in a more meaningful way.
Development programs have been proven to improve both engagement and employee morale. That said, a good development program should be aligned with company culture and business goals. Your program should be producing outcomes that suit your company.
Leadership development isn’t about focusing on your company’s products or services. It should be about meaningful work and experiences that develop abilities your staff members will rely on as leaders.
3) Greater Customer Satisfaction
Research has shown that engaged workers establish better connections with customers, leading to higher customer satisfaction ratings. This is because how staff members think and feel during their workday is conveyed when representing your business. This one-on-one interaction can be more compelling than all the marketing and advertising in the world.
4) Hiring Advantage
For the past few years, competition for talent has been fierce and competition for the best talent will always be intense, regardless of the labor market. Being able to offer an attractive leadership development program as part of your benefits is a strong tool for attracting applicants to your open positions.
5) Greater Flexibility
Employee development initiatives can allow a business to be more adaptable, particularly when it comes to labor. When your staff members are well trained, they are more capable of reacting to shifts in demand or circumstances, which supports long-term success.
6) Lower Turnover
According to data from the Society of Human Resource Management (SHRM), the loss of a single employee can cost a business between six and nine months of the former staff member’s salary. Apart from the direct financial losses, a high degree of turnover seriously impacts the company’s brand with customers and potential employees. By training staff members and committing to their development, you feel valued by your company, which results in more loyalty and less turnover.
We Can Help Your Company Hire and Grow Talent
Developing leadership talent starts with bringing good people into your company, and that’s where we can help. Please contact us today to find out how we can support talent development in your organization.