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People. They are the single most important resource a business has, and never more so than in a small company where resources are tight. So it’s a little concerning that most start-up businesses have little or no policy, budget or training program to upskill their staff.
Many fear the potential expense and shy away from implementing employee development. But in fact, this area should be a priority from the very start. Unlike most investments, money put into staff training will pay you back in the longer term, and is one of those steps where you can make it really count.
Retain The Best Staff
Recruitment is a huge expense for a company, so minimizing these costs should be high on your agenda. Poor training and development is a huge risk factor for people leaving a job, and if they do choose to go, your business is hemorrhaging money. Not only have you lost any investment you made in that individual, but you now have additional recruitment costs.
In fact, a study by the Dale Carnegie Training Centre found that employee turnover costs U.S business owners $11 billion annually, and that 40% of badly trained workers will leave within a year. Whether it’s soft skills like time management or a structured program like manufacturing sales training, development is something employees see as a big selling point, and it’s an incentive for them to stick with you as it shows you will invest in their future.
This is how you can find and retain the right staff.
Promoting From Within
As your business grows, so too will your need of talented and more senior employees – now imagine having a ready-made pipeline to meet that need. Staff that have been promoted from within adapt quicker, have inside knowledge of your company ethos and goals, can hit the ground running in their new roles and generally present a lower wage bill than external new hires.
They are also more likely to leave within the first two years. A solid development program lets you future proof your business. You can play the long game, working on developing your brightest and best employees, understanding their strengths and weaknesses, and giving them a chance to learn on the job.
Here’s how you can save money when hiring new employees.
Built To Last
If you believe in the future of the organisation you are building, then investing in the development of your staff should be an integral part of that vision. Part of being a good leader is nurturing the talent of others and creating other future leaders that can grow with your company.
ou will people around you that understand the growth ambitions that you have and can inspire others in turn. Use your growing team to monitor the shifting trends in the marketplace, look for new innovations, and stay one step ahead of the competition. The very act of putting together staff training programs also makes you think ahead, learning from past actions and anticipating market needs- so you will continually be refreshing the business at the same time.
Do these things to boost morale among your employees.