A company that is invested in developing their people creates loyal and dedicated employees. And a leader who takes time to learn about and teach their team, instead of blaming, builds an inspired team. It's no wonder then, that you need to consistently develop your team's skills in order to build employee retention.
Related: Are you an inspiring leader? Take the quiz to find out!
If you need some more convincing as to why employee training is so important, here are some statistics from around the world over the last few years:
- 69% of employees under 40 (and 59% of over 40) agree that training plays an important role in decisions to stay with their current company. (westuc.com)
- 43% of highly engaged employees receive feedback at least once a week, compared to 18% of employees with low engagement. (whyteambuilding.com)
- Companies with engaged employees make 2.5x the revenue. (officevibe.com)
- In Australia, in 2016-17, 28.2% of employees participated in work-related training as part of their current job, dropped from 34.5% in 2013. (abs.gov.au)
- 24% higher profits for companies who invest in employee training vs companies who don't. (optimum-direct.com)
- $13.5 million per 1,000 employee is lost every year due to poor training. (optimum-direct.com)
- 40% of employees with poor training leave their jobs within the first year. (optimum-direct.com)
Don't despair if you're currently a boss that doesn't give regular feedback or provide training. What matters is that you start to change your management style and provide the productive and proactive work environment your employees deserve.
So, what can you do to develop your team's skills?