Investing in Your Employees Pays Big Dividends
Are you thinking that all your employees are happy… think again.
Do you know that across the board, 70% of all employees do not feel engaged! It pays to invest in your employees—to communicate company culture, to empower employees and make them feel valued. Employees want training. They wish to be developed, to grow. Customer retention rates are 18% higher on average when employees are happily engaged in the place where they work. And higher workplace engagement leads to 37% lower absenteeism, 41% fewer safety incidents and 41% lower quality defects. Companies with engaged employees versus your competitors with low engagement lend 2.5x more revenue growth to your bottom line.
The Power of engagement on your bottom line
Money does not buy happiness is true but being happy can make you and your company more money. With 70% of employees stating they are not engaged on the job, employee engagement should always be a first concern among management—it leads to a more productive workplace that ultimately increases your profits as much as 202%.
Soft Skills are important to growing your business
- Finding and training employees with strong soft skills is the #1 mission for employers this year. (2019 LinkedIn Report)
- Fortune 500 CEOs established that 75% of their long-term success was derived from soft skills, with the remaining 25% being attributed to their hard skills. (Stanford Research Institute/Carnegie Mellon Foundation study)
- Soft Skills are just as important as hard (technical) skills. If you know how to build the next rocket ship to get us to Jupiter but you don’t have the skills to communicate it to others and work as a team, progress on the entire project will lag. As a result, teammates will not feel empowered because they are not making an impact and will then leave.
- By investing in soft skills, employee motivation, loyalty and increased productivity rises. This gives way to overall company profitability.
- Depressed productivity:
- Employees who are overworked and stressed are low producers who feel underrated and minimized.
- Employees who are weak in soft skills run the risk of slowing down projects, causing delays and alienating colleagues and clients alike. Productivity is damaged affecting the precious bottom line.
- Greater conflict: Teams who are in conflict or who are trying to avoid conflict are less productive, confident or willing to perform.
- Missed customer opportunity: Employees who do not fully understand company culture are less engaged and less enthusiastic on the job. This lack of training and understanding results in an inability to effectively communicate their company’s value when working with customers and prospects.
- Pressure on profit: Employees need to be well-trained in how to do their job (the technical skills) but it’s just as important for employees and managers to possess the soft skills necessary to do the job. Without necessary soft skills departments face project delays, poor client relations and a pressure on profit.
- Client relations suffer: Without sufficient expertise in soft skills, which are needed to effectively communicate, problem-solve, collaborate and organize, client relations suffer. These skills are becoming increasingly difficult to find in younger employees who are more accustomed to texting than talking, senior leaders must step in and manage which costs them valuable time contributing to long-terms goals and growth.
Employees are hungry… not for free snacks.. FOR MORE TRAINING!
- 36% of employees would give up $5,000 a year in salary to be happier at work. – Randstad US
- 74% of employees feel they are not achieving their full potential at work. Employees want more training. Employees want to be engaged. - Middlesex University’s Institute for Work Based Learning
- Seven out of 10 people say that training and development opportunities influence their decision to stay with a company.
- Organizations that train and develop their employees see improved profitability “while cultivating more positive attitudes toward profit orientation." - International Journal of Academic Research in Business and Social Sciences
CONTINUOUS TRAINING APPROACH
It’s not a one and done session, activity, outing, it is continuous approach…Just like you have put gas in your car to keep it moving and get the oil changed every 3,000 miles, so must you continue to provide learning and development opportunities for your employees.
- As in most things that are learned, continuous training is a must. One session, seminar or workshop is not enough. Repeated practice in skills training helps employees adapt to changes in the business environment and assists in giving them the value and confidence needed on the job.
- 1 out of every 3 employees say that uninspiring content is a barrier to their learning.
- Continuous training can help lower voluntary turnover rates. When you actively invest in your employees and their futures, employees will feel more loyal and more inclined to remain with the company. Regular training doesn’t only make employees feel more valued, but also more competent and confident in their roles.
- Continuous training also highlights areas for improvement. To help your employees become all they can be, you need an accurate and up-to-date picture of what their strengths and weaknesses are. Continuous training allows managers to evaluate employees more accurately, which in turn helps them foster improvements in areas where employees could benefit most.
- Continuous Training Promotes Employee Satisfaction. Last but certainly not least, continuous training has been strongly linked to employee satisfaction. Employees who are given development opportunities feel supported, valued, and appreciated. As human beings, very few of us are happy to stand still; we are driven to progress and grow. If we are denied this opportunity, it isn’t long before we become bored and disillusioned with our careers, regardless of how well-paid we might be.
Overall, improv exercises increase the likelihood that team members will feel comfortable communicating in a variety of work situations. Want to bring out the best in your team? Sign up today.
- Social Market Foundation, Competitive Advantage in the Global Economy
- Harvard Business Review
- International Journal of Academic Research in Business and Social Sciences
- Randstad US
- Dale Carnegie
- Middlesex University’s Institute for Work Based Learning