Why investing in your employees is so important

Why did you leave your last profession? Was it for a new opportunity that you couldn’t pass up? Or was it due to a problem at your old job? One of the most frequent That’s why people quit their jobs Due to feeling unappreciated or undervalued by their employers or managers. One of the ways employees feel unappreciated is if they feel like they are not growing within the company. “Growth” means more than just getting a promotion. It also means advancing their skills and knowledge-base.

good thing Continuing education, whether through formal classes or conferences, books or training materials, is a great start. Subsidizing part or all of the cost of professional development opportunities offers high returns in the long term and in the short term. Especially, if your business moves into new growth areas with rapidly changing technology. Or if you are trying to reach new market segments with your offerings and services

If your business doesn’t have a way to invest in your employees, we’ll lay out several reasons why you should consider creating a way to do so. Here are some powerful reasons why you should invest in your employees.

Prevents weaknesses in your team

Attrition in your workforce should be one of your primary concerns if you hire someone. Whether you’re a team of two or a team of two hundred or more, having your team weakened can be a big problem. An employee leaving your company is costly in terms of resources, money and time. This can be disruptive for months while you search for their replacement.

While it’s impossible to eliminate all discomfort in the workforce, because even if an employee spends their entire career with you they’ll eventually drop out of the workforce or die, you can strategize steps to combat the problem and eliminate some of the factors that affect you. Investing back into the team can increase employee satisfaction. and, A happy employee They are less likely to leave the job they love.

Makes employees feel appreciated

Employees who feel valued, appreciated and invested in are much less likely to leave your company than those who don’t. Investing in your talent will yield a greater return on your original investment, both in reducing attrition rates but also in attracting employees.

Showing appreciation to your employees should be an ongoing part of your relationship with them. Many people prefer to give thanks or compliments in “real-time” rather than the truth. While consistent real-time congratulations can be distracting from work, a simple thank you or letting them know you appreciate their hard work on a project or long hours can go a long way.

Every manager, leader and business owner needs to ask themselves, what do you do? Appreciate and invest in your employees? Employee appreciation and investment are as easy to pull off as thanking your employees for their contributions during an annual review or bonus season. These are certainly two ways you can appreciate and invest in your employees, but they cannot be the only way.

Good leaders understand that those they lead do so for their own benefit. it is A leader’s job is to create a system where people want to follow them Because they see those two interests as overlapping. For example, employees want to feel valued in their work. As a leader, this should be a priority that you share. Not one that conflicts with your own priority of wanting to feel valued by your leadership.

It creates healthy connections with colleagues

When you invest in your employees, you create a culture of growth and progress. Peers can participate in the growth process and will be able to relate to each other as they grow together. But it’s important that the approach you use to invest in your employees actually benefits them.

Know and understand what your employees want and need from you. Providing incentives and facilities that no one wants or needs would be a waste in terms of resources and time. It can also backfire if employees see you as out of touch with their needs.

Talking to your employees about their values ​​and needs is a good way to determine how you can be a part of their personal and professional development. A formal way to approach this is through a personal development plan. These are Empower employees to think critically About where they are now, where and what they want to be in the future, and the steps it will take for them to get there.

A large part of your employee investment is interpersonal. Fostering a healthy and supportive work environment, both in the relationships your employees form with each other and with leadership, is critical to the success of your business.

It builds loyalty and trust in the company

As a leader, make yourself available to hear from your employees. Whether it’s their questions, comments, and suggestions, and yes, their complaints. Ask for appropriate feedback whenever appropriate and implement it. Harness the creativity of your employees and encourage them to share in the success of your business. Having skin in the game is mutually beneficial for both parties. Employees who are invested in your company’s success beyond securing their next paycheck are far less likely to leave.

All these things can Increase your employee loyalty Build trust in the company and among management and support staff. When you invest in your employees you are telling them you care about them and their growth. You also send the message that they are there for reasons beyond filling an open job position.

Conclusion

Combating attrition in your workforce requires considerable awareness of your relationships with your subordinates. Investing in your employees and providing them with meaningful opportunities to engage with your business and grow professionally, as well as showing your appreciation for the work you do, is a key way to combat employee attrition.

This article was first published in December 2017 but has been updated and expanded

Cassidy Welter on Twitter
Cassidy Welter

Staff Writer: Cassidy Welter is a Chicago-based researcher at a consulting firm specializing in nonprofits. When she’s not working, she’s reading anything she can get her hands on, debating politics, watching the Pittsburgh Penguins, and eating her way through the city’s food scene. See more from Cassidy on Twitter at @CassidyWelter.

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Article Tags:

Business Opportunities · Company Culture · Featured · Find Your Way · Leadership · New Startups · Success

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Find Your Way · Grow Your Business · Lead Your Team · Productivity · Your Mindset

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