4 Benefits of Investing in Employee Development
Communication is important to a growing business and sales team, but that’s only part of the equation. Employee development is another key aspect for continued growth and success. While this topic is often incorporated into business plans, it’s commonly overlooked and bypassed in pursuit of other priorities. Below are four reasons why employee development should be at the top of the list.
1. Employee Retention
According to a recent study by Kronos and Future Workplace, 87% of human resource professionals consider improved retention a critical or high priority over the next five years. The best way to do this, is to allow employees to feel satisfied, supported, and fulfilled in their current role and have room to grow.
If fostering a positive work environment for your employees is not motivation enough, keep in mind that on average, it takes 200% of a skilled employee’s annual salary to attract and train a new individual. Saving money and retaining good talent is prime example of killing two birds with one stone.
2. Beneficial Culture
In the same vein as the bullet above, investing in employee development can create a positive work environment and favorable culture for your team to exist in. Last year, Sandler detailed how a positive work environment can impact your team’s success. Click here to read that blog. The article summarizes why a good culture at work provides a reason for pride and motivation, prevents negative consequences, actually reduces cost and improves your bottom line, and fosters growth individually amongst your employees.
What’s even better about this benefit is that it happens naturally. If you allow opportunities for growth to develop, the positive work environment and culture will follow. Employees both create, and are affected by, the culture of your company. Therefore, by providing chances for them to feel respected and valued, they will in turn positively impact your culture.
3. Augmented Abilities
The most obvious impact of developing your employees is the effect that it will have on their skills, abilities, and output. The more you train and trust your team, the more successful they will be and in turn, the more successful your organization will be. To have the most impact possible, consult your employees about the development opportunities they wish to be made available to them. This will demonstrate your willingness to cater to their needs, and the amount of value you place upon their happiness and growth.
Even small steps like this will go a long way towards developing your employees, and in the end, it will end up being beneficial for you and the company – a proverbial win-win.
4. Succession Planning
Like the other items, this impact is advantageous for both you and your team. In fact, this benefit builds upon the others listed above. If you develop opportunities for your team to grow, you retain their talents, foster a positive work environment, and advance their skill, you will be in a good position to pass the baton to one of them when you are ready to step down from a leadership role.
As most sales leaders prefer to promote from within and entrust their practice with someone they know and value, laying the groundwork for a succession strategy is an important part of business planning. It can also aid your team’s attitude if you are upfront and transparent about wanting to pass on your business to them. This demonstrates trust and consideration that will be well received by your employees.
Developing employees is not always easy and can be derailed if other priorities arise. However, the importance of training your team to succeed cannot be overstated. If you invest in employee development, you will retain more talent, improve your company’s culture, improve your teams’ abilities, and draw a blueprint for your succession plan.
To learn more about developing your team and abilities as a sales leader, check out this section of our blog.