It’s so easy to pull back from training and coaching your people when the news is bad. The economy is uncertain. Interest rates are (still) high. It’s an election year. If you spend money on training your people, they’ll probably leave anyway – that’s the millennial culture.
Maybe invest in equipment or in some new social media platform instead. Learn everything you can about AI.
Don’t. That’s a big financial, managerial and leadership mistake.
Consider these stats:
- A 10% increase in educating a company’s workforce resulted in 8.6 % increase in productivity. A 10% increase in investment in tools, buildings and machinery, produced only a 3.4 % increase in productivity.
- Companies in the top quartile of the “investment in training per employee” have 24% higher profit margins, 218% higher income per employee, and 26% higher stock price-to-book ratios than firms in the last quartile. Study conducted by ASTD (American Society for Training and Development
When you look at this from the outside, not continuing to train your people seems almost seems silly. Would you ever scout, recruit, negotiate and pay big money to bring a sports star on your team, and then stop training and coaching them? They might only be with you for a few years, and you want to be sure those few years are incredibly productive.
The same is true for your team. Scout the best and the brightest. Make them jump through a few hoops to earn the right to be on your team. And then train and coach them continuously.
- Train them on your culture
- Get them coaching to build their emotional intelligence and leadership skills
- Train them on how to be great managers
- Train them on selling. Even if they are not involved in sales, selling is a crucial skill for anyone in upper management
- And yes – train them on the tactical stuff too, so they can stay at the forefront of tech and their jobs
Stop thinking of training and coaching as an expense, and start doing the math.
Would you invest in your people to get a 24% higher profit margin? Would you invest the money if you knew it would give you a 9% boost in productivity? Of course you would.
Start now. Do your professional development plans for every employee you want to keep. Find out what their FUN – IMPACT – LEARNING goals are, so they can see a future career with your company.
Shameless plug – use our Emerging Leaders Program to train them, so you don’t have to. Ninety-minutes, twice a month with a virtual room of their peers and our top executive coach, and your people will learn, practice, and build the skills they need to take your company to where you know you can be. TEXT ELP PLEASE to 847-687-4519 or ELP PLEASE to SusanThomson@actioncoach.com to learn more and get them started!
Standard ending – remember just Susan – no more Mike.
Best regards,
Susan Thomson