How employee development can help you avoid The Great Resignation
The Great Resignation continues to impact businesses across the UK, with a whopping 67% of employees confident about moving to another employer and 24% planning a move in the next few months.
So what can employers do to retain their top talent? Well, according to one study, investment in personal development and clear progression opportunities came in a close second to salary when respondents were asked what they look for from an employer. However, in uncertain economic times, businesses can be reluctant to invest in things like staff training, not seeing it as a top priority. But what is the cost of replacing your top talent? Well, a study by the Society for Human Resouce Management found it can cost up to 6-9 months salary when you factor in recruitment and training costs. So, rather than spending an exorbitant amount on talent attraction and recruitment, let's have a look at four ways you can improve your talent retention through employee development.
Set the standard from day 1
Do you have a robust onboarding process that involves comprehensive training? It can be tempting to have new employees hit the ground running. They are often thrown in at the deep end; however, taking the time to provide thorough induction and training will ensure your new employees feel valued and are less likely to make mistakes. Don't forget remote workers as well. It can certainly be more difficult to induct remote workers, so ensure you have a detailed training plan that incorporates all workers.
Communication is key
Do you know what career aspirations your employees have? Whether they have been with the business for one week or one decade, it's essential you know what their long term goals are. Employees who are listened to and supported to achieve their goals are more engaged, productive, and motivated. Start implementing six-monthly or yearly reviews to establish how employees feel, where they want to go, what training is required and any other issues that can be resolved. Furthermore, create a culture where employees feel they can approach senior staff and speak up without waiting for a scheduled review.
Don't manage employees; coach them
An effective manager is someone who can get the best out of the people they are leading, not through fear or control but through coaching and mutual respect. Invest in management training to ensure your managers can effectively lead their team. Ask them to have weekly or monthly catch-ups with their team (not long 1-2-1's, just a quick 10-minute conversation) and ask questions such as:
What are you enjoying about your role?
What are your wins for this week/month?
What are you finding challenging?
What can we do to improve the environment?
On a scale of 1-10, how satisfied are you?
How do you feel about the overall morale around you?
What's one thing you would change?
These short conversations not only help you identify any issues that may be arising but also ensures employees feel seen, heard, acknowledged, and validated.
Investing in your employees is an investment in your future success
Employees do not just exist as a part of your business; they are human beings. And to grow professionally, they must grow personally as well. This means there should be opportunities to develop both intellectually and emotionally.
Providing relevant external and internal training, webinars, reading material, digital learning or giving each employee a personal development budget to source their own training will help them stay up to date with industry skills and knowledge and give your business a competitive edge.
The last two years have had a huge impact on highlighting the importance of employee well-being. Employers are responsible for ensuring their employees are not feeling overwhelmed or suffering burnout. Investing in training Mental Health First Aiders, holding team-building events, and creating an "open-door" culture where employees feel safe to discuss how they are feeling are just a few ways you can help the emotional development of your employees. Other things you can do include encouraging employees to switch off completely when they leave the office or finish work for the day and stressing the importance of self-care.
Give employees the tools they need to do their jobs, listen to them, ensure they feel valued and give them opportunities to grow, and in return, employees will be more productive, motivated, inspired and loyal. Furthermore, fostering a reputation for excellent employee experience will ensure you continue attracting and retaining the brightest and best talent for your business.
Supportive Solutions provide almost 100 accredited courses ranging from vocational training to personal development and wellbeing. So, if you're looking for an exceptional training partner that can help you get the best from your employees, contact us today for a no-obligation chat.