Investing in Your Employees’ Skills Can Be a Great Thing for Your Business

Investing in Your Employees’ Skills Can Be a Great Thing for Your Business

Nowadays, training new staff can be both tiresome and expensive. It is a lengthy process which takes at least a couple of months before it actually bears any fruit. However, should it be neglected or done poorly, the odds are that you’ll end up with a much smaller workforce. A recent study has shown that a staggering 40% of employees who haven’t received proper job training quit their jobs within the very first year. Moreover, in a similar survey, 68% of them said that training and development is the most important workplace policy. So, how do you then tackle this problem of high employee turnover? Simply, by investing in your current staff members.

Why is investing in employees’ skills a smart idea?

First and foremost, it significantly lowers the yearly turnover of employees. When people keep doing the same job indefinitely, they quickly get bored and they simply burn out. As a result, there is a notable drop of quality with their performance and it won’t be long before they start searching for a job where they can actually develop and advance. So, by investing in your employees you show that you do care about them and their career progression. This investment will not only give them an excellent boost in confidence but will also motivate them to work even harder to repay the trust that was shown in them. Furthermore, you can use this investment to your advantage.

How, you ask? Well, by re-training old staff members, you will lower the cost of recruiting and training new ones by a great deal. In addition, you will be able to identify your top performers, as well as people who are ideal for being team leaders. Promoting someone who already knows the ropes of the trade to a more managerial position will offer clearer insight and better decision making. Also, he wouldn’t be regarded as an ‘outsider’ but as a part of the team. Thus, you save and earn money, increase your employees’ loyalty, and create a pool of capable workers. You’re happy, your workers are happy, everybody wins, right? But what skills are worth investing in though? Here’s a list to name a few:

Language Skills

As mentioned before, training a staff member in any new skill will increase their confidence and boost their morale. But, with languages you do not only have your employees’ happiness in mind but your customers’ as well. By learning the language of the locals, you increase customer loyalty and customer retention. Having a communication breakdown can be extremely frustrating for both your workers and your customers. Training your workers is the best way to avoid such a scenario. Moreover, if your employees’ too are from different cultural backgrounds, learning new languages can improve their mutual cooperation and understanding as well.

Financial Skills

By enrolling your employees into some advanced financial modeling courses you broaden their horizons and improve their understanding of how business and entrepreneurship work. In addition, you can find potential candidates for managers, CEOs and the like from employees who prove themselves in this particular area. Knowing the ins and outs of a business is a vital trait for any CEO. What’s more, having such important position filled with old loyal members of the staff will ensure that they are somewhat passionate about the future and the well-being of the company, more than someone from the outside would ever be.

Computer Skills

Needless to say that investing in computer skills today, in a world which is constantly being changed by technology on a daily basis, is a wise decision. New apps and programs pop up every single day, and following these technological trends can be game-changing for businesses.

This is why it is important for employees to be up to date with the current technological breakthroughs. New software greatly reduce the time it takes to complete certain tasks, and the more computer literate your workers are, the faster they’ll learn these new programs in general.

Communication Skills

Finally, working on your workers' communications skills is usually overlooked by many, but it is still a vital skill for any employee out there. Team-building events create a bond between co-workers that increases their mutual cooperation and communication. Teaching your staff members the values of teamwork will benefit them in more ways than one. The work with their colleagues will see a rise in efficiency as will their overall cooperation with others, namely, with customers and clients.

In conclusion, investing in your employees’ skills is a great way of boosting their morale and confidence as well as earning their loyalty in return. This will see you lowering your overall expenses and gaining a quality workforce in the process.