High turnover rates discourage employers from investing in training and development for their employees. The investment costs are quantifiable, and widely perceived as unnecessary and expensive.
But, what happens when employers don’t invest in their employees, and they stay – how much does that cost? Unfortunately, no prior research has been conducted to quantify the net gain or loss of not regularly training and developing your employees. So, why?
Some Career Edge team members at a networking event hosted by the Toronto Region Board of Trade.
Picture (from left to right): Michelle McNabb, Talent Specialist; Andreea Cotcaru, Talent Specialist; Ibiyemi Balogun, Talent Manager; Aziz Smailagic, Marketing Coordinator.
If consumer demands change, and then employer needs change, why wouldn’t employees’ skills need to follow?
The cost of not developing your employees is unquantifiable because missed opportunities and unrealized potential are infinite.
Two of the four key pillars of Career Edge internships are Ongoing Coaching & Mentoring and Experiential Learning. As coach to two interns at Career Edge, Director of Marketing & Partnerships Tabatha McIntyre talked about the importance of remaining innovative.
“Innovation is the key driver for success of any company. Ensuring your staff is empowered with the knowledge they need to succeed in their job not only helps them develop the skill set they need, but allows them to feel security in their job, a basic need for them to thrive.
When you encourage your staff to learn and grow on the job, they feel they are being valued which results in further success for both the individual and the company overall.”
Investing in employees shouldn’t stop at professional training, development, and education. Celebrations are very important to creating a healthy and innovative work environment. Some benefits of company holiday parties:
MORALE
They can alleviate employee stress created by the pressure of meeting end-of-quarter or end-of-year targets. They celebrate success and measure how much you appreciate and value your staff. Studies show Seasonal Affective Disorder is significantly worse during winter, and contributing to your employees’ work-life balance could lower employee turnover.
SKILLS DEVELOPMENT
They can enhance employee skills if your get-together involves team-building exercises or friendly competition. Many activities inspire problem solving, creativity, and leadership from employees whose jobs don’t require or demonstrate those skills
TEAMWORK
They can bring the unlikeliest employees together. A potluck and a drink (or two) stirs conversation and develops confidence and trust among your staff. They allow employees from different teams or sites to engage and connect on a personal, meaningful level.
Remember to include every member of your diverse staff when planning a holiday party. Some employees don’t drink, some don’t excel at sports, and some are reserved. All employees should be considered so everyone can enjoy your end-of-year celebration.