The Significance of Investing in your Employees
Did you know that Starbucks picks the tab for its employees earning of an online college degree from the Arizona State University?
Even part-time workers are eligible to apply for this scheme. There are many educational tracks to choose from and the tuition is absolutely affordable. The caffeinated beverage giant does not get any bond filled to make it compulsory for the workers to stay on, once they complete their college education. It's a risk that the company considers worth taking in order to be seen as an employer of choice and draw many talented young students. This approach also boosts the morale of its employees. The outcome? Quite a few choose to continue with Starbucks to move on to managerial positions.
Top talent helps businesses survive and thrive even in a turbulent market
Top talent brings value to your business. It doesn’t matter whether you are a Fortune 500 company or a startup; every company requires good, efficient people to run its operations. In order to retain top talent, which is so rare to find, there is a need to invest time, money and resources towards the benefit of your employees. Training and empowering them to accept responsibility should therefore be your top priority.
Have you heard of the Cheesecake Factory? The company puts aside about $2000 every year for its training calendar. This is the reason why this restaurant chain logs in sales of $1000 per square foot, which is a lot more than the average earnings of the sector.
And then there is ADP that invests money on coaching its sales associates on how to manage their virtual teams and their time. The employees who participate in these sessions manage to achieve a consistent growth of about 7% in their sales.
Who is responsible for the professional development of employees?
The answer is obviously the employer!
Every employee is hired with a particular set of skills, abilities and knowledge. As the roles and responsibilities of the employee changes, the employer will have to invest in his training as part of the change process. It may be somewhat of a challenge to incorporate professional development into the overall corporate strategy of a company, nonetheless it's crucial for every company to overcome this challenge.
Every business wants to improve its productivity. In fact, this is one of their critical goals. Nonetheless, most HR professionals do not consider this activity as a legitimate mandate. They feel it is more important to establish policies, procedures as well as programs that can help them govern and manage people. There are hardly a handful of HR managers who concentrate on increasing the output per employee, keeping in mind each and every dollar that is spent on labor.
In order to help their companies keep up with the ever-changing technology and techniques, every HR manager will have to focus on training their work forces. Handling the simple personal issues of the employees is no longer the most important duty of the HRM managers. They need to think of creating and implementing strategies that work towards achieving the goals of the organization by improving the qualifications of the employees.
The rapid changes in technology has changed almost everything including the production processes, recruitment methods, training strategies and equipment. In order to stay ahead of the curve, companies have to adopt and adapt to these new technologies and train their employees, accordingly. .
The method you adopt totally depends on you. However, it is crucial to make sure your investment strategy keeps your employees engaged, in order to build a team that is both productive and creative.
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