Why You Can’t Afford NOT to Invest in Your Key Management Team
Many business owners seem to view employee training and development as optional rather than essential. This viewpoint can be costly, both in terms of short-term profits and long-term progress. Just as your business changes daily, so do the situations that your key managers must handle. New developments in all areas of business are emerging all the time. Providing your employees with professional development opportunities gives them a chance to stretch their ability and stay up-to-date.
Professional development is not exclusively for CPAs, attorneys, physicians, engineers and others who must satisfy the requirements for renewing their professional license. Just because an employee has graduated from college or has gotten their master’s degree doesn’t mean that they should stop learning. And while many individuals are promoted into managerial positions because they are good at their job, they may not be trained as managers to help their subordinates achieve peak performance as well.
By enrolling your key managers in a continuing education program, you ensure that they are trained in all the ins and outs of leadership and business management. Here are some reasons why you should invest in your key management team through professional development:
- Professional Development Retains Employees
Many business owners are hesitant to invest in their employee’s professional development because they are afraid the employee will leave and take the knowledge and experience they paid for with them. Yet, according to Gallup, 87% of millennials rate development opportunities to be important in a job. In order to retain and attract quality people to your company, it is important to have a professional development process that includes both formal (workshops, classes, certifications) and informal (on-the-job mentoring, peer-to-peer exchanges, job shadowing) options.
When employers offer professional development to their team, it shows that they are genuinely invested in its employees. When you invest in your key managers specifically, you are investing in their professional goal of running your company one day, and want to give them the skills and knowledge they need to succeed.
- It Builds Loyalty, Which Increases Productivity
When you invest your time and money into your employees, what you get in return is loyalty. Hand in hand with lower turnover, showing that you are genuinely interested in helping your employees develop the skills they will need to advance their careers makes them happier working for you. Happy employers are more loyal, and loyal employees are more productive.
Professional development helps employees stay interested and interesting! Good, talented people naturally want to advance and become more versatile and valuable to their organization. By engaging your key managers through professional development training, they will feel more confident and will want to take on more responsibilities. With the new skills and knowledge they’ve obtained, they will step up leadership and bring a new perspective to your organization.
- It Sharpens Your Toolbox
As your organization changes, will your current workforce be able to meet these changes with the skills needed to do so? Your business must adapt to factors such as economic conditions, competition and changes in regulations. Professional development can teach your current employees new methodologies that can streamline processes and technology that can allow them to do more in next time.
You’ve hired the best employees, now keep them sharp by ensuring their knowledge and skills stay relevant and up to date. Professional development will help your key employees lead the change and adaptation to stay on top of your industry.
Shift your mindset from viewing professional development as an expense and instead, view it as an investment that you can’t afford to overlook. Can you truly afford the cost of bored or untrained employees, losing money in productivity and higher turnover rates? Consider enrolling your key managers in Think Like an Owner (TLO) Academy, a one year course that meets once a month to learn the best practices of running a business. The course presents the major elements of business management and leadership skills necessary to “think like an owner.” TLO Academy gives your key managers the knowledge and confidence they need to take more responsibility in your organization. To learn more, visit www.TLOAcademy.com.