|Not only will equipping your workforce on evolving topics keep your business relevant and more competitive, but it will likely save your business time and money.In a recent Monster® Worldwide survey, the following key employee loyalty statistics were noted:|
These statistics accurately reflect the attitude of employees in today’s workforce. However, research also notes that through professional development, employees are more likely to find higher job satisfaction and stay longer, as in this example:
Will Sutton, Executive Vice-President of BB&T, credits the bank’s internal Leadership Development Program for significantly boosting employee retention rates. “We studied retention levels over a five year period and found that—for graduates of the Leadership Development Program—the rate was 76%.” Notably, Sutton says this is 45% higher than the average retention rate for new employees who do not come through the program.
Small businesses rely heavily on the dedication and performance of their employees to reach success. Keeping them engaged, motivated and loyal is one way to ensure a more profitable bottom line. Here are some ideas to incorporate professional development into day-to-day business activities:
Be an encouraging force
Remove barriers to implementation
Make it a part of the culture
In the throes of everyday business, with shifting deadlines and changing priorities, it’s all too common to get bogged down in the excuse that there isn’t enough time for professional development. But, by purposively dedicating time, talent and resources, your small business has a greater likelihood of success and the retention of its team members!
“Part 1: Today’s Workforce and the State of Employee Loyalty.” Monster. Monster Intelligence, n.d. Web. 24 Aug. 2012. <Part 1: Today’s Workforce and the State of Employee Loyalty>.
Benningtom, Emily. “Employee Retention: Big Company Tactics for Small Businesses.” Monster. Monster Intelligence, n.d. Web. 24 Aug. 2012.
Jones, John, DeAnne Aguirre, and Matthew Calderone. “10 Principles of Change Management.” Strategy+Business. Booz & Company Inc., 15 Apr. 2004. Web. 14 Aug. 2012.
Guskey, Thomas R. “Making Time for In-Service Training.” American Association of School Administrators. The School Administrator, Aug. 1998. Web. 14 Aug. 2012.
Submit your review