According to CED Magazine, seven out of 10 employees say training and development opportunities influence their decision to stay with a company.
Most employees are disengaged, want more training, and want to know their employers care about—and are invested in—their future. They want to know that there are opportunities to advance and that their career path isn’t just a dead end.
Many companies find it difficult to prioritize the implementation of leadership programs because of time constraints and limited resources. Unfortunately, the alternative isn’t much better; you could end up paying the high cost of constantly rehiring and training new talent if you don’t engage your current workforce.
You can improve employee retention by providing better leadership education. Here’s how.
1. Leadership programs engage employees.
Many employees are disengaged at work. As a result, one in three new employees will leave the company in their first year. Think carefully about the tasks and assignments you give your workers. Most of their work may be easy to do and can be learned in a short amount of time. Within a few months, many people will feel comfortable and even complacent in their roles. How do you expect to keep them engaged when they could do their job on autopilot?
Leadership training ensures that your employees are learning new skills and ideas, enabling them to bring more value to their work.
2. Leadership programs help your employees unlock their full potential.
Many workers don’t feel they are contributing at the level of which they are capable. It could be because they haven’t yet found the right position within the company or because they could be handling bigger projects and assignments.
Leadership development helps both you and your workers gain a better understanding of their capacity and untapped knowledge or skills.
3. Leadership programs help your team members gain a better understanding of their role within the organization.
All too often, job descriptions are vague or hard to understand. Once in the company, the day-to-day work may not even reflect the expectations that the job posting or interview set for the employee. With proper training, there will be less confusion within your organization, and your team members will begin to see their responsibilities within the context of the bigger whole.
4. Leadership programs help your workers complete work up to your standards.
Managers often don’t provide proper guidelines for tasks that their employees need to complete and then wonder why their team members are constantly underdelivering. Leadership development helps your team members see your perspective. It helps them understand what your expectations are and how to meet them. Give your employees targets to hit, and they will come closer to hitting them more consistently.
5. Leadership programs show that you appreciate your employees.
Appreciation and recognition are an afterthought in many organizations. Again, they either don’t feel they have the time or resources to properly reward their workers, or they just don’t have systems in place that foster a culture of recognition. If you show that you care about employees’ futures, they’ll be more likely to remain loyal to you.
6. Leadership programs build loyalty and productivity.
The cost of losing your best talent sometimes extends beyond finding a replacement and training them. A worker who isn’t happy with your company could be disengaged for months before they officially leave, leaving you with incomplete projects, subpar work or loose ends that may be hard to tie up. Loyal employees are more productive and more likely to go above and beyond to ensure that their work is of high quality.
7. Leadership programs support progress and advancement.
Most workers, especially millennials, want job security and opportunities to advance. They don’t want to be stuck in the same position forever, and they want to test their limitations. When you have a well-organized leadership program in place, it shows that you care about the development of your workers and want to see them thrive in their role.
Remember: Bad training is expensive and ineffective. If you’re going to put a training initiative in place, you must commit to doing it right. That’s the only way you’re going to get any value from it.
Have you developed a leadership program in your company? What impact do you feel it has had on your employees?