It’s never been more important to invest in the development of your team. Numerous studies have shown the benefits of employee development—including one study that showed companies who invest in a formal employee development program have 214% income per employee and 24% higher profit margins. In her November 16 “Let’s Get Growing” video, Bobbie LaPorte provides some practical and affordable ways you can invest in your team’s development.
Video Transcript: Investing in Your Team
Hi everyone, Bobbie LaPorte here again with this week’s “Let’s Get Growing” tip…where I help you take charge of your plans and accelerate your initiatives as you head into the end of this year.
This week I wanted to talk with you about investing in the development of your team. And before you roll your eyes and say: “I don’t need a lecture on this subject… or I already do this”… just hang in there with me for a couple of minutes.
Back when the pandemic started, many leaders became paralyzed, unsure of what to do in this unprecedented, extraordinary set of circumstances. Many went to “the dark side” I’ll call it, focusing on the negative, fearful that they might not be equipped to navigate through this. As we know from neuroscience, this is a natural reaction.
And for many, the resulting course of action was a singular focus on running the business, keeping the lights on. I get it – totally understandable. For others, they defined they charge as finding ways to run the business – sometimes using very different mechanisms than before given the unique nature of this environment of unrelenting uncertainty – but also with a commitment to better understanding the professional needs of their team and meeting them through new and ways.
If you are in the second group – kudos to you, keep it up. I know it is challenging but I am certain you are seeing the payoff in increased productivity, engagement, and retention.
If you are in the first group – NOW is the time to get this right. There is overwhelming data to support this, here are a couple of points:
- A pre-Covid study by IBM showed that employees who don’t feel they are developing in their companies are 12x more likely to leave. And this is will be amplified when we are “back to normal” and there is increased opportunity for movement to other companies
- A recent study by ATD (Association for Talent Development) showed that companies who have a formal employee development program have a 214% increase in income per employee and a 24% higher profit margin
There is no doubt that Covid has changed the dynamic between leaders and their teams. The in-person connection that many of you enjoyed is gone, and that can increase the challenge of motivating and inspiring people to learn, grow, stay productive. On the other hand, the number of virtual training and development offerings available has exploded, as has the whole field of virtual training and facilitation.
So, here’s my tip:
As you wrap up your planning for next year, don’t miss this opportunity to make a commitment to invest in the development of your team if you haven’t already. It doesn’t have to be expensive; there are many free or very cost and time-effective options out there…including tapping into the experience and expertise of other leaders in your organization. Internal AMA – Ask Me Anything – sessions with other leaders or experts can be very powerful while also creating team cohesion and new connections for team members.
That’s my “Get Growing” tip for this week. I’ll see you next Monday… remember to see this time as an enabler, not a liability or a time to “pause”, waiting for certainty to return.
Take care of yourself!