Spending on improving the capacity of employees is one thing most organisations see as digging a hole in their bottom lines. In a post recession era where businesses are trying to grow back their balance sheets, investing heavily on employee development won’t appear anywhere at the top of their strategic goals.
While I do acknowledge that the business climate has been anything but bright, refusing to build the capacity of employees will only compound the current challenges. Without sounding too simple, Companies that give priorities to learning and development of their workforce should be able to predict risks and also put in place mitigating measures. These companies are still not completely immuned from adverse economic conditions.
What fate then awaits organisations that do not pay attention to learning and development? The answer to this question is better imagined than experienced. There are a whole lot of reasons to not only put employees in the forefront but also to maximize their potentials through development. In a fast changing business environment that is driven by technology and customer focused.
Technology is the prime driver of modern business and companies need to embrace this development to stay competitive. Different software and applications are constantly being developed to suit many businesses across varying industries. Investments in technology will require continuous training of employees if it is to yield returns.
Most of the returns posted by companies are represented in figures which are derived from large amount of data. In arriving at some business decisions, qualitative indicators will have to be converted to numbers. Consequently, organizations will have to develop numerate skills of their employees to the satisfactions of shareholders.
Apart from shareholders, another important member in the mix is your customers. Their needs are ever increasing and changing. Sometimes, companies need to be proactive by preempting these needs through development of innovative products and services. These can only be achieved when employees have adequate and continuous training.
Another benefit of investing in employees’ development is that it is a talent management strategy. Highly skilled prospective candidates are attracted toward companies that give room for employees’ growth and development. Organisations that are able to attract skilled hires have competitive advantage and will remain a major industry player.
Check out industry leaders in any kind of business and try to discover what makes them tick. The answer is not far-fetched; it is because their employees are their most prized asset. They invest in their learning and development.
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