According to a recent LinkedIn poll, there is one employer tactic that could inspire increased loyalty among 94% of your employees! WOW! What is this behavior, and how can you maximize the benefit for your people and your company?
Please tune in this week as Wayne reviews a Chief Executive newsletter article by Ann Chow, discusses the tactic, suggests a renaming or even a rebranding of it, and talks about the relative risk of deploying it. What do you think? Please share your observations, pro or con, with us in the comments.
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Jim Madigan says:
This recent post of yours is timely, Wayne. Maybe it was the exit interview, about a year ago, of a potential future leader in which he said that we are a great place to work, but the only thing that he wished is that we had more opportunities for learning and professional development that inspired me to do something about training and growing our employees. Maybe the discussion about the topic at our peer group meetings over the years was finally sinking in. Regardless of the reason, in 2023 I hired a learning and development consultant to help structure and implement a training program here, and after a significant investment of my time and our firm’s money, we just passed the one year mark and I’m happy to say that the results are starting to show. In addition to learning and development (and connectivity) of our staff at all levels, they are helping us implement the SOPs that had been developed but were “sitting on a shelf.” I see the commitment to learning and development as very similar to a corporate commitment to safety – it needs to start from the top and filter through the entire organization, and it never has a finish date. Committing our company to provide learning and development of our team members is a lot of work, but it carries with it great long term benefits, not the least of which will likely be fewer headhunter fees and employee turnover costs!
Wayne Rivers says:
Sweet! Great to hear your witness, Jim! Hope this effort pays max dividends for you all!
Ben Northey says:
Couldn’t agree more Wayne. Time after time employee satisfaction surveys reveal this as the number one request from their employer. And, unfortunately, many exit interviews discover lack of available training as reasons for moving on.
It takes work, patience and yes it can be expensive, but compare this to headhunter fees and turnover costs.
Furthermore, consider this employee growth opportunity as a way to ensure your values and SOP’s are being implemented and enforced CONSISTENTLY across your organization.
Explore the many Learning Management Systems (LMS) out there that can be customized and even created in-house. These modules can be utilized by your employees self paced and monitored by their supervisor or better yet, their Mentor…
Wayne Rivers says:
Excellent, Ben! Thanks.