The economic recovery hasn’t been easy for many companies straining to maintain a healthy bottom line while competing to hire, retain and develop their best employees. And yet, extremes of both economic prosperity or slowdown will never cease to exist. Our economy is, and will always be cyclical. No company is immune from the stress that these extremes create for executives.
Companies will always have to deal with issues like:
- Employee engagement and motivation levels
- Employee retention
- Staying lean – reducing inefficiencies
- Remaining innovative to differentiate from competitors
- Improving customer service
- Developing leadership pipelines/succession planning
Everyday, organizations across the globe experience prosperity or stagnation. They flourish, or they falter. Yet, whether in a fast-paced growth scenario or sudden slowdown, how leaders react can be detrimental to the long-term sustainability and growth of their company. The biggest mistake an organization can make is refusing to invest in their most precious asset; their people. Leaders who blame the absence of training on the economy are just employing a convenient scapegoat. Here are a few examples:
Excuse #1: TOO LITTLE
“The economy sucks and it’s killing our numbers. We’ve gotta do more with less”
What it Really Means: We don’t have the time, money, or right people for training. Why should we train employees anyways, they already feel strained and will move on to the next best thing soon.
Excuse #2: TOO MUCH
“The roaring economy is crushing us. We can’t fill vacancies quick enough, keep customers satisfied, or keep good talent long enough. If another company waves a few thousand bucks more at them, they throw up deuces.”
What it Really Means: Not enough time in the day, or proper personnel to run a meaningful training program. Why train these employees, anyways? They’ll probably leave soon.
In Short: A lack of executive buy-in shows these companies aren’t ready for training, and that puts them at a serious disadvantage in any economy.
TOP COMPANIES MOTIVATE THEIR PEOPLE TO LEARN
Today’s workforce is full of job hoppers seeking the next best thing. According to the US Department of Labor, Bureau of Labor Statistics, the average job tenure for an employee was 4.2 years in 2016. That number is even lower among the millennial cohorts, at around 2.2 years, according to many national labor surveys.
However, resoundingly positive sentiments still exist for many of the country’s best companies to work for. Organizations offering an exciting blend of culture, career growth opportunities and employee training programs will have a leg up on their talent competitors. These are the Google, Facebook, IBM, and Quicken Loans of the world. From the c-suite on down, top companies consistently motivate employees to advance their skills and abilities on-the-job via formalized training and mentorship opportunities.
Many organizations may not have the luxury of massive training budgets, and that’s OK. Get creative by developing in-house training programs that leverage your employee’s expertise. These tend to save lots of money, while still offering substantial impact and ROI. I’ll offer up some ways organizations are getting creative with training programs in a future post.
DIG IN AND DEVELOP
Leaders must devote time to properly evaluate current training programs, digest employee feedback, retention data, and adopt new, innovative training techniques and best practices. Position your company to provide employees with a powerful platform to grow their skills. Some of the many benefits; more loyal, career-minded employees, stronger customer relationships, leadership pipelines, and a healthier bottom line. But, the key is making training a priority regardless of a bull or bear market.
In closing, there’s a cliche quote to ponder that helps guide training professionals to rationalize their work: “CFO asks CEO:What happens if we train them and they leave? CEO:What happens if we don’t, and they stay.” – Peter Baeklund