Business owners are able to invest in various products and services to support their business including computers utility, insurance office space, advertising onboarding, training taxes, 401k matching, health insurance, disability phones printers, office equipment offices, delivery service… the list goes on and on.
If you’re not investing in the development of leadership and teambuilding within your current workforce, you’re missing a huge chance for your company’s long-term growth and prosperity.
The current workforce is experiencing a massive shift during the recovery of pandemic. Companies are struggling to fill open positions and keep their employees.
Although people tend to point fingers at COVID-19 as well as unemployment benefits, the truth is, employers had been struggling to retain employees before the epidemic hit.
Gallup revealed that millennials, those born between the years of 1980 and 1996 are known to be frequent job-hoppers, much higher than any previous generation were ever. This trend might be exacerbated by the COVID virus however, it’s not a new phenomenon.
Gallup’s report, titled How Millennials Like to Live and Work found that 60% of millennials are actively looking for new career opportunities, in contrast to the non-millennials who are 45. The average millennial turnover cost to the U.S. economy an estimated $30.5 billion annually.
As millennials replace older generations in the workforce and the post-COVID efforts to recover shine the spotlight on employees who are frustrated with being underpaid and underappreciated retention rates are expected to be a problem for many organizations.
One easy solution – investing in existing employees to ensure they are keen to stay.
The benefits of leadership team development go far beyond just keeping employees. By investing in your team is significant impact on the financial results, as well as the future of your business.
The time taken to invest in team building and leadership development exercises will help you:
1. Improve Employee Engagement
The retention of your employees isn’t enough. If employees aren’t enjoying working for you, your company isn’t operating at peak efficiency.
Gallup’s study found that only 29 percent of millennials feel active at work. This means that 7 in 10 employees who are millennials don’t feel excited about their jobs. An alarming 16% of millennials are not engaged at work, which can lead to detrimental consequences for the company. The others are nonengaged, meaning they are doing their job to earn a paycheck and that’s it.
Engaged employees enjoy a multitude of benefits. Some of them are:
Healthy work environments: Happy employees are happy at their job. They’re more likely to be proactive as well as assist others. They’re also less likely to experience burning out in the workplace.
Accountability If employees are enthusiastic, they take pride in their work. They are motivated to complete an excellent job, and if they make an error, they’ll strive to fix the issue quickly and quickly.
No micromanaging: Engaged employees generally self-sufficient. They don’t require constantly monitored, which then frees up supervisor’s time to concentrate on other tasks.
Confidence: People who are engaged are open to learning and improvement. They’re more comfortable at work, and this can have an effect on their confidence outside of work as well. Achieving success both inside and out of the workplace is an ideal recipe for a more positive life.
Word-of mouth praise: Happy employees often tell their friends how much they enjoy their job. They can also help bring in talented employees to your business.
The bottom line: An employee who’s passionate about the job will have a higher productivity rate than someone who’s just in the job to earn a salary or, worse yet, one who doesn’t like being there at all.
2. Build trusting relationships
Collaboration is an essential component of all jobs. Rarely do employees work like a lone wolf, and not impact other people’s duties and deadlines.
If you want your team to perform at its best They must trust each other to rise and perform their tasks. This level of trust will take time to build throughout the day-to-day tasks of work.
But putting aside certain times and activities for team building can drastically accelerate and increase trust among employees, enabling them to operate like a well-oiled, efficient machine in a matter of minutes.
3. Reducing workplace violence and improving Conflict Resolution
Strengthening relationships between employees has the additional benefit of minimizing conflicts. Employees are not only less likely to encounter major clashes, but they are also better equipped with the knowledge to handle conflicts.
Team building can help employees comprehend their resources and are more comfortable confiding in each other. If there’s a problem that employees aren’t able to solve by themselves then they’re more likely solicit help from their supervisor or human resource department.
4. Develop Leadership Skills
Your company requires committed and experienced leaders to maintain long-term growth. Instead of searching for candidates from outside for leadership positions, you can build leaders from within.
Employees tend to have more confidence in leaders who began at the bottom, but rose through the ranks with hard work and dedication More so than they do an outsider who arrives without knowing any of the employees or company’s policies.
Allowing your current team to continue to grow and stay puts out an encouraging signal to those who are keen on advancing. It’s a great method to motivate leaders in stewardship who lead with faith, not by fear.
5. Make an investment in long-term growth for your business.
High turnover rates hemorrhage money time, resources, and money away from your business. It’s not sustainable growth strategy. As time passes, these types of firms end up with nonengaged or actively disengaged employees with a few competent leaders and a great deal of money and resources to fill vacant positions but then losing those employees in the near future.
As per the Society for Human Resource Management (SHRM), the average cost to replace an employee with a salary is between 6 and 9 months pay.
However, that isn’t a necessity in the event that you’re taking time to build your team, improve their skills and teamwork, and develop leadership within your ranks. These actions will set your business up to be successful in the future.
Take the Steps Toward Building the Team You Wish to Have to Be Successful
The team-building exercises are among the most effective ways for your employees to connect, meet one another, have fun and be a good team and develop collaboration, communication, teamwork, and leadership abilities.
The rewards are worth the cost to invest in a more efficient, more productive team with highly engaged employees.
Copyright Reseau Actu.