As the saying goes, “The best time to train your managers and employees is when you feel your company is so busy it doesn’t have the time to train them.”
Let’s look at the psychology of that statement. If your team is so busy that is doesn’t have time to improve the way they are doing things, it could be stealing literally thousands of dollars off of your bottom line. Why? Because one slightly out of kilter practice by your staff could be wasting an enormous amount of time and resources. Engaging in a training program focused on a key result area, can create a tremendous return on investment.
So, why don’t more small business owners invest in their managers and employees?
Here are some of the answers I have heard from business owners in my research on this question:
- We don’t have the time for it.
- We don’t have a budget for it.
- Our employees don’t want to be bothered with extra learning requirements.
- Our employees are sharp enough and they don’t need to learn anything new.
- We are afraid if we train them and improve their performance they will leave and take their skills with them. (We would rather they remain less competent and work for us.)
- We don’t see the value in it.
- We just don’t believe in training and development.
- We are just plain lazy.
If any or many of the above responses match some of your thoughts on investing in training your employees, please consider the following:
- Xerox Corporation reported that for every dollar they spend on training, they get a return of $22.
- IBM Corporation reported that they received $26 for every dollar they invested on training.
- Motorola Corporation reported that they get a ROI of $33 for every dollar spent on training.
Imagine if your stock broker could guarantee you those kinds of results. You would buy every bit of stock he would recommend.
Not only does a regular training program for key result areas result in a more productive and profitable company, it is an excellent tool for manager and employee retention.
Like the saying goes, “When you are green you grow and when you’re ripe you rot.” At the point of departure from their company, most managers and employees who are leaving, are feeling like they are going nowhere in the position they are working and they want out.
Donna Fuscaldo reported in Ragan Communications, that “Nobody accepts a position with the intent of doing the same job for his or her entire career. People want to grow professionally; if they can’t, chances are they will leave. If your company needs to attract and retain highly skilled workers, then you better make sure you are providing growth opportunities.”
As I tell my clients, “Training doesn’t cost – it pays.” If you want to keep your best people invest in them.
By Tom Borg ©All rights reserved