What is the best way forward?

It is fair to say that the current climate is challenging to say the least so what is the best way forward?

Many organizations are holding back and waiting to see what happens which is understandable but is it wise?

• What makes you organization different from your competitors?
• What is the one thing that you have that they don't?

The answer to this is simple: Your people!

Your people are your most valuable asset and I encourage you to treat them as such. You don't ignore your accepted assets, such as machinery, technology, vehicles etc. yet the first thing to drop off the radar in troubled times is training and development of your people - why is that?

If you don't treat your people as the valuable asset that they are it is more likely that they will be tempted away by your competition. There are organizations that are expanding and investing in this current climate because they are looking at the long term benefits, not the short term savings.

Gallop reports that engaged employees are 21% more productive than disengaged employees, not to mention a 28% reduction in sick time and a higher loyalty rating which reduces recruitment and training of replacements.

So why would anyone cut back on investing some time and money on a regular basis to develop your current employees?

If you could invest $2,500 and get a return of $25,000 would you do it? Of course you would.

• What would a 20% increase in productivity mean to your bottom line profit?
• What is the average annual salary of your team?

It is reported that the cost of replacing one employees is between 90-200% of their annual salary, taking into account recruitment costs, hiring costs, training, and lost productivity as they get up to speed. Therefore one employee at $50,000 per year would cost between $45,000 - 100,000 to replace.

You can see from these statistics that spending a small amount of money on your team can save a huge amount, not to mention the additional income it adds to your bottom line, so I ask again: "Why would anyone cut back on training and development in this climate?"

If you want to talk about how specific training can benefit your organization you can schedule a free strategy call by clicking here or visit my website to download my brand promise brochure: https://www.chris-j-baker.com/