The ROI of Developing Your People
Whether your company is small, 5-person business with a local client base or large, multinational company with offices all around the world, your employees are your most precious asset. Without them, you would not be able to deliver high-quality products and services, innovate and change in response to the market, or gain new and retain current customers.
Developing your employees through various leadership and team coaching training programs can be one of the best investments you can make in your business – and many leaders recognize this. It is estimated that companies in the United States spend more than $134 Billion each year on such programs.
Despite that large number, The Journal of Economic Education reports that the annual rate of retention loss for employee training and development averages between 13 to 23%. That translates to between $17 – 30 Billion a year in unused or lost training and development.
Avoid that waste and focus on the goal of your training program, which is to retain your best and brightest, engage and motivate all employees, develop future leaders and strategic growth initiatives, and maximize every dollar invested.
To achieve those goals, your training programs need to incorporate 3 elements:
- New knowledge, skills, and attitudes and habits
- Clear ways and action plans to incorporate the new knowledge, skills, and/or attitudes in routine tasks, overall job roles, and inter and intra-department projects
- Quantifiable results
The most common training programs that deliver the best results for our clients include:
- Leadership Coaching
- Team Coaching
- Group/Team Dynamics through communication training and understanding
- Leadership development training
To learn more about how these programs can positively affect your company, give us a ring at 703-255-3355.
If you found this article helpful and think someone else would benefit as well, remember, sharing is caring - thank you!