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Employee turnover rates have multiple adverse effects for businesses. Entrepreneurs can reduce the chance of experiencing them by retaining top talent with leadership development opportunities. Ongoing training for those who want to rise in their careers is worth considering for growing companies, especially if there is already in-house demand.
Some people are natural-born leaders, but others excel after completing training. People often take leadership development classes and stay with their employers because they know they will learn essential information that is beneficial in numerous ways.
A 2022 SHRM and TalentLMS study found that 54% of employees want leadership training, which is a significant portion of the workforce. The employees may use the training to acquire valuable communication or job-specific skills that they would not learn in their current roles. They could use those skills to continue thriving with the company or reach the next professional milestone they aspire to achieve.
Trying something new requires taking risks. People may be hesitant to take risks in a new environment, like a different workplace. Employees learning leadership development courses can explore what they learn with the team they already trust. They might want to have those educational opportunities in their workplace because it is where they feel comfortable asking questions and learning from mistakes.
Quarterly bonuses are not the only way that people feel appreciated. Experts found that wage and salaried workers had been with their employers for a median of 4.1 years as of 2022. Those who have been with companies for extended periods may appreciate leadership opportunities because it is another form of recognition. They will have the chance to sharpen skills and take steps forward in their career that others may not because their management team admires their dedication.
Taking on responsibilities at work often means getting raises. Leadership classes make those financial pay bumps more likely. People could jump at the chance for leadership development opportunities because they will see their income rising as they expand their professional skill set. The pay bumps could also be significant compared to their current income, depending on the leadership role they get.
Some people think their days become more meaningful when they achieve a healthy balance between their professional and personal lives. While that is true for many employees, others may feel equally fulfilled by advancing in their careers. They could enjoy the work they currently do, but look forward to mentoring others or leading projects. Leadership training makes that experience achievable.
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Employees enjoy leadership development courses, but business owners benefit from their efforts as well. Learning what companies gain could make the investment a priority for more entrepreneurs.
Gallup research found that 11% of preventable employee losses were due to a lack of career advancement opportunities. Many people hope to work for the same employer for a long time. They do not want the chaos of navigating the job market, and they may not want to leave the team they love.
Growth is also essential for many workers’ professional satisfaction. If they get leadership development opportunities in the workplace, they may see a path forward to career advancement. Employee retention could rise if people can grow where they already prefer to be.
Reducing employee turnover boosts revenue in many ways. When people are more effective in leadership positions, they inspire other team members to work harder. Every professional could become more productive and generate higher sales with improved skills. Business owners also will not have to pay costly fees associated with hiring and training recruits, which helps keep revenue high.
Training materials often come from professional companies specializing in workforce education. They will provide the latest industry knowledge, so those in rising leadership positions can excel at their jobs. Companies benefit when employees learn about the most cutting-edge technologies and data because they use the information to make the business more successful.
Professional training teams educating people in the event planning industry will know that venues now feature holographic light displays and flexible booking options. Anyone who does not complete the same training may miss out on those features if they have not learned to inquire about them. Customers could choose to work with competitors who design better events, making it harder to increase revenue.
Business owners can create leadership training opportunities so everyone has a chance to grow. If people see paths forward within their company, they may stay longer and become better at their jobs. Entrepreneurs could gain more revenue from happier, more effective teams and avoid the fees associated with the hiring process. They only have to create leadership development courses for people at all levels of their company.
* This post is written in collaboration with our guest contributor, who has financially supported its publication.
Alex Quin is a full-stack marketing expert and global keynote speaker. Founder and Chief Marketing Officer of UADV Marketing - a member of the Forbes Agency Council.
