Improving the technology at your company provides instant results and a quick return on your investment. What's harder to gauge is how to improve productivity by upskilling your team. Human capital is more valuable, harder to replace and more expensive to train versus technological improvements. Find out five ways to increase productivity on your team while developing their skills.
1. Retain Valuable Workers
A study by the Huffington Post in 2016 revealed that it may cost as much as $25,000 to replace a millennial who leaves your company. Not only is that a hefty portion of someone's salary, but also, that figure doesn't take into account lost productivity due having a short staff. Improve productivity by working hard to retain employees as soon as you hire them. Invest in robust training and development programs that help maintain employee interest beyond the initial hire.
2. Show How Employees Can Progress in Their Careers
Employees want to move forward in their careers, which is why it's important to show that once you hire someone, they have a place in a management role if that person chooses to follow a particular career track. Even if someone doesn't want a promotion, demonstrate how a new hire can switch departments, have flexible work hours or achieve a better work-life balance by tapping into the company's resources. Happy employees who know they can earn promotions work better on their own and as part of a team.
3. Build Relationships Through Teamwork Activities
Engage in development and upskilling activities as an entire team. For example, reserve one Friday afternoon per month to have your entire team attend a workshop or in-house training session. When everyone on the team has the same experiences and goals, they are likely to collaborate more effectively, improve productivity and enhance your corporate culture.
4. Increase Engagement
Take an interest into your employees' skills, desires for promotion and what they bring to the team as individuals. Tap into their strengths and play to each person's passions, because when each member of your team has an interest in their work, they are more engaged, more productive and happier. Gather data and information about pain points and what you can do to improve productivity and engagement. Take relevant and practical steps that helps every team member be the most effective employee they can be.
5. Identify and Implement Improvements
Identify what areas need improvement and then implement ideas to improve productivity. Empower your employees to develop their own upskilling programs, because that gives them a purpose and drive to improve their own skills based on their individual interests. Make sure that each development area is one that your firm actually needs to remain competitive to reap better returns on the company's investment.
Upskilling your team gives your company a competitive edge. By retaining employees, creating a pleasant work environment, promoting from within and tailoring a job track to suit each employee's needs, you can greatly improve productivity among your workforce.
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