The challenge of how to retain valuable employees is one of the biggest concerns plaguing companies in the competitive marketplace. With the economy beginning to settle out and more positions opening within in growing companies, employees are faced with a decision: Is the grass really greener on the other side? As a result, employers must look at what they are doing to attract, and more importantly retain, the top talent they had been fortunate enough to preserve during the recession.
One way many organizations have chosen to hang on to their top talent is by re-investing in their human capital -the specialized knowledge, skills, and abilities of a company’s workforce. After making the initial investment of hiring these employees, companies are now looking to provide their workforce with the tools needed to grow and develop as contributors to the growth of the company.
Companies have found that investment in their human capital in the form of training and development yields high returns. According to an article by Chris Taylor in Training and Development Magazine (“Recession Survivors: Training to the Rescue,” October 2003), “a knowledgeable workforce may ensure a company’s survival.” The article profiles four companies that survived the economic impact of September 11, 2001, and a business climate marked by recession and corporate scandals.
These companies – Southwest Airlines, Viacom, Dell, and Guardsmark – all consider employee training an investment in company growth and stability. Instead of cutting back their training budgets during hard times, these companies chose to invest in the development of new skills and knowledge within their workforce. They showed a commitment to their employees and gave them the educational background necessary to increase both productivity and effectiveness in their markets. Their employees, in turn, supported these companies and ensured their survival through a difficult chapter in our country’s history.
Many employers are choosing to empower their employees and are creating learning organizations. Employers are communicating the expectation for continuous learning within their employee-base. They offer work time support for learning, and make online learning and reading a part of every employee’s regular day-to-day job duties. Employers are utilizing outside training resources and are sending employees off-site for training. Many provide college tuition reimbursement and pay for professional association memberships to further employee engagement in the company’s commitment to learning.
Empowering employees with training is crucial to the ongoing development of an organization. What better way to retain your top talent than to enable them to become more talented contributors to the growth of the business?
