Business owners invest in a variety of products and services for their businesses such as computers and utilities, insurance office space, advertising onboarding, training taxes, 401k match-ups, health benefits, disability, phones printers, equipment and office supplies, as well as transportation and other services… The list is endless.
If you’re not investing in leadership team development and team building within your current workforce, you’re wasting a tremendous chance for your company’s long-term expansion and growth.
The current workforce is going through a major shift in the recovery of pandemic. Businesses are struggling to fill vacant positions and retain their employees.
However, while many tend to point finger at COVID-19 and unemployment benefits, the reality is that employers were trying to keep employees in the workforce prior to the outbreak hit.
Gallup revealed that millennials, those born between the years 1980 and 1996, are known to be frequent job-hoppers, much more than the previous generations were ever. This trend could be exacerbated by the COVID epidemic however, it’s not a new phenomenon.
Gallup’s report, How Generation Y want to Live and Work found that 60 percent of millennials are willing to explore new jobs, as opposed to 45percent of non-millennials. In the average, millennial turnover cost an economy U.S. economy an estimated $30.5 billion per year.
As millennials take over older generations of workers and post-COVID recovery efforts put the spotlight on employees who are who are fed up of being underpaid and unappreciated retention rates are expected to remain a challenge for many businesses.
A simple solution is to invest in employees already employed to ensure they are keen to stay.
The benefits extend far beyond just keeping employees. If you invest in your employees it can make significant impact on the financial results, as well as even the long-term future for your business.
Making the effort to invest in team building and leadership development exercises can help:
1. Enhance Employee Engagement
The retention of your employees isn’t enough. If employees aren’t enjoying working for you, your company isn’t running at its peak.
Gallup’s research revealed that just 29 percent of millennials are actively active at work. This means that 7 out of 10 employees of the generation millennial don’t feel enthusiastic about their work. A shocking 16% of employees are disengaged and actively demotivated at work, which could have negative consequences for companies. Others are not engaged which means they’re working for their paychecks and that’s all they do.
Engaged employees can enjoy a variety of benefits, such as:
A happier work environment: Engaged employees are content at their job. These employees are more inclined to take initiative and assist others, and are less likely to suffer from stress in the workplace.
Accountability If employees are enthusiastic and motivated, they are proud of their work. They are eager to do an excellent job even if they do make mistakes, they’ll strive to fix the issue swiftly and effectively.
There is no micromanaging: engaged employees tend to be self-sufficient. They don’t require constantly monitored, which allows supervisors to have more time to focus on more important tasks.
Confidence: Employees who are actively engaged are willing to learn and improvement. They are more comfortable at work, and this can have an effect on their confidence at work as well. The ability to succeed both inside and outside of the workplace can be an ideal recipe for a more positive life.
Word-of-mouth recommendations: Happy employees frequently talk about how much they enjoy their work. The positive reviews they give can help bring in talented employees to your company.
The bottom line is that an employee who is enthusiastic about their work will have an increased productivity rate than one who is working to make a profit or, even worse, someone who is unhappy being there at all.
2. Establish trusting relationships
Collaboration is an essential component of all jobs. Rarely, employees act in a way that is lone-wolf and not interfere with other people’s obligations and deadlines.
If you want your team to perform at its best it is essential that they trust each other to rise and perform their tasks. This level of trust is a process that takes time to establish during the daily activities of work.
But, putting aside specific time and activities for team building can dramatically speed up and increase trust among employees, enabling them to operate like a well-oiled, efficient machine in a matter of minutes.
3. Reducing workplace violence and improving Conflict Resolution
Building relationships among team members can have the benefit of reducing conflicts. Employees are not only less likely to experience major conflicts, but they also are better equipped with the ability to solve problems.
Team building can help employees comprehend their resources and feel more comfortable confiding in one another. If there’s a problem that employees aren’t able to solve by themselves They’re more likely to seek assistance from a supervisor or human resource department.
4. Develop Leadership Skills
Your business requires dedicated and skilled leaders to ensure the long-term growth. Instead of sourcing external talent to fill post-management positions, you can build leaders within your own organization.
Employees are more likely to confidence in leaders who started at the bottom of the ladder and progressed up the ranks through perseverance and commitment More so than someone from outside without having any knowledge of employees or the company’s policies.
The fact that your current employees can remain and grow is an encouraging message to people who want to grow. It’s a great method to inspire leaders to lead by faith and not fear.
5. Put your money into long-term professional growth
High turnover rates drain money time and resources away from your business. This is not sustainable growth strategy. In time, these kinds of businesses end up having active or disengaged employees and a small number of qualified leaders and lots of wasted money and resources to fill vacant positions, but then losing those employees shortly afterward.
Based on the Society for Human Resource Management (SHRM) The average cost of replacing an employee who is salaried is between 6 and 9 months pay.
However, that isn’t a necessity when you’re willing to invest in your existing team, develop their abilities and teamwork, and also develop the leadership of your team. These steps will set your company up to be successful over the long term.
Start the Process of Building the Team You Dream of to be Successful with.
Activities for team building are among the most effective methods to motivate your employees to meet, socialize, learn about one another, have fun and trust each other, and improve collaboration, communication teamwork, leadership abilities.
The rewards are worth the investment in a more effective, more productive team with highly engaged employees.
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