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Invest in your teams learning and development, or pay the price.
When Boston Consulting Group commissioned a 200,000 strong survey of employees around the world they discovered that learning and development (L&D) was listed as the 6th most important thing that drove employee engagement. Yet L&D is often overlooked by SME’s and startups, with them favouring the view that experienced staff with the skills they need, will be hired and there would be nothing to teach them. This is a costly mistake.
When you consider that disengaged staff are three times more likely to leave their job than engaged staff, and that a replacement hires have major financial impact according to analysts at Oxford Economics, it makes sense to meet the L&D ambitions of your team.
Mentoring is a fantastic way to engage your team. Mentoring shouldn’t just be senior to junior, or established member to newest member.
The cost of having to replace a member of staff:
- £25,181 The cost of lost productivity
- Up to 29 weeks To bring a new hire up to full productivity
- £5433 The logistical cost of finding and absorbing a new worker
Plugging the L&D gap
Learning and development can be a hugely complex subject and, indeed, there are whole departments of specialists dedicated to it in large companies. However, you too can create a championing approach to L&D. And by adopting a culture of progression and learning you’ll; improve employee engagement, improve moral, increase productivity and be seen a great place to work.
Easy steps to L&D success
Here’s how you can put an L&D angle on your business, without it costing the earth and sucking up too much of everyone’s time.
Mentoring is a fantastic way to engage your team. Mentoring shouldn’t just be senior to junior, or established member to newest member. Mixing up the mentoring, so that it is cross departmental is also important, so that the team members don’t feel ‘trapped’ by their manager (for example) being their mentor.
#2 Reverse mentoring
Reverse mentoring recognises that there are skills gaps on both sides, and that each person can address their weaknesses with the help of the other’s strengths. For example, a younger team member can pass new skills and ideas up the corporate ladder, and someone older can become a role model or a career coach.
#3 Community programmes
There are 100’s of opportunities for your team to get involved in community projects. This allows them to pass on their knowledge, give their time and support their empathetic ambitions, whilst improving your CSR status as an employer. It also offers a great story for your career page. Check out The Princes Trust, Apps For Good, and Do It Day for some ideas.
#4 Professional Qualifications
Your team may be experienced and they may well learn skills on the job, but invest in finding out what additional training they want and give them a budget to do this. The training can complement work, but it doesn’t have to. In fact, if you offer ‘non job’ training, you’re demonstrating a huge investment, as it won’t be seen as self-serving.
#5 Meet ups and other events
Encourage your team to spend a minimum amount of time outside of the office at breakfast briefings, learning lunches and evening events. They’ll learn stuff whilst they’re out, and guess what….they’ll become walking adverts for the work that you do.
Food for thought
Whilst you ensure that you’re addressing the needs of you team, it’s important not to forget about yourself. You too need to grow.
Talent Heroes is a people business. We’re contracted by clients to work in house, attracting and hiring an unlimited number of staff, for an all inclusive monthly fee.