Leadership Trends: Investing in Human Capital
With the cost of healthcare, salary, and other expenses, your employees are expensive. But as the saying goes, they’re also your most valuable asset. Their combined knowledge, skills and abilities – also known as “human capital” – are what keeps your company going, whether it’s through the generation of new products, the execution of services, or acquiring a broader customer base.
It’s why investing in them is critical to your continued performance and competitive edge. Here are a few more ways you can benefit from doing so:
You’ll lower turnover.
Employees place a priority on development. For instance, according to a study by the Society for Human Resource Management, 42% believed their professional development and their organization’s dedication to it was very important to their job satisfaction. When you invest in your people, it not only enhances their skills and abilities, but shows you care and recognize their potential. This leads to a more loyal workforce, one with lower turnover.
You’ll engage employees.
When it comes to today’s workers, only about a third of them feel engaged on the job. Gallup puts that number at 32%. However, when you invest in developing your workforce, they’ll be more engaged, as well as more productive. This will not only keep people motivated, but positively impact your bottom line.
You’ll improve the customer experience.
When you walk into a store and talk to an associate, you can immediately tell whether they’re engaged and enjoy their job. It makes a big difference in your experience and whether or not you’ll return.
It’s the same way for your customers, whether you run a small business or a huge corporation. When your employees are engaged, they’ll be more enthusiastic, make more of an effort, and go the extra mile for your customers to keep them happy. Over time, this not only impacts the customer experience, but also your level of repeat business.
The bottom line is that when you invest intelligently in your employees, you’ll get a positive return. While you might have costs upfront to develop them – whether it’s through on-site training or off-site learning experiences – you’ll be able to sharpen your competitive edge and improve company-wide performance.
Get help finding and hiring top human capital.
With Gill Staffing, we’re leading the way as one of Grand Rapids top staffing agencies and can handle the recruiting, vetting and screening, all while you focus on other priorities. Contact us today to learn more.
