Invest in Your Leaders through Training
If ineffective leadership is plaguing your workforce, then creating leadership development programs for managers and supervisors is a good place to start. Companies that invest the most in training and development see an 86% higher rate of return than those that do not. There are numerous training resources available today, including pre-developed training programs, books, blogs, and conferences, to help your leadership team better manage their employees – the list is endless. If you’re not sure what training your team needs, ask them for feedback on where they feel they’re lacking in management skills. Or better yet, ask employees what they’re not getting from their managers.
Don’t Forget About Company Processes
Part of understanding how to effectively manage others is by understanding company policies, processes, and culture. Make sure your business leaders fully understand policies and procedures. – like the employee review process – that can have a big impact on workers. 70% of employees who receive annual reviews, less than half believe they’re effective at evaluating their performance. That could be due in part to how leaders administer reviews and the overall communication about performance evaluations. Making sure your company’s leaders can effectively implement, follow, and communicate company process and procedures are imperative to your success.
Employee turnover costs can be expensive for your business. And when one employee leaves, it can have a domino effect that impacts your entire team. With the expense of replacement hiring and training expenses, along with lost productivity, turnover cost businesses millions each year. If you’re facing the possibility of attrition in your company, start making changes by developing more effective leaders who encourage – not hinder – employee engagement.
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