02 Apr Team Development is an Investment, Not a Cost
Over 75% of employers rate teamwork as a crucial factor that adds to business success and productivity. However, a majority of these employers often forget that teams need constant development and nurturing in order to maximize their strengths.
More often than not, employers consider team development training or activities as an added cost to the business. This is far from the truth!
Here are a few reasons that prove how team development is a long-term investment and not a cost:
1. It helps attract & retain profitable employees
Today, retaining a good employee is as vital as keeping up with the technological trends in an industry. Their experience, passion, and creativity can make or break various business opportunities.
Team development portrays an employer’s sense of understanding and makes employees feel that their employer aims to add to their growth and success, therefore building loyalty among the workforce.
2. It improves the reputation of the employer & the business
Offering team development opportunities help build an employer’s reputation as one that truly cares about its employees and isn’t just aiming for high figures on the balance sheet. This also encourages more willing & well-intentioned people to seek employment opportunities in the organization.
3. It helps create promotable workers
Team development increases opportunities to promote or recruit employees internally instead of hiring somebody from the outside and starting from scratch. The employees’ knowledge & experience will add the company’s efficiency and the training will ensure that their skills match the job requirements.
4. Increases employee engagement & adds to their skill set
Team development is an important method of engaging employees at work while also ensuring that the training is productive and adds to business success. According to research, increasing investment in employee engagement activities and training by a mere 10% can increase profits per employee by almost $3,000 per year.
Language training, for example, can develop teams to take-charge of international operations, communicate better internally & diversify their skill set.
Additionally, team development also adds to their skill set, therefore giving them a sense of purpose & motivation to perform to the best of their abilities. It also boosts the team’s morale and increases job satisfaction.
5. It helps businesses earn while they save
Employee recruitment is far costlier than employee retention. As team development increases employee retention, it significantly reduces the cost of employee recruitment & training, thus helping businesses save more than they spend.
6. It pushes businesses to look at the future
It’s possible that a training program required today may not be relevant tomorrow. This helps organizations focus on what is needed to be successful today, as well as the success trends that will define tomorrow. It also highlights the strengths & weaknesses of each employee, therefore helping employers decide on how to nurture their respective strengths for maximum productivity.
Develop your team’s communication skills & increase your business’ success! Start their language training today!