Why Investing in Management Training is Worth It
Where are you investing money into your company?
One of the most overlooked areas to invest in is management training.
Low investment in manager development results in low achieved potential. Many companies choose to skimp on effective management training to save themselves that cost because they rarely consider what the resulting benefits investing would bring.
Truth is, there is no downside to manager development.
Spending $100 a month is a small price to pay for managers that are not only improving on vital skills for their role but also instilling confidence in them that their company is investing in them! According to Gartner, over half of employees note the importance of their employer providing opportunities for personal growth.
When you choose to show faith in your managers, they will begin to feel more certainty in themselves and their own abilities to create positive change in their work.
What do we see as an outcome when managers are given the development training that they need?
Increased engagement, productivity, and stronger leadership skills. As a result, we see increased profits, and higher employee engagement, and boosted workplace satisfaction.
Investing in management training pays back in dividends. By boosting employee satisfaction, engagement, and productivity through training you are in turn reducing turnover. The cost of low retention and high turnover is seen in the hours of time put into the hiring process and new employee training. Onboarding new employees is not the area that you want to continuously spend money on. In the age of the Great Resignation, now is the time to take a serious look into how we can avoid losing valuable management, and it begins with effective management training.
Would you rather have a new batch of employees every couple of months, or a strong core group of trained and qualified individuals who have high workplace satisfaction, and are invested in the company’s success? If you chose the latter, invest in the management that can provide that reality for you. The American Society for Training and Development (ASTD) has found that investing in employee training resulted in 24% higher profit margins. Investing in training has real, tangible rewards.
Why ignore investing in the one area that can bring you the best return? Companies must begin to pay attention to their managers to reach the success that they are looking for.