This week is National Careers Week (and National Apprenticeship Week too – but more on that later).
So I thought you’d be interested to know that, following an award-winning year in 2017 (read more about that here), we’ve been featured in a case study by Invest Milton Keynes, a service that helps businesses to develop and prosper in the Milton Keynes area.
The reason we’ve been featured is because of our commitment to employee development and the incredibly positive effect it’s had on our business as a whole.
In fact, thanks to our employee training and development programme, we saw turnover increase by 79% in the last financial year, profit go up a whopping 118% and the number of employees at LMC catapult from three to nine, plus our network of Associates.
So what have we learned from taking such a proactive approach to the personal development of our team?
New recruits have the energy and attitude needed to help grow a business
Our new recruits bring new skills, new contacts, and an energising, fresh perspective. Even if they lack some technical knowledge to begin with, knowledge sharing, coaching and training sessions – either externally or with senior members of the team – will quickly bring them up to speed.
Welcoming new members of the team reminds you to update your knowledge
We’ve always made sure that everyone at LMC has the opportunity to attend training courses and events with new members of the team. Training for new employees can benefit the rest of the team, too.
A high level of employee development can set you apart from your competitors
By investing in the training and knowledge of our employees, clients or customers are more confident in our deeper understanding of the industry and their own needs. What’s more, we can pass on our knowledge and learning to customers and clients to help them too.
By planning training well in advance, it won’t impact on work schedules
“We’re too busy” is not an excuse. Employees can cover for each other when someone is away on training. As long as the reallocation of work is agreed in advance, we have found it won’t cause any significant issues.
Employee training and development fosters a more loyal and productive workforce
For LMC, the training and development of staff is pivotal to the retention strategy of the business. Quite simply, investing in employees makes them want to stay. And the costs and time associated with replacing employees that leave the business far exceed the cost of investing in existing employees.
With an ongoing skills shortage hampering the construction industry, many organisations would do well to give deeper consideration to the benefits of investing in employee development – not just for employees themselves, but for the good of the business overall.
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