People are your most valuable asset
There’s no doubt about it, whatever industry you work in, that people are probably your most expensive and valuable asset. The overall success of your company relies heavily on them – their skills, knowledge and behaviour – which is why recruiting wisely and investing in staff development is so important.
Why invest in your staff? There are several reasons why any forward-thinking leader would want to.
- It improves productivity. Companies that maintain a high-development culture foster stronger relationships, create a happier workforce, and experience a higher level of staff engagement. A happy and more engaged workforce, leads to greater productivity.
- It increases the bottom line. Increased productivity, ultimately improves your bottom line, which makes it easier for employees to do their work. And with less tension, there’s evidence that this leads to an environment with more collaboration, empowerment of employees, and an increase in creativity.
- It attracts new talent. Word soon spreads when you have a happy, healthy and productive workforce, which means that attracting talented individuals becomes easier. This, again, can help your business to become even stronger.
- It improves staff retention. It’s time-consuming and costly to attract, recruit and embed new staff into any organisation, so it makes perfect sense for any business to retain and develop its talent, rather than lose it to a competitor. The most common reason for turnover cited in the Work Institute’s 2021 Retention Report, was “career issues, a category that includes opportunities for growth, achievement and security”.
The changing nature of work
Employee expectations have increased significantly over the last decade and, there’s no doubt that the pandemic has amplified and accelerated changes in the way individuals want to work. Research suggests that individuals are seeking:
- flexibility and autonomy in the how and where they work, with hybrid and remote working becoming more formalised.
- more meaning and purpose within their roles.
- more autonomy and freedom, they want to feel they are able to make their own choices.
- flexible and personalised work-life and wellbeing benefits to suit their current and ongoing needs.
- to work with organisations where personal and company values align.
A small percentage of companies are making the big decision to modernise their practices, become an employer of choice, and drive productivity, by transitioning to a permanent four-day week. It will be interesting to see how this plays-out in the future and, by taking this step, whether individuals are attracted to those companies as a result.
Transformative thinking and the role of leaders
With a rapidly changing landscape and the scarcity of available talent, the role of leaders is becoming ever-more complex. The need to think and act differently is upon them. It’s hard and scary to leave behind embedded ways of working and thinking, after all it’s what we know, and be vulnerable to taking risks and making changes. To do this, it’s important to understand how our own patterns of thinking, attitudes, and behaviour can unintentionally hinder progress. Being open to change and development can open-up a whole new way of being, for you and your workforce.
We offer a range of leadership, management, and business growth solutions for individual and team development; wellbeing workshops to ensure your people are more self-aware, equipped, and resilient to overcome challenges in life; as well as executive coaching to support leaders in navigating these times.
Sources:
- World Economic Forum: 5 workplace trends to watch in 2023, according to an expert
- Insead Knowledge: Aligning Individual and Organisational Values
- Top Employers Institute: The World of Work Trends 2023
- Forbes: Top Ten HR Trends For The 2023 Workplace
- Forbes: Why You Should Invest In Your Staff
