Employee Training … why should you invest in it?
CFO asks the CEO, “What happens if we invest in developing our people and they leave us?” CEO says, “What happens if we don’t and they stay?”
Your largest investment in your business is your employees. Their value increases as they are trained with new ideas, methods and profit improvements. That is so unlike equipment that devalues soon after you acquire it. Investing in employees is the most common element of top construction companies.
The reality is that business changes and the only way to change with the times is to increase knowledge through additional training. It’s simple— companies that do not invest in their people will fall behind.
Competition for talent is stiff. Training and development investment is crucial for attracting and retaining employees; it is generally much more cost-effective than hiring new replacements.
Retention improves in companies that provide training programs. A high turnover rate significantly affects morale, productivity and the company’s ability to attract new hires. Think about it, would you go to a company where you knew the employee turnover rate was high?
Happy and engaged employees perform better, have higher output, make far fewer mistakes and have a greater understanding of how to do their jobs effectively.
Training takes good workers and makes them better, often preparing them for a higher position in the company.
Employees are attracted to the possibility of learning new skills in order to advance their careers and, when trained, feel more valuable.
Training is a highly effective way to instill a positive work culture and cut costs within your company. It promotes teamwork, increases productivity, and enhances employee retention.
Quite simply, training is more cost-effective than hiring new replacements.
Then, of course, there are accounting and finances to understand. Most construction leaders attained their positions by starting as labourers, apprentices or tradesmen, moved to junior management roles and soon advanced to more senior roles. As they progressed, responsibilities grew. But, when it came to finances and accounting, many did not have that specialized knowledge.
So, ask yourself, how much accounting and financial training do you and your management team have? Can you identify unwanted expenses, manage overhead expenses, sustain and improve profits?
Now that you think of it… isn’t it time for all of you to hone your skills in these very important areas?
Profitable Contracting courses do just that!
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