It is no secret that management training and development can help a business grow. By investing in providing managers the tools and resources to achieve their fullest potential, organizations can see tremendous benefits in terms of job performance, employee satisfaction, innovation, and more.
Today, we are going to focus on 8 key benefits that management training and development can provide to your own business. Let’s start with how it can help you reduce turnover and retain your best employees.
One of the most important benefits of management training and development is that it can help businesses retain great employees. When employees feel like they are progressing in their roles, they are more likely to remain with their current employer. Furthermore, management training and development can help managers learn how to better motivate and engage their teams, which can lead to even higher levels of employee satisfaction and retention.
Employee retention doesn’t just create a more enjoyable place to work, but it also produces significant bottom-line benefits. According to research by SHRM, over 50% of employees that leave their jobs do so because of poor management. This turnover has resulted in over $200 billion in costs nationwide over the past 5 years.
Another important benefit of management training and development is that it can help managers learn how to motivate their teams. By teaching managers how to properly delegate tasks, communicate effectively, develop emotional intelligence, and provide feedback, businesses can ensure that their teams are functioning at peak efficiency.
In recent years, remote and hybrid work environments have become a normal aspect of the workforce. This trend is only expected to remain a new standard for many industries, which means that management practices will need to evolve as well. Remote management requires a different set of skills than traditional, in-office settings.
Some of the most important skills for remote management include:
When a business gains a reputation for great management, it can also help attract higher-quality candidates for new job openings. Potential candidates will notice that the organization is committed to helping its members grow and develop over time.
Furthermore, by showcasing management development opportunities during the recruiting process, businesses can more effectively target top talent. This, in turn, can lead to lower recruiting and training costs down the line.
When a business invests in developing its employees, it benefits from more opportunities to promote from within. Internal promotion can save businesses a significant amount of money as they will not need to conduct an expensive and time-consuming process of recruiting, onboarding, and training new employees.
This can save organizations thousands of dollars on recruiting and hiring. On average, it costs around $4,000 to onboard a new hire from outside of the organization. Promoting a current employee also ensures that you are filling a management vacancy with someone who already has familiarity with your operations, other employees, and cultural values.
Well-trained and developed managers can also help businesses create more efficient processes. By teaching leaders how to streamline tasks, set clear goals, and measure progress effectively, companies can ensure their operations are running as smoothly as possible. In turn, this allows employees to maximize their working hours to achieve greater productivity on a more consistent basis.
Additionally, educated managers are more equipped to identify areas of waste and inefficiency within the operations they oversee. This allows businesses to make the necessary changes to reduce costs and improve overall profitability.
Staffing your business with well-trained managers can also improve communication throughout the entire organization. When leaders are taught how to communicate effectively, they can cascade this learning down to their teams.
Furthermore, effective communication can help reduce conflict within an organization as team members will be better equipped to understand one another’s perspectives. This results in a more positive and enjoyable work environment which can lead to increased employee satisfaction.
By empowering managers through training and development, business owners can get more of their time back. When management staff is able to handle tasks efficiently and effectively, it free’s up the owner’s time to spend on other areas of the business.
At TBM Payroll, we partner with business owners in the New York Capital Region to provide a broad range of human resources solutions. Our team of SHRM-Certified HR professionals can conduct a variety of management training sessions, virtually and on-site, that can help you operate your organization more efficiently. To learn more, please contact us to speak with a member of our HR Services Team.