Investing in Employees: A discussion of developing and coaching existing employees.
One of the most common and greatest mistakes an organization can make is to prioritize recruitment over developing an existing workforce. In such instances, an organization is essentially exchanging qualification for experience, loyalty, and long-term success. In terms of value, an existing employee has already has had a substantial investment and can often be developed, coached, and grow with the business. The development of employees is never a waste, as a matter of fact, it is necessary for the company to thrive. Otherwise, the recruitment and replacement of employees is a never-ending self-perpetuating cycle.
Strong managers and leaders will acknowledge that employees having a high level of satisfaction, comfortability, and knowledge of an employee are critical to the furtherance of an organization’s mission. While a manager does dictate the tasks, they also are responsible for coaching and ensuring that employees have the knowledge necessary to succeed and move the organization forward. In addition to having tasks defined, the employees need more to lead an organization from within. Investing in the employees by leveraging and coaching to their strengths can lead an organization effectively from within. The chances are slim that an external employee will be 100% qualified for the position, instead, it will be much more effective to develop and coach an incumbent that is already a good fit and loyal to an organization.
Increases Loyalty and Employee Retention
Any employee would hesitate to leave or regret considering leaving an organization that has invested in their development and given the opportunity to be coached, grow, and improve. This instills the loyalty of this employee making them feel like they own a piece of the organization and feel a deeper sense of commitment. Many times, employees will be emotionally connected to their jobs emotionally and you hear an employee sincerely say “I love my job”. Investing in employees through their development and coaching greatly improves employee retention.
Enhanced Business Performance
As an organization starts investing in your employees, even the least engaged and least qualified employee will grow and become an asset to the organization. These employees have the greatest opportunity to grow through coaching and offer the greatest return on investment. This provides the greatest opportunity for an organization to invest in employees and receive the greatest return by coaching and developing employees of all levels.
Long Term Growth and Long-Term Success
The most senior and most loyal employees are those that will have and feel the most stake in the success or failure of an organization. The loyalty and devotion that they have developed over their service are a huge benefit and often aligns with their desires and willingness to develop or be coached. As a result, enhancing this already strong element of the workforce serves to offer the greatest and most sustainable return on investment for an organization.