Human capital and team development
CFO asks CEO: "What happens if we invest in developing our people and then they leave us?"
CEO: "What happens if we don't, and they stay?"
Human capital and team development are critical in all organizations today.
Why are some managers or businesses less keen on developing their people?
1. Profit-centric
Focused on short-term profits rather than long-term success
Team development initiatives requires time and resources
Some organizations see these as costs rather than investment
2. Ill-informed
Lack of awareness of the benefits of team development
Might not realize how much more productive and efficient their workforce can become
May value work experience over education and formal training
3. Individualistic
Too comfortable with daily routine tasks resulting in lack of motivation to improve
Thinks that they will be indispensable if they are the only person who can complete specific tasks. Hence, unwilling to train others
Leaders need to have a win-win mentality when it comes to team development and growth!
Here are 5 key reasons why team development is so crucial:
1. Increasing satisfaction and retention
When employees get opportunities to learn and grow, they feel valued and motivated
In turn, they are more likely to stick around and remain loyal to the company
This saves the company time, energy and resources to recruit and train replacements
2. Improving performance
With training, team members become more proficient, productive and innovative
Team members can bring new ideas and perspectives to solve existing problems
Company as a whole becomes more capable and efficient
3. Grooming leaders
Capable managers willing to invest time to grow and upskill his team is a good leader
When team members get the necessary support, they will be more effective and productive
As team members become managers, the manager becomes next generation leader
4. Building teamwork
Team development activities encourage team members to solve challenges together
This creates a good opportunity to understand one another's strengths and weaknesses
The result is a better equipped team ready to manage complex tasks and client issues together
5. Creating competitive advantage
Companies that invest in team development will have an advantage over those that do not
Organizations with well-trained team members can set themselves apart from their competitors
- Clients will always prefer to work with high-performing leaders and competent teams
In conclusion, team development should be a priority for organizations.
With an empowered, equipped team that is satisfied and happy, there can only be growth and success for the company.
Invest in human capital, develop a strong team, and business will thrive!
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