One of the biggest challenges for CEOs today is developing their employees. How do I know this? Because at the end of 2019, our team at Evoloshen began working on a CEO Culture Report (coming soon!) and reached out to hundreds of CEOs to get their insights on what they thought about culture. One of the questions was what are the biggest challenges CEOs face when it comes to culture work? One of those was developing their people.
Some of the issues they faced varied depending on the industry. Many realize that technology is going to revolutionize their business in the coming decade and that they will need to retrain their employees.
It is also a challenge to find the right talent to come on board. Having a solid path for both personal and career development within a company gives a competitive edge in recruiting top talent, especially the younger generations who want to see that in potential employers.
Some companies are connecting to schools to start a relationship and brand awareness with young people and letting them know about potential careers in their specific industry.
The CEOs also mentioned the importance of developing good managers and leaders. Gallup states that “people leave managers, not companies…in the end, turnover is mostly a manager issue. The effect of poor management is widely felt.” Gallup also says that poorly managed teams are “50% less productive and 44% less profitable than well-managed work groups.”
By investing in developing their people and leaders in particular, they are able to help nurture the culture and develop stronger relationships with their teams, which increases productivity, profitability, and retention.
Culture, engagement, and employee development often fall into the “nice to have/want to do…but don’t have the time right now” category. They are not treated with a sense of urgency. This is a mistake.
Prioritizing the company culture will actually solve many internal issues such as:
- attracting and retaining top talent
- increasing productivity and profitability and
- creating a high trust and highly engaged organization.
Developing your employees helps:
- build loyalty
- increase engagement and
- bring positive energy into the team and workplace.
Our nature is to always expand and grow and this should be applied in companies as well. Taking care of and developing your people is the best investment you can make!
If you would like to super-charge your company’s engagement, the 90 Day Engagement Accelerator may just be right for you. Reach out to Support@Evoloshen.com to book a Culture Strategy session.