A look at the essentials of business development from Zagreb-based business consultant Dominika Syper.
Employees are demanding presumably more than ever. The workforce landscape is changing and with it new needs are arising as well as desires and areas of importance for employees.
It’s happening not only in economically more advanced and structurally bigger countries; it’s happening also here in Croatia. This means employee development is no longer privilege, it’s a necessity. My first impression after moving here was that many people are not satisfied with their work position. They’re struggling with low salary, lack of opportunities to develop their skills, ineffective management system or disrupted communication process what in turn causes low engagement and productivity.
Modern approach to building strong and competitive work environment is becoming one of the most significant challenges which many companies in the world face. That of course includes also Croatia.
Every organization which wants to grow should reconsider their approach to learning and development because helping employees reach their full potential is as important as it’s ever been.
Continuous and effective learning is a critical factor for organizations that want to attract, engage and retain top talent in today’s hyper competitive work environment. For millennials, who are now becoming the core part of the workforce, learning and developing opportunities are the top factor in selecting a job.
Especially that rapidly growing generation of millennials emphasize a continuous improvement and increasing knowledge as a decisive factor when choosing potential employer. Also, according to “The Deloitte Millennials Surveys 2016” two in three Millennials expect to leave their company by 2020 because of lack of growing opportunities and learning new skills. This remarkable absence of loyalty represents a serious challenge to any business.
Why it should matter?
As an employer or business owner, you are concerned with results: making a profit, increasing your return on investment and expanding the strength of your company’s image. But your greatest asset in achieving these goals is not your product or your business plan: it’s your workforce.
The point is that employee development is becoming a crucial factor as be or not to be for many businesses. It means that organizations in Croatia need to develop employee capabilities faster and more flexibly than ever before. Effective development programs should be carefully planned, personalized to the needs and preferences of learners and enhancing strong company’s culture on the market.
For many businesses learning experiences can help attract and keep great employee but also build their loyalty or increase company’s reputation. Nonetheless, the most important benefit is keeping your workforce engaged and highly productive because this simply drives your business results.
Developing a workforce that maintains a company’s success is a common challenge that many business owners and team leaders face these days. The attraction, retention of talents and investing in employee knowledge are now business-critical operations. Unfortunately, still many startups but also most of small and medium businesses know the frustration of spending too much time than they want or should on non-revenue-generating activities.
Outsourcing those functions is the best way to make your business more profitable through access to outside experts without additional hiring costs. It can bring your company skills, knowledge and support to keep your employee engaged, improve their productivity and increase team effectiveness. If you’re asking yourself if I really need it, remember that prevention is always better than cure.
Even if you perceive it as an unnecessary cost, in the long run it simply saves you money because HR functions help business manage employee performance and boost their development which has an enormous impact on your financial results.
By prioritising employee engagement, you will ensure that your business is not burdened by high employee turnover, low morale or ineffective teamwork. Instead you will have employees who are productive, enthusiastic and effective, enabling you to maintain an edge in a highly competitive environment.
When I hear from managers and business owners statement like “What will happen if I will invest in people and they will leave?” I’m always asking “What will happen when you don’t invest and they will stay?” The truth is that cost of keeping uncommitted employees is much higher than return of investment in their development. What scenario will you choose?