Business owners everywhere, whether they operate a local retail shop, multi-location service provider, or region-wide restaurant chain, spend a significant amount of time focusing on growing their business. Each day they’re working hard to boost revenue, sell more products and services to an increasing number of customers, and drive more dollars to the bottom line.
Beginning in 2020, many business owners discovered just how important their workforce is to their overall success as well. A recent study by PwC, found that almost 80% of CEOs have concerns about their employee’s ability to meet changing workplace needs.
Investing in employees is critical
To stay competitive in a challenging marketplace, businesses must have enough skilled workers to meet the company’s needs. When a company is growing, the pace of change is constant. HR technology enables companies to succeed by creating a framework for continuous learning and skill building. When a business uses HR technology, retention rates increase drastically because employees are onboarded more smoothly, receive critical information when they first start, and are empowered to learn additional skills which ultimately benefits the company.
After an employee has been hired it’s crucial for executives to make ongoing investments into skill training – whether this means career or leadership development or connecting employees directly through building programs such as conferences, workshops, and knowledge sharing- these methods ensure employers stay competitive.
Successful businesses use technology to match workplace needs to coaching, mentoring, leadership, and development opportunities. Employees who know there’s a path forward to promotions and skill building tend to be happier and more productive.
Support your team
HR technology provides employers with the information they need to have a better understanding of trends in their workforce and employees’ development needs. For example, businesses can conduct a skills gap assessment to create an appropriate reskill or upskill strategy for workers.
In order to fill key job openings, employers may decide to promote an employee lacking leadership experience into a management role without proper training- which could negatively impact productivity and employee satisfaction. HR technology supports quick and convenient delivery of leadership courses as well as communication tools that will help managers succeed at their jobs – this will also make it attractive for other quality employees who want these opportunities from the business too!.
Why employee development is important for growth
According to the Harvard Business Review, companies who encourage their employees to learn are at least 30% more likely to be market leaders in their industries over an extended period of time. Additional research shows businesses with a well developed learning culture are more likely to grow:
- 58% more likely to have skills to meet future demand
- 46% more likely to be first to market
- 37% greater employee productivity
- 34% better response to customer needs
- 26% greater ability to deliver “quality products”
- 17% more likely to be market share leader
To learn more about HCM and Payroll programs, contact Simpay Today.
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