One of the most difficult parts of owning or running a business is finding top talent to fill important positions. Placing bright individuals with a drive to succeed in the most influential areas of your company is key to driving growth, profits, and your company’s reputation. Many business owners and managers focus on things like salary and more time off to acquire the best talent for their companies. While these things are certainly important and cannot be ignored when trying to hire top-notch candidates, emphasizing leadership or professional development training in your company is a great way to set your company apart from other companies that may also offer similar benefits.
Three Reasons You Need A Robust Training Budget To Hire Top Talent
If you want to hire excellent employees who will take your company to the next level, you have to invest money in your current employees and commit to investing in those that you interview early on in the selection process. Here’s why great companies have large training budgets:
Leadership training adds value for the candidate.
Desirable candidates achieve their status of desirability because they work hard and provide value to the organization where they work. These candidates have worked very hard throughout their careers to build their resumes and skill sets because they recognize the value of learned skills for both themselves and the places that they work. For this reason, the most desirable candidates are looking for an employer who intends to invest heavily in their education and training in addition to providing them with an acceptable salary and benefits package. If your company wants to be successful in capturing the best candidates to grow your company, you must communicate and commit (preferably in the employee’s contract) to a certain amount of training each year. This will speak volumes to candidates about the culture of your company and how you show appreciation to your employees.
Leadership training adds value for the hiring company.
Investing in your employees is some of the most productive money that a company can spend. Many organizations view paid training as a service that is provided to their employees and as something that shouldn’t be expected. This view of employee training is backward, unproductive, and a product of a dangerous shift in corporate culture. Paid employee training is a way to make good employees even better while will only serve to improve your company as a whole. This is particularly true in regard to leadership training. Today, the corporate environment is a global one that is constantly changing due to mixing cultures and advancing technology. Training your people to be good leaders with extraordinary skills is a great way to prepare them to compete for your company in an ultra-competitive corporate environment. So, training is not just a way to say “thank you” to your employees. It should be a standard practice throughout your company if you want to compete at a high level.
Leadership training secures a successful succession plan.
Today, many companies are struggling to nail down a firm succession plan while their workforce is also aging fairly quickly. Hiring top candidates is a great way to secure a successful succession plan that will see your company grow long after you or your team of current leaders has retired. In addition, identifying current employees or investing in top candidates that are new employees is a great way to communicate early on that your company is built for longevity. This fact in itself will serve to make desirable candidates more comfortable with your company.