| It’s simple.
It’s a no-brainer.
But it’s an all too often over-looked daily business fact: all work gets done by and through people.
Organizations invest in technology or research to further their competitive positioning. Since all work gets done by and through people, why not invest in that valuable resource? Have you ever heard of a sports team that decided to forego training and coaching? Don’t think so!
Having overseen $25 million budgets ourselves, we get that some of you want proof before you’ll invest in improving your employees’ skills and abilities. Noodle this:
§ The desire for inspirational leadership in business is unquestionably on the uptick. A McKinsey & Company study, Leadership Through the Crises and After published in September 2009, in the midst of the financial crisis, revealed: “The kinds of leadership behavior that executives say will most help their companies through the current crisis, such as inspiring others and defining expectations and rewards, are the same ones they say will help their companies thrive in the future.”
§ A Towers Perrin Talent Report Understanding What Drives Employee Engagement (2003) demonstrated that companies with employees who were highly engaged beat the average revenue growth in their business sector by one percent while companies with low engagement fell behind their business sector’s revenue growth by an average of two percent. That’s a significant margin of difference in bottom line impact.
§ A DDI study, Employee Engagement: The Key to Realizing Competitive Advantage, sites Corporate Executive Board findings from a worldwide survey of 50,000 employees in 59 firms. This study showed that employees with low satisfaction are four times more likely to quit than those who are highly engaged.
§ A 2004 Manchester, Inc. study of Fortune 1000 companies found that executive coaching yields an ROI of almost six times its cost. “Fortune magazine reported the results of a poll of executives and upper level managers who had six to twelve months of coaching with a Masters or Doctoral level executive coach. The survey demonstrated that the recipients valued the executive coaching at six times the cost that their company paid for the service.” |