I like big budgets and I cannot lie
Congratulations on surviving the “Great Resignation of 2022!” You’ve most likely spent more time and money to fill those openings than you realize. It’s not just the cost of recruiting, but the hours spent interviewing candidates and training your new team members that all adds up. According to the Society for Human Resource Management (SHRM), the total cost to hire a new employee can be three to four times the position’s salary. Gulp!
How do we get those new folks to stick around long enough to have our investment in them pay dividends? And how do we keep the fantastic team members we currently have so we don’t have to worry about recruiting their replacements? One solution is to continue to invest in them and their professional development throughout their career.
As an advocate for lifelong learning, it will come as no surprise that I believe more is more when it comes to budgeting for leadership and staff development. Beefing up your internal and external training budgets can pay off in both the short-term and long-term development. All too often the training budget is the first thing to get cut when times get lean – or even before the budget gets finalized and presented to the Board.
“The only thing worse than training your employees and having them leave is not training them and having them stay.” ~ Henry Ford, Founder, Ford Motor Company
In addition to developing new skills, having a robust training budget can bring multiple benefits to individuals and organizations. As we edge closer to budget season, consider what an additional investment in developing you and your team can provide.
- Employee engagement and retention: Providing ample training opportunities demonstrates your commitment to employee development, which can boost morale and engagement. When employees feel invested in and supported, they are more likely to stay with the organization, reducing turnover and those nasty associated costs.
- Competitive advantage: A well-trained workforce gives your credit union a competitive edge. The expertise gained through training can lead to higher-quality outputs, improved member service, and innovative solutions. This advantage can help you stand out in the market and attract more members.
- Adaptability and agility: In today’s rapidly changing business environment, having a well-trained workforce enables organizations to adapt quickly to new technologies, processes, and industry developments. Employees with diverse skill sets can pivot more easily and contribute to the organization’s agility in responding to market demands.
- Leadership development: A larger training budget allows for the implementation of leadership development programs. Nurturing leadership skills within your organization can cultivate a strong leadership pipeline, ensuring continuity and effective management at all levels.
- Enhanced employee satisfaction: Training opportunities are often seen as valuable perks by employees. By providing ample resources for professional growth, you can enhance employee satisfaction and overall job fulfillment. This, in turn, can contribute to higher motivation, loyalty, and productivity.
It’s important to note that while a large training budget can bring these benefits, it’s equally crucial to ensure that the training initiatives align with organizational goals, address specific needs, and provide a measurable return on investment.
Reach out to learn more about how building a better budget can benefit your credit union. It’s exciting to learn at any stage of your career, and I’d be delighted to help!
