Talent Development
Investing in Your People
Companies all over the globe are investing in employees to ensure a successful future. Whether it is through a solid succession plan that prepares the next generation for leadership, encouraging community engagement that offers more brand awareness or investing in professional development that provides competitive advantages, these investments are having positive impacts for the employers and employees alike.
Top Ideas for Talent Development
Participate in and sponsor employee engagement with local leadership programs (check out our list below).
Encourage membership and participation in professional associations and groups.
Create a fund to help employees join civic organizations.
Partner with local colleges and universities to offer continued education opportunities.
Provide tuition assistance and/or reimbursement programs for continued education.
Schedule regular internal meetings to share knowledge, learn new skills or review past projects to share best practices.
Engage in succession planning to prepare the next generation of leaders.
Offer financial literacy training to help reduce personal finance related stress through Financial Peace University or Better Money Habits, or connect with Consumer Credit Counseling Service to incorporate Financial Wellness Workshops.
Encourage employees to take advantage of their existing company benefits.
Invite Step Up Savannah to give employees one-on-one sessions to inform them of available public benefits.
Benefits to Employers
Better retention
Builds trust and engagement
Increases visibility and brand recognition within the community
Increase in profits
According to the Association for Talent Development (ATD), companies that offer comprehensive training programs enjoy a 24% higher profit margin than those who spend less on training.
In a study conducted by the National Center on the Educational Quality of the Workforce, increases in workforce education level were far more effective at increasing productivity than increases in the value of equipment (a 10% increase in both produced a productivity gain of 8.6% for education vs. a mere 3.4% increase for upgraded equipment)
According the Training Journal, on average, the organizations on Fortune’s “100 Best Companies to Work For” list provide close to twice as many hours of training (73) as other companies (38).
Living Wage
Massachusetts Institution of Technology (MIT) provides and updates living wage data annually for metro areas within the United States along with a breakdown of typical expenses that go in to calculating the livable wage. As illustrated below, the living wage changes based on the family structure and includes 12 living wages based on one or two adults working and zero to three children.
Some employers may not be able to afford some of the higher living wages rates, but first steps of working towards providing a living wage include:
1. Researching and understanding the living wage.
2. Understanding the family structures within your organization.
3. Making a plan to increase wages to help achieve living wages for all.
To review Savannah’s calculated living wage, visit MIT’s web page here.
Benefits for Employers Paying a Living Wage
Decrease in employee turnover.
Higher wages attract more qualified and productive workers.
Business productivity will benefit from improved employee morale.
It costs $28,500 to replace an employee that earns $15,000 a year, when a $2 wage increase would only cost the employer $4,160 per year.
Connect and Explore Local Organizations to Upskill Employees and Develop Leadership Skills
Rotary Clubs