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The Importance of a Reading-Focused Culture Encourage your employees to learn By Michel Koopman Are you looking for a way to boost revenue, increase productivity and reduce costs? Instead of overhauling your business plan orturning to the trendiest new corporate strategy, try a simpler solution. Invest in talent development and encourage your employees to learn. According to HR Magazine, companies that spend more than $1,500 per year on an employee’s training enjoy margins that are 24 percent higher than those of the competition. These companies also reap the benefit of dramatic productivity increases. A study by Merrill Lynch found that for every dollar Motorola spent on employee training, the company saw an impressive $30 in increased productivity within just three years. An organization that invests in employee education is also less likely to suffer from costly problems that stem from talent shortage, retention issues and low company morale. In fact, a study from IBM revealed that forty-one percent of employeeswith little or no training said that they planned to leave their companies Interactive in the next year. Compare this to companies that provided high levels of training and education and had only 12 percent of employees report that they planned to quit within the year. The payoffs of continuing educationmay be clear enough, but many companies run into trouble when searching fortools and systems thatdon’t drain resources andthat actually make a difference. Traditional education and training methods are often expensive and time consuming. Another problem arises when companies home in on training for a specific set of tangible skills - such as technical knowledge. This narrowed focus may be great atincreasing productivity anddecreasing mistakes in the short run, but it doesn’t provide the types of long term improvements that drive meaningful growth. For positive, enduring change, organizations need to instill their employees with intangible skills like resourcefulness, flexibility, creativity,and analytical thinking abilities. These 23 leadership excellence essentials presented by HR.com | 04.2014


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