According to Benjamin Franklin “an investment in knowledge pays the best interest” and investing in the coaching of an organization’s staff is always a positive thing to have which yields fruitful results. Thinking about the long term, then it is worth investing in.
Here are some of the stats and reasons why leadership training is important for the long term success of an organization for the future in the corporate giant city like Dubai where competition is always high.
Every 1 in 3 senior employees leaves an organization in the first year of employment whether voluntarily or involuntarily. Also, 22% of the turnover is seen within the initial six weeks of their work. Less labor turnover and high retention rates guarantee a business’s success.
Gallup 2014 research says only 13% of the employees on the managerial level are engaged or highly engaged and more than 26% of the employees are highly disengaged. If this is the case with your organization, then it’s the right time to participate in leadership training programs in Dubai.
Research conducted by the Middlesex University Institute for work-based learning from 4,300 employees found that more 74% stated that they were under-performing due to lack of guidance and they needed more coaching to raise their standard.
According to a consulting and accounting firm, the estimated cost of an employee leaving in the first year can cost an organization up to 3 times the salary of the employee. The UK has faced a loss of £42bn ($63.3bn) in the current times in this domain.
These are staggering figures and means that the organizations need to invest and keenly look in the matter of onboarding in the early phases. If any organization doesn’t heed to it, it will be contributing to the amount mentioned above.
Another research conducted by Middlesex University Institute for work-based learning has shown that 56% of the managers and bosses think that coaching and development are two essential progress enhancers.
Now here is an antinomy between the practice and what the managers believe. They consider it, but at the same time, not enough is being done to coach the employees and the leaders.
A survey held recently showed that 7 out of 10 employees and managers have hinted that leadership training has influenced their decision of staying with a firm.
This means that investing in the retention of your staff not only will save your firm money but will also save your time in hiring and training new workers.
The ideal situation is where the firm helps the staff in expanding their knowledge by offering them more and variant coaching programs and platforms and also helping them in offering soft skills courses.