While professional development is nothing new, it continues to become a necessary element to success. Studies show that a majority of employees want opportunities for career growth, while only 20% feel satisfied with how their company handles career planning. Providing opportunities for continuing education not only creates happier, and more motivated employees, it can also have a profound impact on your bottom line.
1. Employee Retention
Great business owners understand the importance of employee retention. As a result, they do not regularly spend the time and money (up to 20% of an employee’s salary) necessary to replace employees — which could potentially have a detrimental effect on their bottom lines. Instead, they nurture, train, and inspire their team to work hard and be rewarded for their go-getter mindset.
Some best practices include:
- Promoting from within. External hires are up to 20% more likely to leave your business within the first 2 years.
- Regular training. 40% of poorly trained employees end up leaving their companies within their first year on the job.
- Clear career path. Studies show career advancement is important to 83% of employees.
What these statistics tell us is that employees who are provided clear career paths and who feel committed to a company with a healthy and supportive culture are less likely to leave for greener pastures. Furthermore, a group of loyal employees with little to no turnover are able to create a powerful synergy within your company that will contribute to high-quality and consistent services and customer experiences.
2. Employee Motivation
Studies show that employees are more motivated when provided the opportunity to grow. When employees feel invested in, they engage with their current roles and future roles. Engaged employees are happier and almost 90% less likely to leave their jobs.
Highly engaged and motivated employees are more likely to go above and beyond in their work and for your clients. Motivated employees are likely to be more productive, and therefore, greatly contribute to the growth of your salon or spa.
3. Long-Term Business Growth
By providing opportunities for continuing education, owners are investing in their employees and ultimately strengthening the backbone of their salon or spa. We live in one of the most innovative eras, which requires business owners to invest in consistent education in order to keep up with quickly changing trends.
With instant access to every style, color, technique and more, clients have raised their expectations in the social era. If a business is only as strong as the talent of its employees, then investing in your team’s professional development will help you maintain highly skilled employees while taking your business to new heights.
Continuing Education Options
A designated budget to put towards your employees’ professional development is one of the best investments you can make as a business owner. While you may not have endless funds, there are a wide variety of educational resources available in the industry for every type of budget.
As your bottom line continues to grow, consider expanding your education budget, too. Learn everything you need to know about continuing education options in the beauty and wellness industries from Meevo.