Irrespective of your field, rank or performance, one of the greatest assets that any business can lay claim to are its employees. They’re the lifeblood of any enterprise, and it’s their skills, talent, hard work and commitment that drive your success.
The better educated they are, the better honed these qualities are likely to be. It pays to hire the best people in your field, but for smaller enterprises and start-ups, commanding the wages to attract these talented professionals is often beyond your budget. This means that you need to think outside of the box if you wish to have the best possible team at your disposal.
One such left-field strategy is not to hire the best, but to create the best. On-going training is something that you can fund, and it offers a myriad of opportunities for developing your employees’ skills. There are thousands of different avenues to explore, from on-the-job master classes to international business schemes like those offered by Hult International Business School, all capable of refining and educating your workers.
If you’re looking to turn your business around, here are a few of the advantages that you might like to consider:
Education can improve your knowledge capital
Knowledge capital is the collective pool of talent, skills, and information that a business can draw from. It is compromised of everything that its staff members know, and all of the data that it can use to improve its processes and performance. The higher a company’s knowledge capital is, the more likely it is to be successful, and one of the best ways of increasing yours is through educating your workers.
Education can improve your productivity
An increase in knowledge capital has the knock-on effect of making an enterprise more productive. This catalytic effect is easy to understand: the more knowledge and skills you have at your disposal, the simpler it is to develop more efficient tactics and strategies, and better products. This help to speed the whole working process up, making your company far more productive.
Education can increase your turnover
In the same way that knowledge capital increases productivity, increasing productivity also increases your turnover. The more efficiently and productively you can work, the lower your overheads and the higher your turnover. It takes far less time to carry out each process, which means that although you’re paying your staff to work the same number of hours, more is achieved within this timeframe each and every day. Over a period of weeks, months, and even years this can have a huge impact on turnover, helping to increase your profits tenfold.
Could investing in the education of your employees be good for your business?