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Companies that holistically invest in their employees’ personal and professional lives often tout lower turnover rates and increased employee morale. But what does it mean to proactively invest in workplace culture in this way?
Up-skilling, or providing progressive career-long skill training, is probably the most cost-intensive yet valuable investment a company can make in its workforce. As company organizational charts become more lateral and cross-functional, employees will need a greater understanding of how different functions apply to their role and how they can be integrated to meet broader company goals.
Such training programs will need incentive options that encourage employees to move along a continuum. Yet culturally, they should also hold at least some appeal for everyone—from millennial, entry-level workers to senior executives. One option might be to partner with local universities to customize special corporate programs. Another could be to explore online courses that can be viewed and taught in a conference room in the workplace.
To ensure that employees are progressively learning, develop metrics around how people learn best (whether that’s in a classroom, through interactive games and challenges, or even via online courses) while being sure to tailor the learning experience to your team’s unique needs.
Make it Personal—Meeting Employees Where They Are
Retaining valuable employees for the long-term also means taking care of them personally. One way companies can do this is to customize Employee Assistance Programs (EAP), which go beyond traditional flexible spending accounts to apply to workers’ needs across different life phases.
Another way is to look carefully at how employees are raising their families and caring for extended families. For example, employees who are caring for aging parents might value a service that helps evaluate senior health care options or which assesses home health services while offering house maintenance, meal preparation, grocery delivery, and transportation solutions. Employees who are mothers of newborns may value support groups organized by employers that help them transition back to work at the end of maternity leave.
Finally, don’t overlook cost-free EAP initiatives (which also have a solid ROI), such as “Jeans Fridays” from the corner suite to the mailroom, or “Wear your favorite sports team shirt day.” Building morale and encouraging your team can be pretty easy with a little forethought.
Companies like IBM, Zurich Insurance, CVS, Daetwyler, Stober Drives and Optimax, are starting or expanding apprenticeships in information technology, insurance, healthcare, and advanced manufacturing.
Do you have the funding necessary to invest in your team? Contact your relationship manager or Client Services to learn more.