OPINION

HOW DOES INVESTMENT IN PEOPLE IMPACT BUSINESS GROWTH? AND WHAT WOULD YOU PRIORITISE IN RELATION TO PERSONAL DEVELOPMENT?

ANGELA TOOLEY Enterprise Development Manager, University of Derby

Economic challenges and skills shortages make it a challenging time for employers, however rather than cut budgets, there is a need for businesses to invest in its people more than ever in order to remain competitive and retain key staff.

A LinkedIn Workforce report highlighted that 94% of employees would stay at a company longer if it invested in helping them learn.

Advances in technology, driven by the digital and green economies have created skills gaps in areas including electrical engineering, welding and data analysis. However technical skills alone will not enable emerging sectors and those adopting new technologies to realise productivity and growth improvements.

One factor is the lack of investment in developing jobneutral skills, including creativity, problem-solving, teamwork, leadership, data analysis and project management. These enable individuals to develop the mindset, confidence, and knowledge to embrace change and drive improvements to working practices.

Another is the limited understanding or measurement of the link between individual learning and organisational development. Upskilling is only part of the solution; staff need the opportunity to practice them in supportive and growth focussed environment led by a leadership team who inspire and empower.

Evidence from case studies produced by the University of Derby from high-growth businesses whose staff have undertaken courses including Help to Grow: Management, SAIL and Reskill & Recover supports this thinking.

If these factors are addressed, the benefits for employers are endless including:

■ Improved productivity and performance

■ Enhanced customer experience

■ Increased employer satisfaction and wellbeing

■ Ability to innovate supporting resilience and new market opportunities

LEANNE

BONNER-COOKE

Investor and Founder of early stage businesses

Your people are your business. We talk about B2C and B2B, but in reality, isn’t it all P2P (People 2 People)?

When you invest in your people, you are investing in your business. People typically come to work because of the leaders they work for, not just because of the brand. There is a clear link between a happy and engaged workforce and increased performance and productivity, which directly affects a business in a positive way. So, you literally need to keep people happy for your business to succeed. They only way you can achieve this is to understand them and their drivers.

Investing in people of course refers to fair salaries and benefits but investing in your employees is far more rounded than that and includes appropriate training, mentoring and guidance, including mental health support. Currently, statistics show that only 30% of our workforce is performant in the UK which is shocking. But, by creating an environment that encourages greater engagement, and by providing a supportive workplace where people feel listened to, I believe a business can buck this trend to positively impact business growth.

For me, I’d say never stop learning and never think you know it all because it’s highly likely you don’t! Use your support network to learn through mentorship. I have met some amazing business people over the years and it’s those relationships and knowledge sharing that have helped me to grow personally, and that has allowed me to lead and grow my business. Generally, when you ask people for help and advice, they will give it to you willingly – we are inherently kind and people like to give advice, so never be afraid to ask!