All around the world, we are still in the midst of The Great Resignation. As headlines continue to publicize the fact that recent quitters are happy with their decision, more and more are moving in this direction.
For many years, poor management has been a primary driver of resignations. Almost 2/3 of people quit their boss- not their company. However, it is the company that suffers because replacing an employee is expensive and these days, it’s getting harder to recruit and retain top talent.
Since poor managers are the driver of absenteeism, stress-reduced productivity, and disengagement, it’s obvious that they are not only costing your bottom line but also your company culture.
According to a study by the National Association of Mental Health, managers that are aware of how and when to be supportive were directly related to better workplace health- but only 40% of employees believe their employer invests in the development of supportive management.
Proper training can turn a poor manager into a good one. They will not only keep your best employees but pull in the next generation of good ones. Most managers will strive to do a good job but don’t always understand how. Most companies choose managers based on their individual contributions, but this is different from creating an atmosphere that brings out the best in others. In one study, it was discovered that 82% of companies choose managers that lack the skills required to succeed.
Investing in your managers is one of the few investments that will consistently deliver a great ROI. The skills that will set the best managers apart from the rest include the following:
- Emotional intelligence
- Psychological safety
- Ability to coach and be coached
- Sense of purpose
- Able to manage change
- Able to execute the vision of the company and be held accountable
As a business owner, it’s important to understand that whatever you allow is what you are promoting. If you have poor management, it’s because you have not put rewards or consequences in place to encourage different behaviors.
There are lots of advantages associated with investing in your managers and very few disadvantages. This is the best way to create top performers across all levels of your company. If you need help with manager training, contact Rexford Commercial Capital.