CNBC: Workplaces Can Do 1 Simple Thing to Help Employees Grow, Says Expert: ‘If You Could Do That For $1 Per Leader, You Should’
Originally found at CNBC
That’s the most 65% of businesses spend per year, per employee on leadership development, according to a survey of more than 700 HR leaders conducted by Forrester and HR Executive Magazine.
The importance of leadership spending drills down to a simple math problem, she explains. Without quality leadership, employees become disengaged at work, leading to retention issues. Hiring a new employee to replace an old one costs anywhere from an additional 50% to 200% of the role’s salary, Tynan says, based on Forrester’s analysis.
“The way I always frame this for people is in the context of risk, because that’s really what this number represents in a lot of ways,” she tells CNBC Make It.
Continue reading the original article at CNBC.
Read the original research in Academy of Management Journal.
Learn more about the AOM Scholars and explore their work:
- Joel Koopman, University of Cincinnati
- Klodiana Lanaj, University of Florida
- Brent A. Scott, Michigan State University