An Ounce of Prevention in 2024…

“An ounce of prevention is worth a pound of cure.” We’ve all heard this quote at one time or another, but how might it work in business in terms and our valued employees?

As we reflect on 2023 results and plan for 2024, let’s take a look at the impact of investing in your employees’ professional development and why this is a critical element in your company’s strategy for success.

The saying "an ounce of prevention is worth a pound of cure" implies that taking proactive measures to prevent issues now is more effective than dealing with the adverse consequences later. For example, in 2017 Equifax experienced a massive data breach, exposing the personal information of approximately 147 million people. Settlement costs required Equifax to pay $1.38 billion to resolve consumer claims. It was later determined that poor data governance practices made the breach possible and by 2022, Equifax had invested an additional $1.6 billion to improve security and technology. Ouch!

CEA is often asked to assist with internal workplace investigations. In these situations, our HR Advisors assist your company in determining the facts surrounding a specific incident or concern. Whether it’s employee misconduct, harassment complaints or policy violations, the investigation process helps companies maintain a compliant and respectful workplace. We find that many workplace complaints and conflicts were avoidable, if only employees had received training in communications, conflict resolution and problem solving.

Investing in your employees prevents all types of issues including a lack of motivation, disconnection, and lackluster teamwork. Investing in your employees increases employee engagement and allows for open communication, feedback, and trust in the company. When companies invest in tools, technology, and training they are essentially upskilling their employees. These employees are now better equipped to handle evolving job requirements and new situations in the workplace.

Providing opportunities for training, career growth, while recognizing and rewarding performance keep talented employees engaged so they're less likely to seek opportunities elsewhere.

One of the Forbes report's most revealing findings was that 76% of employees say they're more likely to stay with a company that offers continuous training.

When you create a work environment where employees feel valued and supported, your company can minimize the risk of losing valuable talent and avoid the high costs of turnover. Register your team now for our upskilling course called Elevate Your Expertise. This virtual certification series starts on March 5, 2024.

Upskilling and investing in an employee also has the added benefit of improving their overall wellbeing, preventing burnout and stress-related issues. Unlock your employees’ potential and elevate their skills to ensure a successful 2024!