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Why Workforce Development is an Investment, Not a Cost

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Workforce DevelopmentRecently, Joe Nocera wrote an article for The New York Times that cited the work of Zeynep Ton, who is a researcher and professor at M.I.T and the author of the book “The Good Jobs Strategy.” In this book, one of Ton’s main points is that for far too long, companies have approached their team members and workforce development as a cost instead of as an investment.

The logic that many businesses have is that like any other cost, workforce development expenses need to be minimized as much as possible. For this reason, team members’ wages should be reduced, commitments to full-time work shouldn’t be viewed as important, investing in training is unnecessary, and talent should be marginalized. Although this may help companies cut back on their costs, it really isn’t a smart strategy.

Comparatively, smart companies use an entirely different approach. In her research, Ton analyzed one large retail chain in the U.S. and another one in Spain. Both of these companies achieved high profitability and low turnover rates by making training and workforce development a priority and paying their team members decent wages.

To take things a step further, smart companies realize that their business’ ability to thrive comes from their people. Instead of viewing human capital as a problem, they understand that their team members produce ideas, innovate, act, drive spirit and energy, and make a difference in their operations.

Are you ready to invest in your people and create a smarter company? Contact us today at OneSmartWorld to find out how you can make it happen.

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