New research by SME finance provider Close Brothers has revealed that two in five small firm owners do not provide any management training to their employees, even though the vast majority believe that such skills are vital to a worker’s success.
Mike Randall, CEO of Close Brothers Asset Finance, said: It comes as a surprise that a significant amount of businesses do not offer management training, despite a firm belief that leadership is linked strongly with success. Leadership is a quality that helps direct, motivate and inspire others and it must be taught across all sectors of business.
an effective leadership training programme will most certainly help in creating a winning atmosphere within any business. Those who have responsibilities for managing others need to be properly trained in order for their business to run smoothly and increase the chances of success.
Another recent study carried out by the Chartered Institute of Personnel and Development (CIPD) indicated that only?one quarter of non-HR business leaders believe that their organisation’s goals are being met by its current people management strategy.
with people being at the heart of how businesses operate, HR has a significant role to play in wider organisational innovation. This requires business-wide systemic thinking and action to affect change, said CIPD research advisor Jill Miller.
The Close Brothers Business Barometer also suggested that some 75 per cent of small firm owner-managers were of the belief that the ability to manage people was important for all SME employees and recent academic research pointed to the same conclusion. The authors of a new paper on entrepreneurial success, published in the International Small Business Journal in February 2015, wrote: Leadership is central to understanding the growth of entrepreneurial ventures since growth opportunities cannot be identified and exploited without the facilitation of individual and collective efforts.
Investors In People estimated in September 2015 that poor management costs the UK economy 84bn a year in wasted time, with the financial and professional services industry the sector standing to benefit most from improving leadership quality.
Curious about what other skills your micro firm might be missing out on? Here are a few suggestions.