There are many risks and challenges facing businesses looking to grow and diversify and countless different factors need to be considered, from financial implications to branding decisions. But above all else, putting people, purpose and skills at the centre of a growth strategy is essential to success, whether that is through M&A or diversification. However, the importance of preparing employees for change and disruption is very often overlooked as minds are otherwise occupied and the dust starts to fly.

In a merger or acquisition, two companies with differing cultures, values and histories will be coming together. So, ensuring that employees on both sides are excited by and understand the changes happening around them – including any new responsibilities and expectations for their role – will help to make that process much smoother. Similarly, if a business has opted for growth through diversification, many adaptations will be made and new skills will be required. Whatever the method, growth is not possible without both hiring and retaining the right employees and so in the plan, it is vital to remember that a strategy is only ever as strong as those who are trusted to enact it. Before embarking on any growth journey, ensuring employees are equipped, engaged and enthusiastic for what’s to come, is an imperative. Right now, there is huge competition for talent in many sectors and so demonstrating a commitment to supporting L&D in the midst of exciting growth activity, makes a business look dynamic, exciting and people-centric.

Identifying purpose is the first step in any business decision. This might start with defining a mission statement and it’s important to continue to prioritise this purpose throughout the business journey, especially when planning a growth strategy. The key questions include; why are you targeting this growth? How do long-term and short-term goals support purpose? Indeed, communicating a clear purpose is a “north star” to staff during growth and if people believe in the organisation’s purpose, they will care about doing their best to make the company succeed. This requires multiple steps, from working to hire individuals who align with that purpose, to investing in and demonstrating authentic leadership to employees. Creating a sense of belief will produce dedicated staff who can become brand champions and this is the first building block towards growth. Keeping it centred throughout provides continuity for employees at a time when many things are changing, reassuring them that it remains the driving force behind the approach. Additionally, considering how purpose relates to the growth strategy and how it aligns with employee goals, will help create solid foundations for the future, keeping employees engaged at every step. The old cliché has it that a company’s biggest asset is its employees, but if they are treated well and are committed to the philosophy and culture of a business, then they can also be its biggest advocates.

The best performance happens in an open and supportive environment, where employees feel engaged with their work and this element of engagement is critical when significant changes are taking place in a business. To be able to equip staff with the skills they need to effectively do their job in the new part of the business, a culture of continuous L&D prepares and supports people for the objectives ahead. Employees should not feel that training and improving is something that they are forced to do, it should be something that motivates them. So, creating a learning culture that maximises investment in training and builds engagement at every level, is vital. That it is seen as mutually beneficial, the business will benefit from relevant skills and effectiveness across the organisation, while engaged and loyal employees, will feel invested in and valued. This is important because, while hiring will always be a key part of business growth, retaining good employees is far more cost and time effective than having to replace them. So, a combination of purpose, leadership and dedication to training and supporting employees, will help create a culture of trust where employees believe in the purpose of the company and feel safe to speak out, make mistakes and ask for help when they need it.

It’s taken as read that equipping staff with the skills they need to be effective in their role – while also instilling any new behaviours and knowledge they will need – must be a priority. But when it comes to developing new skills for when their role might be changing, due to diversification or working as part of a new team after an acquisition, is an imperative. In either scenario, if it feels like “just another training session”, then there is bound to be low engagement and the lessons learned are less likely to be filtered through into working life. With this in mind, companies are increasingly choosing to design and deliver their training in-house, as opposed to using offthe-shelf programmes. Offering bespoke training, that takes into account business needs and meeting employee expectation, shows that a business takes learning seriously. To maximise the impact of this training and show customers, employees and other businesses that they are serious about learning and development, forward-thinking organisations are also increasingly working with external experts to build accredited and recognised programmes. Indeed, research* finds that while just under one-third of organisations currently offer externally recognised training programmes, those that do saw immediate benefits, including retaining and attracting staff, enabling staff progression, reducing HR costs and enhancing brand reputation. These programmes can also include the recognition of staff achievements with digital credentials, which can be added to emails, websites and social media, showing that the quality of an employee’s skills and by extension the business high standards, has been verified. This gives employees something meaningful to work towards, while also offering companies a new way to build their reputation commercially and in terms of employer brand.

REFERENCES *City & Guilds’ Training Trends

FOR FURTHER INFO CITYANDGUILDS.COM/ASSURED

If you found this article of interest and would like to receive our flagship publication each and every month (in print or digital), please Subscribe