7 Reasons to Spend More Money on Employee Training

If you want to reduce unnecessary costs, stay ahead of current trends, and retain your best workers, you should invest in better external training. Read more.

Small group of employees benefitting from expert onsite training

Why is employee training more important than ever before?

Around 19 million US workers have resigned in the last 6 months, and this record number is set to increase. Although there are many reasons for employees to quit their jobs, a 2018 Gartner report claims that 40% leave due to insufficient career development training. So, if you want to reduce unnecessary costs, stay ahead of current trends, and retain your best workers, it's time to call an expert trainer.

What is onsite learning?

To reduce costs, company leaders often provide training to employees internally, having a manager or resident expert pass on their knowledge. However, bringing in external experts to facilitate learning onsite and virtual self-paced training are more effective options. Bringing in external experts may be more expensive than in-house training, but the long-term benefits outweigh the initial cost.

Benefits of onsite training:

Onsite learning brings outside experts to create and deliver dedicated professional courses, which leaves leaders free to focus on their projects. In addition, employees can meet other professionals in the field, experience various learning styles, and introduce new skills and knowledge directly back into your company. 

When you give your employees the training they deserve, you will see many benefits.

1. Keep your best workers

The 2021 Prudential survey states that 80% of workers who plan to leave their jobs are concerned about career growth. Employees who feel supported, encouraged, and confident about their work stay in their positions longer. Therefore, investing in high-quality employee training increases job satisfaction and ensures that the company retains valuable skills and knowledge. 

2. Attract high-quality candidates

Udemy found that 54% of employees want better learning opportunities at work, while 46% said they feel more engaged when training meets their goals. In addition, the PWC report 'Millennials at Work' states that millennials consider excellent training and opportunities for career progression as two of their top three requirements when looking for work. Consequently, companies offering high-quality training are more attractive to top-tier candidates. 

3. Save time and money

Recruitment is time-consuming. Not only that, but the cost of advertising the position through to interviewing, hiring, and onboarding quickly adds up. Estimates suggest that replacing an employee costs around a third of their salary. When filling an open position, training a current employee who can move between roles or departments saves money in the long-term. 

4. Stay up to date with technology

As technology evolves quicker than ever, organizations must keep their employees ahead through expert training. Workplaces that regularly upskill their workforce remain competitive in a fast-moving market.

"Savvy corporate strategists are looking beyond their organization's current tech capabilities and competitive landscape to consider a broader range of future possibilities about how technology can expand where they play and how they win".

Tech Trends 2021 | Deloitte Insights

5. Gain a competitive advantage

The business world moves fast, and so should you! Workplaces are busy, competition is high, and the demand for agile learning is rising. Scheduling regular training for your employees encourages them to stay up to date and helps them adapt to changes. Not only that, onsite training brings functional expertise, considered one of the top five benefits of using external talent, directly to your door, and makes employees more efficient. As a result, they will be more productive, allowing you to keep up with your competition and remain profitable. 

6. See immediate results

Video-based technology allows direct technical expertise whenever your employees want to access it. Investing in online training or E-learning solutions opens up unending possibilities for both employees and their organizations.

7. Bring your team together

There are many advantages of onsite learning, but building a team is the most important. Investing more in your employees through the best external training increases job satisfaction, creates flexibility, boosts productivity, and helps your business grow. 

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About the Author

Elaine Thatcher is a Digital Content Writer at findcourses.com. She brings extensive knowledge to her writing from an 18-year career as an educator in British international schools and believes learning is a lifelong goal. Originally from the UK, Elaine has lived in major Asian and European cities and currently resides in Sweden.