Show findcourses.com as: Mobile
Employee with bag | invest in corporate training

7 Reasons to Spend More Money on Training Your People

Why invest money in training employees? Here are the top seven benefits of giving your employees the training they deserve.

1. Training opportunities increase employee retention.

Upon leaving their position, approximately 25% of people report the reason for their departure as a lack of training and development opportunities.

This is obvious enough – people are likely to stay in a given position when they feel supported and encouraged by their organization. It's a fairly safe assumption that employees with a better understanding of their job will perform that job better, what’s worth noting here is that it also greatly increases job satisfaction and contentment.

2. Training is cheaper than replacing.

It is estimated that the cost of replacing an employee in the U.S. is roughly 1/3 of the new hire’s annual salary. When you pull out a calculator and start playing the numbers game, $2000 a year in training costs stops seeming like such a high price to pay. On the basis of this, it can, therefore, be understood that actually training existing employees would ultimately be a much cheaper option as when compared to hiring new ones to replace them.

Training your employees gives allows you to be more flexible when it comes to delegating responsibility and encouraging them to take on multiple roles and responsibilities. Internal training also allows for more specialized talent to be deployed when needed, thus giving you the upper hand whenever a problem could potentially arise. 

3. Regular training is a must for remaining current with industry trends and technologies.

Don’t worry about getting ahead in business – how about not falling behind! No matter the business sector, conceptual and technical advancements abound in our modern world. Now more than ever it is absolutely crucial that businesses and professionals alike ensure that their work reflects current best practice.

With competition being as higher as ever at this day and age, scheduling regular training for your employees will give them the chance to stay up to date and adapt to the said changes accordingly. As a result, they will be more efficient and productive, allowing you to keep up with your competition and keep being profitable. 

4. The more your people know, the more the business grows.

Ok, we’ve covered that it’s cheaper to retain employees than to bring in new people. So when it comes to filling an open position, training a current employee in a new skill and moving said person between roles or departments is a potential cost savings.

More than that, though, equipping an employee with the skills to take on more or different responsibilities is a fantastic opportunity to decrease transparency between departments, break down silos  and thereby avoid duplicate labor or processes and most of all, ensure that various teams are working together towards core business objectives.

5. Thanks to e-learning, professional development is easier than ever before.

The e-learning industry is, for lack of a better word, booming.

Today a $56 billion industry, e-learning is expected to double in size by 2015. Ignoring for a moment that this represents a major development in the overall training industry, it also means that it’s becoming easier than ever before to train and develop people – not just in terms of expense but also logistics and time commitment.

There are many numerous advantages that eLearning and online training programs bring to the plate, which can be highly applicable to any industry, business, and employee around the world. Some of these include: 

  • Prompt feedback
  • Cheaper than traditional training
  • Provides new and different learning styles
  • It can be self-driven and self-paced
  • Results are easy to measure and report

6. The gap from the classroom to the office is shrinking.

Often referred to as “training transfer”, the road between knowledge gained in a training course and implementation of said knowledge into the workplace has, historically, been a bumpy one.

This is changing for a number of reasons – the most poignant of which: the classroom is changing. Sometimes, as mentioned above, it’s on your computer as e-learning. Sometimes it’s in your office as on-site training, aka company-specific training, aka in-house training.

While both are extremely popular options in terms of cost reduction and time savings, they also both contain elements that makes the knowledge more accessible. E-learning solutions are available in the moment and can be taken as they are needed to address a specific challenge.

On-site programs are geared towards specific challenges the company is facing and are usually conducted in a work environment.

7. Skills development brings everyone together.

If you've read this far you deserve something hopeful. But it's true - training really does bring people together As companies grow it becomes harder and harder to get everyone in the same room.

On-site or in-house training provides an excellent opportunity for businesses to bring everyone together around a central goal. And if that’s not what business is all about, what is?

Ready to implement training in your organization?

We list professional development options in 40+ training areas from some of the world's best suppliers. Start your search!

Find training opportunities today!

Last updated: 18 Nov 2019

You might also be interested in:

Last updated: 3/1/2019

Highlights from SHRM 2018 Annual Conference & Exposition in Chicago

SHRM's Annual Conference & Exposition is the biggest HR conference in the world. Find out why there is so much excitement around SHRM's Annual Conference and what some of the top highlights were this year!

Read more
Last updated: 3/1/2019

10 Tips for Reducing Your Business' Impact on the Environment

Whether you are looking for ways to completely reshape the way your company runs or just a few simple steps to get the ball rolling, it's never too early or too late to start implementing processes to reduce your business' footprint on the environment. Here are ten easy and attainable tips that you can introduce into your workplace culture today!

Read more
Last updated: 11/13/2019

10 Highly Reviewed Professional Development Courses in Canada

Based in Canada and looking for training? Professional development courses are an efficient solution to keeping up with industry trends and developing a wide range of professional skills, whether general or more specialized. Employers appreciate those with additional training certifications, it shows that you are invested in both your own personal development and that of the organization. Take a look at these 10 highly reviewed courses available in Canada!

Read more
Last updated: 7/22/2019

Hiring a Business Continuity Professional

No matter what your business, it’s operating in a complex world fraught with risks and vulnerabilities. Investing in business continuity management is the best way to meet these growing challenges.

HR
Read more
Last updated: 11/2/2018

Multiple Devices In Corporate Training

Children who are toddlers today are developing their technological fluency before they start to speak. They form a digital generation of future employees and will certainly have a different view on education and learning. So how does this affect corporate training?

Read more

Complete our survey and win $50!

Learning & Development

By sharing a few minutes of your time, you'll contribute to research that helps over 15,000 HR professionals benchmark their organization.

Don't miss this chance to represent your company in North America's largest report on Learning & Development! 

As a thank you for completing our survey, we'll enter you in a draw to win a $50 Amazon gift card.

Take the survey

Our newsletter
Leave your email and stay updated on professional training

Need help with your search?

findcourses.com offers a free consultancy service to help compare training for you and your team

Request a free quote

Request a free training quote