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.
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?
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