Why Should You Invest in External Training?
The training industry is a billion-dollar market. In our Annual HR and L&D Survey, we found that in 2016 corporations spent about $39 billion on external training programs alone. In order for companies to keep up with new technology, stay current with the latest trends and function successfully money has to be allocated to training and developing employees.
Here we have explored some of the benefits of external training and how investing in it can help your organization achieve long-term success.
Get Great Training the First Time
If you are building a house and have no construction experience, would you build it yourself or would you hire a professional to do it? A professional of course. Take the same approach when it comes to training your employees.
Whether you need to implement new technology into your organization, learn about the latest sales strategies or anything else, have an expert come in and do it right the first time. This will help insure that your employees take the training seriously and that the results are long-term and lasting.
Train in a Day found that using an external training company is beneficial because trainers have expert knowledge, bring in unique insight and new ways of thinking, and have the required knowledge and equipment to train your employees with accuracy and efficiency. They can also develop long-term plans to ensure that you get the most out of the training the first time.
Bring the Trainers to You
A big concern for many organizations is the cost associated with sending employees to training events. External training does not always require you to send your staff out to different locations. Having external trainers come in and train in-house is a great option that can have many benefits.
Benefit 1 - This approach saves time and money since you won’t have to pay for travel costs and can schedule the event when it suits you.
Benefit 2 - For big organizations you can schedule multiple sessions with the same provider and ensure that the training is consistent.
Benefit 3 - This can be a cost-saver since many providers will offer discounts if training is booked for multiple people.
According to Optimus Learning Services, additional benefits of in-house training is that it can save time and money, be specified to your business needs, and can promote team building within the company. This tactic can also allow the company and employees to create a relationship with the trainer and develop skills while being in a comfortable and familiar environment.
Train to Retain
Many companies try to save a dollar or two by avoiding or postponing employee training. This can work for a short period of time, but in the long-run this can hurt employee spirit and an organization's overall bottom line. Studies show that 40 percent of poorly trained employees will leave their positions before the first year is over due to a shortage of skills training and development opportunities.
Employees who are trained properly are more likely to be productive, experience greater job satisfaction and grow with an organization. Even though it may be expensive to train an employee initially, the cost of recruiting new employees and having inefficient employees working for you can often cost more long-term. Take a train to retain approach when investing in employee training and retain employees to achieve results in the future.