Without a proper plan in place including a strategic budget for employee training, organisations can’t keep pace with the competition and the constant need for transformation; their strategies will falter and their profits will vanish.
Here are some reasons why investing in your staff is a great idea:
Help Employees Work More Efficiently
Think of it this way, training people is akin to continually upgrading the most valuable component of any company. People value and essentially want to learn new skills. And if any of these people are to become the future leaders in your organization – it’s ideal to develop a robust internal talent pool – training, development and coaching is mandatory. The more skilled your employees are, the more efficient the workforce which equals fewer mistakes, less injuries, faster production speeds, more effective collaborations and greater innovation. Ultimately this leads to a greater competitive edge and a measurable increase in productivity and profitability.
Keep your Organizations’ Competitive Edge
Speed and agility are leading industrial change in todays saturated business world. You need well trained and educated employees; this ensures the human capital function is well equipped for whatever new piece of information technology or tactical new innovation coming down the pipeline or sales funnel will be understood and communicated effectively.
As an organization you always want to be more innovative than your competitors. That’s why well designed and adaptable training plans are critical.
Your brand most often is you market edge and you need to stay relevant, make a real difference and be socially responsible as much as you can be. Your organization requires a collaborative corporate culture to make that a reality. Employees have opinions and they need to be taken into account.
An integral aspect of training is that it allows employees to formulate an educated and critical view point of the full sector and industry they are participating in. An educated and empowered person can skillfully perceive situations and circumstances in a completely new way.
Losing people for the wrong reasons is akin to burning money. When good employees don’t feel valued or when they don’t think they have adequate opportunities for advancement it’s very bad for business.
Training has the ability to generate opportunities for and shows each person the paths that lie ahead. When they have that, they can make plans, they can get excited about new ideas and they can feel more positive about their work. It’s for this reason that employee training improves staff retention.
Think of the time you could save if you didn’t have to constantly train new staff!
Developing Future Leaders
As the nature of work continues to change and the battle to retain and leverage talent wages on serious investments towards leadership development is a must. Organizations must foster a culture of learning and personal growth by weaving training and career development opportunities into the fabric their company’s culture; a very strategic and lucrative method used to grow future leaders. By understanding their employees’ career trajectory and by providing a structured and progressive plan early on in an employees’ career path, an organization can ensure that they are both building trust into the employee relationship as well as getting an early start on instilling their specific brand of leadership aptitudes.
Rotational programs, where possible, provide an excellent opportunity to experience multiple roles within a company. These programs allow employee’s access to different perspectives, knowledge and awareness separate from their daily routines.
Training your employees shows them that you care enough to invest in them; this boosts moral and motivation. Ensuring that the training program is engaging, fun and practical goes a long way in building your organizations brand awareness. Happy employees are productive and collaborative.
Best Employee ROI
When an organization budgets for hiring, onboarding and retaining an employee they are making a significant investment right from the get go. The cost of simply hiring and onboarding an employee can run into the tens of thousands of dollars depending on the industry and position. So it goes without saying that organizations should be doing more than considering investing in training but need to have a very well thought out and strategic training and development identification and progression.
An organization that takes pride in training their staff unlocks a powerful latent potential, improves their skills and significantly increases employee morale, confidence and accountability.
Investing in training turns workers into a more dedicated workforce capable of innovation and more effective cross-functional collaboration, leading to better bottom lines.
This article was brought to you by Myhrtoolkit, an HR software system designed to help you motivate your employees through modules such as training and appraisal management. For a free demonstration or for more information call 0345 225 0414.