Training is an important component of running an effective business. In order for employees to know how to operate technology, adhere to processes, and expand their knowledge on products or services – training is the primary driver in building these functional competencies for colleagues to succeed in his or her role. By providing formal learning opportunities you invest in the success of your business and show you are committed to developing your staff.
Many employers think that offering training or development opportunities will be too expensive. They often turn a blind eye to the organizational and workplace deficiencies that can often be fixed through training solutions. But the reality is they end up spending more money through turnover costs, decreased productivity, and low-efficiency rates simply because they refuse to see training’s return on investment potential.
Despite the common excuses business leaders like to use as potential drawbacks (time away from work, budgetary restrictions, etc.), training and development provide both the company as a whole and the individual employee with benefits that make the cost and time a worthwhile investment.
Here are ways that implementing training and development for your organization can impact your bottom line:
Closing the Gaps
Most employees have opportunities for improvement when it comes to their skill set or competency level. Implementing a specific training program or targeted learning solution allows the employee the chance to strengthen those skills and help close the knowledge gap. Training can bring each employee to a higher level of productivity, pushing their skills and knowledge to the equal ground with one another.
This helps reduce any weak links and deficiencies within the company, especially when you have to heavily rely on others to complete basic work tasks. Providing necessary training creates an overall knowledgeable staff with employees who can take over for one another as needed, fill in the gap, work on teams or work independently without constant help and supervision.
Learn more about our training interventions varying from Presentation Skills to Coaching Skills For Line Managers
Continuous Business Improvement
When an employee, who receives the necessary training, is better able to perform her job it builds the employee’s confidence because he or she has a stronger understanding of the industry they are working in and the responsibilities needed to be successful. This confidence ends up driving discretionary performance, which is the willingness to do more because they want to, not because they have to.
When we are given the tools to excel, performing harder and faster, we also try and think of ways to do things smarter or better. Continuous training can keep your employees on the cutting edge of the industry, technology, and operational developments. Employees who are competent and empowered to help change the status quo, help your company hold a position as a leader and a strong competitor within the industry.
Structured training and development programs ensure employees have a consistent experience when it comes to learning about company expectations, services, products, processes, policies, and procedures. This ultimately impacts the consistent experience you most likely are trying to provide your customers. Putting all employees through regular training ensures that all staff members at least have exposure to the information that is critical for your organization’s success. Establishing consistent business and operating norms only strengthens your business’s chances for long-term success.
Employees who regularly have onsite access to training and development opportunities have an increased advantage over employees who are left to seek training opportunities outside of their business. The investment in training that a company makes shows the employees they are valued and that they believe in his or her success within the organization. Offered training can create a supportive and highly engaged workplace for employees.
Research shows that employees who feel appreciated and challenged through training opportunities feel more satisfaction in their jobs. By creating an environment where employees feel appreciated and nurtured, employers reduce the risk of high turnover and typically see higher levels of individual and team productivity.