Why Company Training is Essential in The Long Run
Training is important, there’s no doubt about that. In spite of this, companies aren’t investing enough in it. In fact, while 56% of HR professionals believe training is essential to business health, they aren’t doing enough to make training opportunities more available to workers. Further, ineffective training comes at a cost or 13.5 million dollars per year per 1000 employees.
In spite of this, training and development is often seen as a cost rather than an investment. When time and money are tight, training is often the sacrificial lamb. This is a shame because company training should be a part of any company’s long term growth strategy. Here are just some of the reasons that company training is essential in the long run.
Maintaining Training Programs Prevents Issues Related to Regulatory Compliance
When regulations require that your employees go through specific training, there are often two things to consider. The first compliance area involves having the training available and ensuring that all employees complete it. Many regulations require that you submit proof of this in order to be in compliance, or that you have proof available should there be an auditing process of some sort.
In addition to this, the effectiveness of compliance training matters. When employees know that they have to comply with certain regulations, and are trained in doing so, that significantly reduces your chances of facing fines or other actions as their employer.
Training Boosts Employee Engagement
Engaged workers are 51% more productive than their counterparts. In addition to this, a full ⅔ are only 33% productivity, simply because they don’t fully understand what they are being asked to do. Well trained employees are more engaged.
First, by offering quality training programs, you provide a way for employees to stay busy and interested. By providing employees with a variety of training options, you also provide them with the ability to create multiple learning paths, and potentially multiple career paths.
Finally, a well-rounded training program creates a culture of learning. As employees witness and experience this, it becomes an integral part of their understanding of the company’s overall branding.
Training Creates an Internal Hiring Pool
When a company promotes and hires from within, morale tends to be higher. Employees who know they have a better chance of advancing are more likely to stay where they are. Even the ability to move laterally can be seen as beneficial by workers who would like to stay with your organization, but aren’t satisfied with their current role.
In addition to this, when you hire internally, you don’t incur recruiting and advertising fees. The only exception to this is when regulation requires you to post positions externally. Even in these cases, the cost can be significantly controlled.
Knowing this, one of the most effective things a company can do to ensure they are able to promote and hire within is to prioritize company training. By offering quality training that helps employees to develop skills that your organization needs to grow you can create a talent pool within your organization. This means your employees can rise to the occasion with the abilities you need in the future.
Training Increases Marketability For Your Company And Employees
The truth is, smart job seekers play the long game. When they seek positions, one of the considerations they have is future marketability. They want assurance that they will learn and apply skills that will make them viable hires in their chosen fields in the future. Many have long term career goals, and are interested in positions that will prepare them for those goals.
A job seeker today may be seeking a job where they can apply their current skills, but they also follow the advice, keep an eye out for training opportunities for the job you’re after. If you offer these opportunities, you increase your chance of attracting talent that is ambitious and hardworking.
Companies Can Include Training And Development in Their Benefits Packages
Salary is important, but for many hires a lucrative benefits package is just as attractive. While insurance benefits, family leave, and other perks are commonly thought of as ‘benefits’, training and development can also be included under this umbrella. When it comes to recruiting and retaining quality workers, organizations can emphasize corporate training initiatives, self directing e-learning programs, even tuition reimbursement as part of their overall benefits packages. This can make them more attractive to talent than other businesses.
Well-Trained Employees Can Keep up With Industry Changes
If you are in a rapidly changing industry, your ability to remain competitive depends on your ability to pivot to deal with these changes effectively. Center to this is a well-trained workforce that has the skills to meet new challenges. If you fail to implement training programs that keep up with industry demands, you will find yourself exerting resources catching up, rather than staying ahead of your competition.
Training is an Integral Part of a Long Term Growth Strategy
To maintain future viability, you simply must invest in training and development. It is imperative for recruitment, employee retention, morale, and maintaining a competitive workforce. Businesses who fail to invest in training because they see it as too expensive or they prioritize other things will likely regret their short sighted decision making.