More learning & development managers are coming to realize the huge benefits of investing more on training their employees.
Training is worth the investment, especially for new employees who need to get oriented in today’s competitive business environment. Getting off on the right foot is paramount, especially in large organizations where employees have to follow strict rules and regulations.
While many small companies provide only basic training that extends over a maximum period of one week, large corporations recognize the value of the new employee orientation, so they require several weeks or even months of consistent training in order to enable their employees to familiarize with the brand, the company’s culture, policies and even the competition.
Training Facts & Statistics
In the US, staffing companies are doing an amazing job at matching people with available job opportunities. Over 3 million new people are employed by staffing companies every week. 90% of staffing firms provide free training to contract employees and temporary workers. However, most of this is just basic skill training.
When it comes to employee engagement, the statistics show that 29% of workforce is engaged, while a staggering 45% of employees are not engaged. This translates into huge benefits for corporations that invest in training. Those corporations with engaged employees outperform those without by more than 200%, according to a Gallup poll. Over 65% of employees declared that the quality of training they received influenced their engagement.
This proves that training and engagement go hand in hand. Taken further, we can conclude that the better the training and the more money you invest in training your employees, the higher the return on investment. The statement that says “Spend more on training and make more overall” is therefore true.
Top Benefits of Training
In a tough financial climate, your budget for employee might suffer. Regardless of business environment trends and threats, training should be an essential part of your business strategy. You will have much to look forward to.
Your company is only as good as your employees are. A good service or an innovative marketing strategy will not be able to take you far if you do not have the right people to get the job done. Good training allows your employees to do their jobs more efficiently by learning about the services you have to offer, direct and indirect competition, threats & opportunities on the market, costs and marketing techniques. Even though proper employee training costs more money up front, your return on investment will exceed all expectations.
A huge problem many companies have to deal with is employee retention. They are unable to keep their employees, because they either mistreat them or they do not care about their needs & concerns. Training, on the other hand, is a very effective way to retain your employees and make them love working for you. Training can stimulate your employees to find new opportunities, which will keep them enthusiastic and challenged.
The Bottom Line
Gartner Analysts know that good training starts from the top: “provide training to the managers so they can make some improvements, then have the managers report back to their direct reports what they learned and what addition changes they will work on making.”
Investing in top-quality and interactive regular training sessions is like investing in marketing, but with a higher return on investment. Instead of investing in attracting new customers, why not invest more in keeping your employees and transforming them into assets for your company? Upgrade your employees’ skills and transform them into your best allies in order to see a return on investment and thrive in your niche.
Read more about benefits of employee training.