Why An Employee Training Program Could Make All The Difference To Your Enterprise
The business world is competitive and you’re constantly under pressure to meet new business targets, raise productivity, and cut costs. Paying for employee training programs and releasing workers from their tasks so that they can participate in conferences and workshops often seems like a waste of time and money that would be better spent on more product development or better marketing.
But despite the myriad demands on your enterprise time and budget, investing in employee training programs can be one of the single most valuable decisions that you can take to advance overall profitability. Here are 6 reasons why instituting or improving employee training programs could make all the difference to your enterprise’s bottom line.
1- Attract Top Talent
Despite the impact that COVID-19 had on unemployment rates overall, enterprises are still competing for top talent. Today’s employees increasingly consider career progression opportunities before applying for a job, with 56% saying that it’s more important than compensation. Employee training drives positive corporate culture, which is significant to 77% of jobseekers.
Gen Z and millennial jobseekers, in particular, check out employee reviews and social media opinions as part of their job hunt, with 38% saying they wouldn’t even apply to a company with poor employee reviews. It’s important to do all you can to maintain a positive employer brand, and employee training programs that help employees increase their skills, advance professionally, and bond as a team play a big role in that.
2- Comply With Business Regulations
Enterprises today are dogged by digital privacy regulations, data protection requirements, corporate governance obligations, industrial standards, and more. It feels like they are mushrooming every month, and you have no choice but to comply.
The only way to feel confident about compliance is to ensure that your employees are playing your side. They’re the ones who ensure that customers sign consent forms and check data access settings on digital platforms. If they haven’t been educated about compliance requirements and the crucial importance of following them, the most robust compliance policy in the world can’t help you.
3- Retain Your Best Employees
High employee turnover rates is one of the earliest warning signs of a faltering enterprise, and you don’t want to go down that path. It indicates that employees aren’t engaged and discourages top talent from applying. On top of that, it’s a waste of your time and money to keep having to attract, interview, hire, and onboard new talent, only to repeat the process for the same position in 18 months time.
Employee training programs help you decrease churn and retain engaged, committed employees. 73% of today’s workers say that they’re significantly more likely to keep working at an enterprise that provides opportunities to build their skills. They see such programs as a sign that you care about employee development and are willing to invest in their career growth.
4- Increase Business Productivity
It should go without saying that your employees are going to do a better job when they’ve received the right training that explains their responsibilities, demonstrates how to fulfil them, and teaches them how to use the tools in front of them in the most efficient manner possible. But in addition, employees who’ve received clear and helpful training feel more confident about their role within the enterprise, making them more motivated and more willing to take on responsibility.
Employee training helps you convey your overall business vision to your workers, helping them identify with the company and giving them a feeling that they are part of the greater whole. When your employees identify more with your business, it boosts your profitability by measurable amounts.
5- Stimulate Ongoing Business Growth
If you neglect employee training, your workforce as a whole risks getting stuck in a rut, losing the creativity and agility you need to remain competitive. A 2019 survey by PWC found that 55% of CEOs feel that the skills gap within their enterprise is preventing them from innovating efficiently, and 46% intend to overcome it using employee training.
In contrast, employees who feel more invested in your business success will speak up with more creative suggestions and work harder to respond to unexpected circumstances, whether that’s a sudden pandemic or the rise of a new competitor. Soft skills training makes your employees more adaptable and flexible, which in turns positions your organization better to adjust to any sudden changes in the business market.
6- Make Your Enterprise More Efficient
Although it costs money to run effective employee training programs, you’ll make it back many times over in the money you save on a more efficient organization. For a start, much of the money you spend on updating your tech stack goes to waste if your employees don’t understand how to use them for the greatest impact. Ongoing employee training helps you continuously promote from within, cutting HR costs and ensuring your managerial positions are peopled with individuals who fully understand your corporate culture.
Employee training programs also give you the opportunity to discover each employee’s true strengths and weaknesses, so that you can deploy your human resources to the greatest effect around your enterprise. If there are skills gaps within the organization, you’ll spot them early and address them before they leave key chinks in your capabilities.
Employee training programs are a keystone habit for your enterprise. Overcome the temptation to slash employee training programs and redirect the time and money elsewhere in the enterprise, because they may well be your best route to success. When done correctly, employee training programs help you to attract and retain top talent, comply with business regulations, and increase business growth, efficiency, and productivity even during times of unexpected turbulence and challenge.
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