How To Increase The Efficiency Of Your Workforce
There are numerous benefits to employee training. Over the last years, small and big companies have started to make more conscious, coordinated efforts to offer employee training that’s more comprehensive and meaningful than a 2-week orientation. Their efforts have paid dividends. Companies that have incorporated Learning and Development into their strategic plan are more financially healthy. And employees that work in a company that invests in their professional development are more engaged.
Training employees can transform your company on multiple levels. We explore the benefits of employee training in detail so that you can better understand how this transformation happens. It’s worth noting, though, that long-term benefits can only result from consistent and carefully planned training and development programs. Erratic training initiatives have short-term benefits, if at all.
Employees Become More Efficient
One of the benefits of employee training is that employees become more efficient on the job. With new or enhanced skills, employees work faster and make fewer mistakes. They learn to work with tools that simplify and streamline your work processes. By offering them cross-training, employees can cover for absent colleagues more easily or move to higher positions faster. When it comes to your new hires, training new employees can significantly reduce time-to-productivity and give them the confidence they need.
Employee Engagement Improves
Nobody likes to feel inadequate at work, or in life for that matter. Like you lack the knowledge to suggest something original or take initiative, or worse, like 5 years from now, you’ll still be performing the same tasks day in day out. But this is exactly how many employees feel, stuck, and unmotivated when there are no learning opportunities in the company.
According to Gallup, only 34% of the US workforce says they’re engaged at work. Although it’s the highest number recorded since 2000, it’s still relatively low. Organizations that have achieved high levels of employee engagement have done so because, among others, they invested in employee development and ongoing learning.
Training improves employee performance and offers new career prospects, which means that employees find more satisfaction in their job and are, therefore, more engaged. The good thing about employee engagement is that it spreads. Even less motivated employees are inspired by the positive atmosphere and enthusiasm of their coworkers. And as the overall productivity increases, all employees work better and are happier at work.
Employee Retention Rates Increase
Employee turnover is one of the biggest headaches for all companies and a major cause of financial instability and productivity issues. With no exaggeration, increasing employee retention is one of the top reasons why you should care about training and development.
Poor career advancement opportunities are among the reasons that can make your employees bid you goodbye. In fact, citing a lack of growth and development opportunities as one of the reasons for changing employers has increased by 170% since 2010! Knowing how employees feel about growth and development, you can see how offering training is key to retaining them.
Your Company Stays Competitive
As automation, Artificial Intelligence, and other technologies are changing the workplace, there’s one way a business can remain competitive: employee training. According to a PwC talent trends report, 55% of CEOs are extremely concerned that lack of skills means that they will not be able to innovate. Most companies are currently focusing on reskilling and upskilling employees instead of hiring from outside their industry like they used to, as they have accepted that training is the only long-term solution to building a future-ready workforce.
You Attract The Best Candidates
Modern candidates evaluate you before they even decide to send their resumes over. Usually, they do so by looking you up on employer review sites, where current and former employees share their experience working with you. Part of this experience is whether you’re offering employee development opportunities or not. Naturally, quality candidates will choose an employer that gives their employees the skills and knowledge they need to grow their careers. Therefore, one of the biggest benefits of employee training is that it can make a huge difference in who applies for your job openings and gives you a clear advantage over employers who don’t.
You Enjoy Higher Revenue
Employee training requires a considerable investment in time and resources. It’s well worth it, though, because the ROI of a well-executed employee development program is high. Training increases your profit directly by improving employee productivity and indirectly by helping you avoid cost. More specifically, a more efficient workforce enables you to offer competitive products and services, whether in terms of tech know-how or quality of customer service. You keep clients happy and loyal, and enjoy a steady flow of income.
And how does training your staff help you avoid cost? Mainly by helping you retain your best employees and motivating your workforce to perform at their best. Also, by cross-training employees, you can promote from within the company. Transitioning your current employees to new roles is more cost-efficient than onboarding new members who will need to learn your job processes from scratch.
The Best Way To Reap The Benefits Of Employee Training
Training your employees for success is the key to having a healthy, growing organization. Download the eBook Successful Employee Training Explained and find out how you can make the most out of your employee training.
