“People are your most valuable asset” – Probably the most overused words in the corporate lexicon.
For decades, top executives and business managers have echoed the platitude. It’s a saying that sadly begins to sound empty as we walk through the offices of many organisations.
Far from being valued for a profound commitment to company goals, or being rewarded for making meaningful progress, many of a company’s most “valuable assets” (your people!) are side-lined when it comes to training and development reward, recognition or even equality.
It’s a false economy to try to save money by not upskilling your people to deliver to their maximum potential.
Sir Richard Branson famously said: “Train people well enough so they can leave. Treat them well enough so they don’t want to.”
Regular investment in your people development will reap results in terms of boosting enthusiasm, building workforce engagement, increasing your reputation and retaining and attracting top talent to your business.
Successful organisations know that staff that are trained or coached feel greater loyalty to their employer. If this investment is skipped, it can lead to them feeling undervalued, be more likely to underperform and eventually leave.
Five reasons why investing in employee training is good for your business.
1. Attract and retain top talent
By training your staff through employee development programs, you might overcome major hurdles in the hiring process and challenges with employee retention that many organisations experience. For one, employees regard training as one way of improving their craft based on the premise that such programs are educational in nature.
By sponsoring sales training programs, for instance, your salespeople can gain new or additional insights to improve their selling skills as well as develop their self-confidence and a positive attitude at work. Needless to say, your reputation as a good employer that cares about your employees’ professional development will also be enhanced. As you help to develop your people, you create a goldmine of talent which can give your business a competitive edge.
2. Identify your ‘A’ Players
Well trained employees create a pool of talent. This reduces the need to look externally for ‘A’ Players within your organisation managerial or executive posts, saving you a significant amount of time and money.
As these employees are highly familiar with the business, its people and the organisational structure, you can be much more certain that they can achieve the company’s goals.
3. Increase employee engagement
Training your employees is a great way to take their mind off their usual work for a short period of time. Employees, who are not given opportunities to participate in other productive activities, such as those offered in training courses, are prone to become less motivated and unhappy at work.
Your employees are also likely to be more loyal to your company, seeing that you are willing to expend resources for their attendance at conferences or enrolment in specialised courses. The bottom line is that your willingness to invest in your employees’ training and development will likewise inspire them to invest as much hard work as they can into your business.
4. Savings for the company
Employees who receive good quality training emerge highly skilled, creative, and confident, thereby increasing their efficiency and performance at work. To put things in perspective, the most effective training programmes are those that empower employees to become multi-skilled – extending their skill set across various areas.
It then becomes easier for companies to tap employees with diversified skills in performing a variety of functions or in transitioning them to other related roles within the organisation. In return, employees feel empowered having expanded roles and responsibilities.
5.Helps to shape the future of your organisation
As you make employee training and development programs part of your organisation, you will find the need to update your offerings continuously.
You must think ahead about how you should be designing or refining your training methods over the long term, to make them more responsive to employees’ needs, interests and goals.
You’ll also need to make sure that your organisation is abreast with the current trends in the industry and make an assessment on whether they warrant a change in your business culture or brand of customer service, in which case, a new training framework should also be put in place.
Employee training and development should be a shared responsibility among employees, managers and the leadership team. When planned and implemented correctly and consistently, the benefits gained can spur considerable growth at both individual and organisational levels.
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