Finding the right staff – and especially retaining them – is crucial for every company. One way to ensure you are getting the best out of your workforce is to invest in employee training. No matter how big or small your company, the quality of your employees has a huge impact to your company’s productivity and bottom line.
For a long time companies were reluctant to spend on training. They worried about the cost, lost work hours and that upskilled staff would leave for fresh pastures.
However, forward-thinking companies have found that the opposite is true. Training not only benefits the employee, it helps companies run more effectively, builds up the skills within the business and promotes job satisfaction.
In this article we’ll look at some of the most important benefits of ongoing workplace training.
Stay ahead of the game
Whatever your industry, chances are it has changed within the last five years. Ongoing training will ensure employees have up-to-date knowledge, and are complying with any new industry regulations. As a result, ongoing training can help you stay ahead of competitors.
It is particularly important that staff know how to use new technologies effectively. If they don’t, employees may not be using them to their full potential, which could negatively impact your profitability.
Better staff cost less time
The fewer skills your employees have, the less they have to bring to the table. If time equals money (and it does), untrained staff cost more time it takes them longer to as fulfil their responsibilities. Ongoing training can help your staff learn diverse skills sets, take on new responsibilities, better assist one another, and deal more efficiently deal with problems as they arise.
Well-trained employees make fewer mistakes. Training reduces the cost of wastage, industrial accidents and errors. Furthermore, effectively trained staff need less supervision
Save time and money on recruitment
Ongoing training, particularly as part of a career development path, makes it easier to promote from within the company. This has a number of benefits. Firstly, you will avoid high recruitment costs and hiring fees. In addition, long-term staff know your business and company values. Furthermore, you know them. You know what their skills are abilities they have, what their personal characteristics are, and whether they are a leader or team player. Long-term employees, and those who see the opportunity to advance within your organisation, are also more likely to be loyal to the company.
Increased job satisfaction
Through ongoing training, you can increase job satisfaction and employee morale. This means happier, more productive employees and reduced staff turnover. As a result, you’ll increase productivity and profitability. You’ll also stop competitors from poaching key employees.
Attract new staff
Ongoing training and opportunities to upskill, as well as the chance to advance within an organisation also attracts new employees. These are all key aspects many people – particularly the talented and ambitious – look for when searching for a new job.
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