Why You Need To Invest In Employee Training When things get financially tight in business, often employeePtraining is the first thing to go. However, this is not necessarily a sound strategic move for a leading organization forging the way in a competitive industry. AtP, we\’ve started by exploring a big question:P
Why invest in employee training during economically challenging times? PThe short answer is because training and developing your employees could be critical to the future success of your organization. In the past, employees were rated on theP 3 Rs 😛 Reading, writing, and arithmetic. These skills are no longer enough for success in todays unstable business environment that is continuously responding to technological advancement and a rapidly changing social and economic landscape. For employees to be efficient, productive and adaptable, new skills are required, such as: Critical thinking and problem solving. Communication. Collaboration. Creativity and innovation. YourPemployees are your biggest asset since they get the required work done so your organization can meet its business objectives. Effective training designed specifically for your organization can provide your employees with essential next-generation skills while bringing with it a host of business benefits.
Support succession planning. Providing ongoing employee training and development supports succession planning by increasing the availability of experienced and capable employees to assume senior roles as they become available. Increasing your talent pool reduces the inherent risk of employees perceived as irreplaceable leaving the organization. Areas of training that support succession planning include leadership, strategic decision making, effective people management, and role-specific skills. Increase employee value. Effective training can be used to up-skill or multi-skill your employees. Up-skilling involves extending an employees knowledge of an existing skill, providing more experts within a subject area. Multi-skilling is the process of training employees in new or related work areas to increase their usability within the organization. Employees with diverse skill sets can perform a variety of tasks and transition more easily into other roles within the organization. Reduce attrition rates. Investing in the development of your employees can reduce attrition rates.
Well-planned training can provide career pathways for employees making retention within the organization rather than seeing them seeking next-level opportunities elsewhere. Another positive is a reduction in recruitment costs. Enhance operational efficiency. Training your employees can increase their efficiency and productivity in completing their daily work tasks. Training can also help your organization achieve greater consistency in process adherence, making it easier to project outcomes and meet organizational goals and targets. Exceed industry standards. P Training your employees in industry-standard best practices could also assist you in building your reputation, giving your competitors a run for their money! Many businesses operate in saturated markets, so often its the small things that will set your business apart from the rest. Training presents a prime opportunity to expand the knowledge base of all employees, but many employers find the development opportunities expensive. Employees also miss out on work time while attending training sessions, which may delay the completion of projects. Despite the potential drawbacks, training and development provides both the company as a whole and the individual employees with benefits that make the cost and time a worthwhile investment.
Most employees have some weaknesses in their workplace skills. A training program allows you to strengthen those skills that each employee needs to improve. A development program brings all employees to a higher level so they all have similar skills and knowledge. This helps reduce any weak links within the company who rely heavily on others to complete basic work tasks. Providing the necessary training creates an overall knowledgeable staff with employees who can take over for one another as needed, work on teams or work independently without constant help and supervision from others. An employee who receives the necessary training is better able to perform her job. She becomes more aware of safety practices and proper procedures for basic tasks. The training may also build the employee\’s confidence because she has a stronger understanding of the industry and the responsibilities of her job. This confidence may push her to perform even better and think of new ideas that help her excel. Continuous training also keeps your employees on the cutting edge of industry developments.
Employees who are competent and on top of changing industry standards help your company hold a position as a leader and strong competitor within the industry. A structured training and development program ensures that employees have a consistent experience and background knowledge. The consistency is particularly relevant for the company\’s basic policies and procedures. All employees need to be aware of the expectations and procedures within the company. This includes safety, discrimination and administrative tasks. Putting all employees through regular training in these areas ensures that all staff members at least have exposure to the information. Employees with access to training and development programs have the advantage over employees in other companies who are left to seek out training opportunities on their own. The investment in training that a company makes shows the employees they are valued. The training creates a supportive workplace. Employees may gain access to training they wouldn\’t have otherwise known about or sought out themselves. Employees who feel appreciated and challenged through training opportunities may feel more satisfaction toward their jobs.