Training is vital for the growth and success of every organization. It is profitable for both the employers and employees of an organization. If an employee is trained well, he/she will become more competent, prolific, and productive.
There are numerous benefits of employee training. Training improves the self-confidence of employees, reduces the need for supervision, reduces the rate of mishaps, and most importantly it increases the productivity of employees.
Today’s Employees Demand the Ability to Learn
87% of millennials say learning and development in the workplace is important while 59% of millennials say having opportunities to learn and grow is extremely important when deciding whether to apply for a job.
Why is that important? Well, by 2025 millennials will make up 50% of today’s workforce. By 2030, 75% of the US workforce will be comprised of millennials. In order for companies to compete for top talent, they will need to be able to offer a commitment to an employee’s development.
Hiring is More Expensive than Retention
Regardless of the exact dollar value, retaining employees is more cost-effective than the costs associated with separation, recruitment, and the hit to productivity. As mentioned earlier, 93% of employees say they will stay longer at a company that invests in their development. That’s incredible.
This also means that companies are helping to retain their employees by investing in learning and development. L&D not only boosts employee productivity, but it is incredibly important to boost employee confidence in themselves and trust in their employer.
Training Employees Improves your Bottom Line
Employees are a company’s greatest asset. Right? Sure, they are! With the right team in place, the sky’s the limit. With learning & development focusing on filling in knowledge gaps and upskilling employees by focusing on the strengths of their employees, companies have reported anywhere between a 14%-29% increase in profit.
An IBM study found that well-trained teams increased their productivity by 10%. Equipping employees with the ability to do their jobs better is just a smart move. As managers, our jobs are to get the best out of every employee. Coaching and training employees is a great way to empower them to succeed.
Untrained Employees Put you at Risk
So far we have mostly spoken about how learning and development reduces employee churn, attracts new hires, and improves your bottom line by making companies smarter and more productive.
Also in the purview of learning and development is risk mitigation through compliance training initiatives and workplace safety training. Companies have a responsibility to ensure their employees work in a safe and welcoming environment.
Though proper workplace behavior may feel like something people inherently know, companies can be proactive in training employees to maintain a safe and inclusive workplace. Implementing an effective ethics training program can help employees work better and minimize the risk of lawsuits for failing to comply with industry standards in safety and workplace behavior.
Improved Customer Satisfaction
Customers look at company employees as experts in their fields with the ability to deliver information through dialogue. When a customer takes the time out of their day to wait on-hold or schedules a session to speak with someone, then it is critical that employees are knowledgeable enough about their company’s products to have a fruitful conversation. It’s ok to say, “I don’t have the answer, but I’ll get back to you.” However, it’s far better to be able to communicate an in-depth understanding with answers customers appreciate.
Remember, your employees are already working for you. They are an incredible asset for your company that helps you deliver real value to your customers. They want to stay and do an even better job, so invest in helping them, help you.
Out of all of the investments you make into your business, few are as important as your employees. That’s why taking the time to correctly train your employees is crucial for your (and their!) success. Here at Gro HR, we know what it takes to create an training process that works. We have helped businesses in a variety of industries train their employees for long term growth and success. Our HR team is passionate about helping organizations like yours build the best team to aide in your success. Schedule a call with our team to see how Gro HR can offer you expert assistance with your training needs!