The simple answer to this question is YES, employee training is worth all the trouble. A recent research shows that 40 percent of the employees who receive inadequate training, quit their jobs within the first year. These individuals cite the lack of skills development and training as the primary reason for moving to greener pastures.
What managers fail to understand is that losing just one worker costs the firm a fortune. With fewer workers, the company’s productivity slips; hence, sales decrease. Secondly, if you consider hiring another individual, there is the expense of advertising for the vacant position, recruitment, and training. In this outline, we highlight the critical reasons that warrant investing in employee training.
Supports Succession Planning
Succession planning is the act of developing and mentoring internal workers with the potential of filling core business leadership positions. By providing ongoing employee training, you are guaranteed that at any one time, the company has capable and experienced employees. Aside from performing their respective roles, these persons can assume senior positions once they become available. This way, you reduce risk in cases where employees regarded as ‘irreplaceable’ leave the company.
Increase employee value
Also, ongoing job training provides a means of up-skilling or multiskilling your current employees. Up-skilling entails extending your employee’s knowledge and expertise in a specific area. With multiskilling, your workers acquire new skills, which increases their usability in the firm. The benefit of having workers with diverse skill sets is that they can wear different hats with regards to day-to-day activities. Also, these employees are capable of transitioning smoothly into other duties within your company.
Reducing attrition rates
Perhaps the most significant advantage of training is that it makes your workers feel valued and appreciated. And, frankly, this is all you need to do to have loyal employees. Loyal employees, who will stop at nothing to get new clients, make a sale or develop a feasible business idea. Above all, these employees will never abandon the company- even in the darkest hour.
Improve operational efficiency
Employee training also helps to boost productivity and efficiency, especially when it comes to day-to-day tasks. Most importantly, training helps to pinpoint possible skill gaps within your current workforce. Once you identify the areas where your staff is lacking, you can then pool your resources and finances to fill this gap. This way, your employees will perform their roles more efficiently.
Keep abreast with industry changes
The technology trends in every industry are changing by the minute. Unless you keep track of these changes, your firm may be left behind, paving the way for your competitors to succeed. Apart from trends, the regulations governing a particular field also keep changing. A cost-effective way of enlightening your employees on these new trends is through training. Occasional training ensures that your staff is up-to-date with the latest technologies.
Employees are the greatest asset to any one business. Consequently, training them on a regular basis is a crucial step to the success of your firm. Training provides your employees with quintessential skills while bringing with it a wealth of business benefits.