The business benefits of continued learning and development
No matter how long your business has been around, it is vital to equip all your staff with on-the-job training as well as soft skills, not just your new hires. Whether you’re recruiting a new team, upgrading your systems, and training your employees on new processes, or building onto the foundation laid over the years with soft skills training and personal management skills, ongoing learning and development programmes have a variety of benefits for your business. Most of those benefits fall into one of these 3 categories;
1. Trained employees are more productive and efficient
When it comes to increasing productivity, many business managers are tempted to invest in new systems and equipment, overlooking the value in upgrading their employees’ skills sets. Interestingly, EQW (National Center on the Educational Quality of the Workforce) conducted a survey on more than 3000 American workplaces, and discovered that increased learning & development budgets netted an 8.6% in productivity; twice the increase that the same systems upgrades-allocated funds resulted in (3.4%). This is a strong indicator that ongoing corporate training benefits productivity and engagement in a big way.
2. Well-trained staff are happier and stick around for longer
Corporate Training enables your employees to gain new skills as well as strengthen existing skills – even awaken dormant potential. Trained staff are more engaged at work, report higher levels of job satisfaction and staff morale, which in turn results in high retention and low turnover levels. Truth be told, the cost of finding and hiring new employees is much higher than that of supporting existing employees, not to mention dropped standards or interruptions of service during those transitional periods between hires. Furthermore, employees who feel empowered make better decisions and are positive ambassadors for your brand.
3. Staff development increases profits
Another survey conducted by the ADT (Association for Talent Development) revealed that when companies invested in corporate training programmes for their employees, the rate of profit per employee increased by more than 200%.
Chat to Valletta Group to enjoy these corporate training benefits now.
As you can see, corporate training benefits your company in many keyways, most notably your bottom line. When you consider the costs of not keeping up with your competition, you realise that the perks you gain from a well-trained and highly-equipped staff complement are unquantifiable.