Employee training is tricky to navigate. Training and development programs can cost a company a lot to develop the curriculum and pull employees out of their jobs for training sessions. However there are different types of training that companies can offer their employees. Some companies offer tuition reimbursement for employees who go back to school or offer a self-improvement budget for books, conferences, webinars, and more. For companies on a tight budget, simply offering access to a subscription service like Skill|Share can be beneficial.
Regardless of what your company is capable of offering, it is important to offer continuous training and development for your employees. Here are five benefits of employee training:
For companies who want to recruit top talent, offering an extensive professional development package for incoming employees is a major plus. Millennials are becoming a large part of the labor force and according to a Gallup poll, 87% say that professional or career growth opportunities are important to them, with 59% stating that this is a determining factor when applying for a job.
On a similar vein, offering employee training is key to employee retention. From the same Gallup poll, 93% of millennials left their company to change roles. For millennials seeking career growth, they tend to leave their current employees to seek new opportunities. Only 7% took a new position within the same company. Therefore, offering a comprehensive career development program will help retain more employees and prevent job hopping.
Providing a career development program for your employees has a direct impact on your company’s bottom line. According to the Association for Talent Development, businesses that spent more on training per employee had 24% higher profit margin. There are many factors that contribute to a higher profit margin: improved productivity, reduced accidents in the workplace, reduced cost in recruiting and onboarding for new employees, and more.
Employee training has a significant impact on how the employee feels about their job and career. An employee who has the opportunity to develop their role, move into higher positions, achieve bigger goals and drive change in the organization will feel more satisfied with their career. Therefore, by providing training and development opportunities, you are signaling to your employees that you care about their career progression.
Employees who have access to training and development in the form of continued education can benefit the company with their new found knowledge. The concepts they learn in their classes can be used to improve your business. Additionally, the National Center on the Education Quality of the Workforce found that improving employee education by 10% will increase productivity by 8.6%.
If your organization has delayed providing training for your employees, then hopefully this will convince you to act now. If you aren’t sure what type of training to provide, ask your team for feedback. Use Poll Everywhere to conduct an anonymous survey on what programs your team would be interested in.