Employee training and development is an extremely important part of the business cycle. Your employees are your most valuable business asset and failing to invest in their professional growth is a huge risk to the company. Employee turnover is one of the biggest expenses a business can experience. Lack of training and professional development opportunities could be a contributing factor.
Employee training and development is important because it impacts employee satisfaction levels at work. A recent study found that 87 percent of millennial workers find training and development a motivating factor at work. The study also identified that 68 percent of the workforce thinks employee training and development is the most important work policy. This data clearly demonstrates that workers crave the opportunity to learn and grow in the workplace. This article will share a little more information about ways to expand your training and development plan, who benefits from the program and how it can impact your business.
What Is Training & Development?
Employee training and development is a program that typically falls under the human resources umbrella. Training can include the initial onboarding and orientation process for new employees. But it should also encompass continuing education and development for even the most seasoned members of the staff. Development can include obtaining an advanced degree or certification, webinar-based learning, or affiliation and attendance at various professional associations in the area. As an employer, you should encourage your staff to take advantage of these growth opportunities and should offer to pay the associated costs of continuing education and development.
How to Implement a Good Program
Implementing a great employee training and development program takes a little time and effort. You’ll need to take a hard look at your budget and figure out ways to provide these opportunities in a fiscally responsible way. You will also want to establish an official policy and make sure you’re tracking the company’s return on the investment. Here is a list of things you’ll want to consider as you embark on this journey:
- First, conduct a SWOT analysis to determine where training is needed;
- Select learning methods that meet the learning needs of all employees;
- Make sure your learning objectives help meet the company’s overall goals;
- Develop a training budget;
- Determine who will manage the budget and establish a policy for reimbursement;
- Develop an evaluation process to determine if there is a return on investment;
- Identify any further gaps and make adjustments;
- Assign someone on the human resources team as a contact for career development;
- Establish learning milestones and offer a reward when these are steps are reached.
These simple tips will ensure your process is transparent and valuable to your employees. You can add additional guidelines as needed, but these items cover the basics of creating an effective program.
Who Benefits from Employee Training & Development?
Employee training and development is beneficial to the human resources staff, all employees, and the company itself. Effective training reduces the amount of confusion and frustration in the workplace as employees are equipped with the information and resources they need to effectively perform in their role. This increases employee morale and satisfaction as they will feel more confident performing daily tasks. Additionally, development opportunities make employees feel appreciated by the company and can have a positive impact on turnover rates.
Effective training and development also has an impact on the human resources team. The number of complaints, questions, and inquiries will be reduced dramatically if training and development opportunities and resources are clearly communicated. This allows the human resources staff to dedicate more time to other important facets of the job.
How Training Helps Your Business:
There are an endless amount of ways effective training and development can impact your business. While it’s impossible to list every benefit, here are a few that top the list:
1. Reduced Turnover:
As we’ve already seen, employees crave the opportunity for professional development and further training. First, an effective training program might satisfy this need and reduce the chances an employee will leave the company. Second, this reduction in turnover can have huge cost savings for the company. Research suggests it costs almost twice an employee’s salary to replace them. With this in mind, implementing a training program is definitely worth the risk!
2. Employee Morale:
Providing training and development opportunities will also increase employee morale and engagement. Your staff will feel appreciated and heard which can have a huge impact on their perception of the company. Increased morale will impact your staff’s productivity which can directly impact your bottom line. Staff who feel appreciated are more motivated to work hard. This change in attitude will yield huge returns on the initial investment.
3. Increase Your Competitiveness:
In today’s competitive job market, anything that will give your company an edge on the competition is worth considering. As we’ve seen, the millennial workforce strongly considers training and development opportunities when searching for a new company. Your chances of landing a quality candidate during the recruiting process increases significantly if you can market your training and development initiatives. This should be part of your pitch every time you interview a candidate. It is a huge selling point and could be the deciding factor in the candidate’s decision.
4. Improves Efficiency:
Training and development initiatives also improve your employee’s ability to complete tasks in an efficient manner. Providing training and resources reduces the amount of time wasted trying to find information and minimizes unnecessary disruptions.
As you can see, training and development plays a huge role in a business’s ability to take the next step. If you’re on the fence about developing a training plan, write a list of pros and cons and share them with your company’s leadership. You’ll find that the benefits outweigh any risk and you’ll be pleased with the results!
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