Investing in employee development is important for any business wishing to stand out in its sector.
An important article published in the Harvard Business Review (entitled Why Top Young Managers Are in a Nonstop Job Hunt) notes that many of the most gifted achievers feel that they are being short-changed when it comes to training. Employee development is no longer an optional incentive; it is a must for companies wishing to avoid costly mistakes.
These are just a few reasons why investment in training is bound to result in positive returns:
- High achieving individuals need to feel that they are in a state of constant growth. Most companies focus on strategies to achieve individual goals but training should always be an aim, to ensure that team members are satisfied and continually challenged. For many employees, the idea that they can continue to be intellectually stimulated for many years after they have completed their degree or postgraduate studies, is a deciding factor in the selection of an employer.
- Employee development strengthens loyalty. When you invest in the future of your employees, they are less likely to shop around. Companies seeking to retain high level employees are always looking for new ways to increase satisfaction and loyalty. Some offer attractive packages, others focus on promotion; still others seek to make employees feel safe via attracted health insurance packages and attractive salaries. However, the focus of training lies beyond the material; it lies in growth and in helping employees stay at the top of their game, because they are always clued on new developments in their industry.
- Training programs will help you recruit top talent. As mentioned above, young managers are making training a priority when it comes to building their career within an organization. Investment in training may just be the deciding factor for landing an employee you have been trying to headhunt for some time.
- Training enhances the transfer of knowledge. Employees who are highly trained can share the information and skill they have learned with other members of staff. In this sense, it makes sense for different employees to opt for different courses, and to retrain others on the relevant subject matter, whether informally or in a structured setting.
- Employee development reduces the likelihood of accidents: The more trained an employee is, the less likely s/he is to make accidents that could result in considerable expense, injury, or damage. In many industries (such as construction or machinery), continual training is a matter of life or death.
- Increasing the likelihood of promotion: The more skilled your staff is, the more likely you can rely on internal promotion to fulfil important senior positions. There is nothing that boosts morale more than seeing a co-worker rise to the top as a result of dedication, hard work and a constant interest in self-improvement/increasing one’s knowledge base and skills.
- Employee development increases productivity: Studies have shown that increased motivation and core skills have a direct result on productivity, owing to new skills acquired and increased motivation. Some training courses can focus on specific weaknesses in your staff, including time management and organisational skills.
- Training helps you retain customers: Savy clients will always be comparing the service they obtain from your staff, to that they receive from those of other companies. Nothing attracts a client more than their knowledge that they are obtaining the very best, and most reliable service possible. When your staff is skilled and well informed, it shows and your customers will react appropriately.
- Reduced expenses: The less mistakes are made, the lower your expenses will be. Just think of the added costs of reprinting report, extra hours spent at the office or of having to resupply a product or service to an unhappy client. Efficiency ultimately leads to optimal savings.
Find out how a BOC corporate training course can help you enhance your skills.
About the Author: Gemma Dawson
Gemma is a freelance writer and mother. She has a background in business, in particular HR and when her first child was born decided she wanted a balance between enjoying her family and work so took to writing whenever she can. When she’s not writing or parenting she can be found with a good book or covered in mud walking an extremely bouncy Springer Spaniel!
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