Training is an investment that businesses make in their workforce. Like any investment, it must have a payoff if it is to be considered worthwhile. An immediate objective of training is to give employees the skills they need to become better workers, resulting in financial gain. Other objectives include creating a supportive workplace, so employees know they are valued and feel more satisfaction in their jobs.
Increase Efficiencies in Processes
The main purpose of training is to ensure that all employees have the technical skills needed to perform the job efficiently and smoothly. While technical training can be job-specific, programs typically focus on the hard skills an employee needs to meet the key performance indicators associated with the role. Employees who are competent and up-to-date with industry best practices are more productive and have fewer accidents. These factors help to position your business as a strong competitor within your market.
Increase Motivation and Engagement
Giving people the knowledge, education and tools to work better, win promotions and fulfill their career potential shows employees they are valued. Employees who feel appreciated tend to feel motivated in their work and are more satisfied with their jobs. Naturally, this creates loyalty, engagement and enthusiasm among staff – attributes that boost performance and benefit the organization.
Reduce Employee Turnover
An important aspect of training is to give context to a worker's role so he understands how his daily efforts support the wider company mission. Workers who are stuck in job-related silos tend to feel disenfranchised about their jobs; this has long been associated with increased rates of absenteeism and turnover. Studies suggest that it costs anywhere from 16-to-66 percent of an employee's salary to replace someone who quits. So, there are considerable cost savings to be made from helping an employee feel like a relevant and valued part of the organization, so she is far less likely to leave.
Training presents an opportunity to expand the knowledge base of employees – addressing weaknesses, upskilling them to do new and different tasks and allowing them to work independently without supervision. Upskilling not only keeps employees fresh, independent and motivated, it also enhances the company's profile. A good company is seen as one that develops and retains staff rather than churns, so having a strong and consistent training policy makes a company more attractive to hires. Leadership and management training programs are especially appealing both for graduates and mid-career employees since they show that a company is committed to promoting staff from within.
Certain types of training are specifically designed to minimize the risk to workers and the organization in terms of accidents, safety code violations, lawsuits and customer complaints. Diversity training, training about sexual harassment, workplace safety training, customer service training and other quality initiatives can all help businesses to develop their services and competitiveness while minimizing any hazards along the way.