You know that workplace training is important…but how important is it? Is it limited to onboarding, or should you have regular upskilling?
In this blog, we will talk about the importance of regular training and how it benefits your organization. Then we will outline some strategies to make the most of any training budget.
Why regular employee training is important
If there’s one way we can describe today’s workplace, it’s that it is rapidly changing.
The traditional ways of working together have changed with the rise of remote work and hybrid office models. Employees are now spread across the globe, making collaboration more complex. This shift has necessitated the need for new communication channels and workflows to ensure that your team remains productive.
Moreover, the modern workforce comprises individuals from four distinct generations, each with their own unique perspectives, values, and work styles. Workplace training plays a pivotal role in promoting cross-generational understanding and improving communication.
All of this is to say that ongoing workplace training is not merely an option but a necessity.
How does employee training impact your organization?
What does regular, intentional employee training do for your organization? Let’s consider a few statistics outlining how it impacts your business:
- 74% of surveyed employees feel they aren’t reaching full potential at work due to lack of development opportunities.
- Companies with comprehensive training programs experience 24% higher profit margins and have 218% higher income per employee.
- 84% of employees at top-performing companies receive all the professional training they need.
Yes, providing training for your employees is an investment. But the ROI on that investment is well worth it! (This is especially true when you invest in high-quality leadership training offered by experienced human resources professionals.)
How does employee training impact retention?
Hiring a great employee is one thing. Keeping them is another. How does employee training tie into retention?
Consider just a few more statistics:
- 70% of employees would be somewhat likely to leave their current job to work for an organization known for investing in employee development and learning.
- 86% of millennials would be kept from leaving their current position if training and development were offered by their employer.
- Retention rates rise 30-50% for companies with strong learning cultures.
When you show that you are investing in your employees by investing in their growth, they are more likely to demonstrate that they are just as invested in your business’ success!
How to organize employee training on a tight budget
While the advantages of employee training are clear, some companies may be hesitant to invest in it due to budgetary constraints. However, there are various cost-effective ways to implement training programs that can yield significant results:
E-Learning Platforms: Online learning platforms offer a wide array of courses and resources at affordable rates, and some even provide free content. Employees can access these courses at their own pace, making it a flexible and budget-friendly option.
Internal Workshops and Mentorship: Utilize the knowledge and expertise already present within your organization by arranging internal workshops or mentorship programs. This not only saves costs but also promotes a sense of camaraderie among team members.
Cross-Training and Job Rotation: Encourage cross-training within your company. This approach allows employees to learn new skills while sharing their expertise with others, fostering a culture of continuous learning.
Create a training strategy: You don’t want to simply throw your budget at the next shiny thing that comes along. Create your training program intentionally and strategically so that you can design it to make the most impact within your organization. That is where we come in.
Creating a training strategy with Brown Consulting Group
At Brown Consulting Group, we can help you assess your organization’s current training program and identify any gaps. From there, we can help you develop a plan to implement a new program that addresses your workforce’s unique needs and challenges. Our team of experts will work closely with you to design a comprehensive training strategy that aligns with your organizations goals.
If you are interested in developing your leadership team, look no further than our Foundations of Leadership program. Over six sessions, we delve into topics such as performance management, communication skills and more to help your leaders step fully into their roles. Learn more here!
To discuss your employee training or engagement needs, please contact us today!