Staying competitive is the key to sustainable business.
Training your staff, keeping them motivated and up-to-date with industry trends and new technologies is essential to achieving that goal.
Staff benefit too, learning new skills and becoming a valued asset in any organisation. Training brings direct benefits to business and can be calculated as a return on investment.
Most businesses provide on-the-job training, particularly during induction. A routine investment in ongoing training almost always shows a positive return on investment, in a variety of ways, including improved work quality and productivity, higher retention rates of staff and a decrease in wasted time and resources.
Improved quality and productivity
Training that meets both an organisation and employee’s needs increases the quality and flexibility of a business by fostering:
The flow-on effect
The benefits of training in one area can flow through to all levels of an organisation. Over time, training will boost the bottom line and reduce costs by:
Businesses must continually improve their work practices and infrastructure to stay competitive in an increasingly global market. Training staff to manage the implementation of new technology, work practices and business strategies can also act as a benchmark for future recruitment and quality assurance practices.
As well as impacting on business profit margins, training can improve:
Regular training and learning opportunities are an investment that helps employees to prosper and develop their careers. By investing in their success, employees become more loyal to the business, leading to lower turnover rates and decreased absenteeism.
In return, your business benefits from a highly skilled, stable workforce, which gives you a competitive advantage in the market.
Improved staff attitude and morale
People enjoy learning when the material is relevant to their interests and many will be eager to apply their new skills and knowledge in practical situations.
Employees that possess diverse skills are generally more satisfied and positive in their jobs. This decreases the occurrence of work-related stress and improves the overall work environment.
By investing in their training, staff often feel that the employer not only has the confidence in them to do their job, but that the business values them, and is giving something back above and beyond wages or salary.
As a result, employees will become self-starters and develop further competencies such as leadership and teambuilding and be more willing to undertake further training.
Recruitment and retention
Well-trained and valued employees lead to a positive and productive workplace, leading to lower turnover rates and lower recruitment costs. A supportive environment where staff are trained and valued attracts the best talent, helping to reduce recruitment costs when the time comes to recruit or expand.
New business opportunities
Trained and motivated team members who understand the specifics of your business will act as a great advocate for your business, giving you a sustainable competitive advantage. They will give your business the edge by:
To learn more about how you can use training to improve your business, give our team a call.