Many Employers fear that providing comprehensive corporate training to their employees will impel them to seek greener pastures. However, in reality, they are actually making their own company a greener pasture. Every business focuses on growth and development as part of their business strategy. An organization ultimately succeeds when its employees come together to accomplish the common organizational objectives. Hence, it would be right to state that employees are the backbone of an organization. Since they are the driving force for your business, ensuring that they perform well and remain in their best form is vital for your business growth. This is where corporate training comes into play.
The famous Benjamin Franklin once said, “An investment in knowledge pays the best interest.” He certainly got it spot on! Investing in corporate training programs for developing and growing your employee skills certainly has its perks.
While speaking about Employee Corporate Training, the main concern that arises in the minds of senior management is this – “What if we train an employee and they decide to leave? After all the time, money, and effort spent on them, wouldn’t it be a waste? Then why train them at all?”
Well, the above thought definitely makes sense, especially when you are investing your valuable organizational resources in developing someone else’s skills. But, have you ever thought the other way around? – “What if we don’t train our employees and they decide to stay? With all the time, money, and effort that could have been invested in developing their employability skills, wouldn’t it be a loss? Then why not train them at all in the first place?”
Richard Branson – founder of Virgin Atlantic, quoted a profound statement in one of his speeches in 2014 that needs to act as the driving force for any employer. He said, “Train people well enough so they can leave. Treat them well enough, so they don’t want to.”
“Train people well enough so they can leave. Treat them well enough, so they don’t want to.” – Richard Branson (Founder, Virgin Atlantic)
Training your employees well enough and keeping them suitably engaged through challenging work will keep them occupied with a healthy state of mind. Organizations need to realize that corporate training is not optional, but an essential act that would strengthen the knowledge, qualifications, skills, and understandings of the employees, thereby improving the professionalism of the staff.
The top five reasons why Corporate Training is essential for your business growth are as follows:
Corporate Training Provides a Competitive Advantage Over Competitors
Competition for market dominance is ever-increasing with the advancements in technology, and so is the talent competition. Through corporate training programs, the employees in an organization are trained with the required skills to handle their respective job roles more effectively. Having received the necessary skill development training, the employees can perform better, thereby providing more quality output resulting in increased efficiency. Developing the employees’ skills in turn creates a competitive edge for the organization over its rivals in the market.
Corporate Training Increases Employee Loyalty
Employee loyalty is indispensable for the success of any organization. Through corporate training, employees feel valued and appreciated when their organization invests in their development training programs. Moreover, this builds up employee loyalty which is ultimately reflected in their work.
Loyal employees are more likely to stay in the company and work sincerely for the organizational goals. Additionally, they require less supervision and motivation to get their jobs done. Shockingly, a recent survey by LinkedIn found that although 72% of professionals are satisfied with their jobs, a staggering 82% of them were open to new opportunities. With corporate training, the odds in this regard can be brought in favor of the organization. A survey conducted by PwC (PricewaterhouseCoopers) found that 35% of the Millennials favored an organization that provides excellent training/development programs.
Corporate Training Helps in Building the Company Talent Pool
Whenever an organization invests in corporate training programs, they are in turn elevating their company standards. The higher the company standards, the better the scope for attracting new talent. Creating this benchmark enables organizations to lure in top talents from across the industry. This is beneficial from the organization’s perspective by two means – not only can the firm retain its skilled workforce; it even attracts quality talent from outside. With a wide talent pool, organizations have the benefit of choosing the right person for the right job. Also, they get a database of a wide variety of talented professionals whom they can count on as per the talent requirement.
Corporate Training Creates Unity Within the Organization
Skilled workers are undeniably an asset to any organization. But, when too many heads are involved in the same task, the chances of an unfavorable turn of events occurring are quite high. Through corporate training programs, workplace relations can be improved, and the employees will be able to easily get along with each other and work in harmony. These programs enable them to overcome any workplace issues by raising awareness regarding how to handle and deal with such situations, thereby increasing their professionalism and moral outlook. Happy employees create a happy workplace.
Corporate Training Reduces Employee Turnover and Improves Cost Efficiency
Employee turnover is a major concern for every organization. A considerable amount of time, money, and effort can be saved if the causes of employee turnover are analyzed and properly dealt with – efficiently and effectively. Generally, organizations have the impression that hiring a new employee is cheaper than retaining an existing staff. However, shockingly, surveys have determined that the cost incurred to hire new talent is way more than that spent on training and development programs in retaining current employees.
Research by Glassdoor in the US estimates that for a small to medium-sized business that hires a new employee, it loses about $4000/hire. Also, it was found that this cost necessarily may not produce the desired outcome. However, spending this investment on an already proven team can provide the organization with an opportunity to develop the already existing internal knowledge, thereby improving cost efficiency.
So, the next time when you think about providing corporate training for your employees, consider how much more expensive it would be not to train your employees. Skilled employees are always an asset to your business. They are vital in developing your business reputation and pave the way to your organizational success. Finding a team that believes in your organizational goals and takes pride in achieving them as much as they love their work is luck. If you are indeed lucky enough to have found such a team, it is worth doing everything you can for them to retain them for your business goodwill.