In today’s business landscape, employers are constantly seeking ways to gain a competitive edge to recruit new talent, grow the business, and retain vital employees. One of the most effective strategies they can use is investing in the training and development of their workforce. 24% of employers believe that investing in employee training is optional so we’ll look at the important reasons why employers should prioritise training for the future.
10 Reasons to Invest in Employee Development
Investing in training extends beyond the frontline staff. Teaching employees leadership skills can create skilled leaders who can achieve the company’s vision and goals. Leadership training ensures a pipeline of talent ready to take on important roles as the company expands and evolves.
In a competitive professional landscape, businesses must constantly innovate to stay ahead. Highly trained employees are better equipped to adapt to changing market conditions and embrace new technologies and processes. This gives the company a competitive edge by allowing it to respond quickly to industry shifts and demands.
Training and development can significantly improve employee retention rates. When employees feel valued and supported through training, they are more likely to stay with the company.
Losing and replacing employees can be costly. According to Growth Business, the first year of a person’s employment costs the business twice that person’s salary. Thus, investing in training can lead to long-term savings and a more stable workforce.
Skills Gap Bridging
The rapid evolution of technology and business practices has created a significant skills gap in many industries. Companies can keep their employees updated on industry trends and technologies by investing in training. A skilled workforce is essential for staying competitive and relevant in the market.
According to Oxford Learning College, ‘An estimated 20% of the workforce in the UK will be significantly underskilled for their jobs by 2030. This could amount to around 6.5 million people.’
Improved Employee Satisfaction
As reported by Stand Out CV, ‘happy staff will stay with their employers 7 times longer than unhappy employees.’ Training and development opportunities demonstrate to employees that their employers value their growth and career progression. This not only enhances job satisfaction but also fosters a positive work culture. Supported employees are more engaged, motivated, perform better, and have higher job satisfaction.
Inclusion and Diversity
By training employees to work with inclusivity in mind, they are able to get the best out of others, ensuring they consider and value every opinion. By teaching your employees the importance of diversity, you are able to nurture talent regardless of their abilities or differences.
Innovative companies are often the ones that lead the way in their industries. Employee training can be a catalyst for innovation. Skilled workers are more likely to think of new ideas that can help the company succeed. Encouraging a culture of continuous learning can lead to breakthrough innovations that set a business apart.
Satisfied and well-trained employees are more likely to provide excellent customer service. Customer service is a critical aspect of any business, and employees who can effectively meet customer needs and resolve issues can enhance customer satisfaction. 81% of customers are more loyal to companies with excellent customer service, and are more likely to make another purchase. Training directly contributes to achieving this excellence.
Adaptability to Change
Ongoing employee development prepares your staff and leaders to adapt to changes in the business environment, promoting organisational agility. This equips individuals with the skills to make informed and strategic decisions, positively impacting the overall decision-making process within the organisation.
Training not only equips employees with skills but also boosts their confidence. When employees feel more competent in their roles, their morale and self-esteem rise. This positive change in attitude can be contagious, spreading throughout the workplace and creating a more positive and productive environment.
Why Training and Development is Important for Employees
Investment in employee training is not just an option; it is an essential strategy for any forward-thinking organisation. The benefits of training are undeniable, with improved productivity, enhanced employee retention, and a competitive edge being just a few of the advantages. In today’s rapidly changing business environment, companies that invest in their workforce’s development are better positioned to thrive and succeed.
By acknowledging the strong correlation between training and business success, employers can create a culture of continuous learning and development that benefits not only the organisation but also its employees. As the business landscape continues to evolve, those who invest in their workforce’s growth will find themselves at the forefront of innovation and growth.
Speak to our head of Training and Development, Tom Cliffe, to discuss how we can support you in training your employees for their professional development.