How Does Employee Training Benefit Your Business
As a business owner, you know that staff training is important for the professional development of your employees, and as such – the progress of your business.
Companies can offer many kinds of training and development opportunities for employees. From in-house, third-party training, or off-site training. Some examples of employee training include:
- Management training
- Sales training
- New employee training
- Mentoring programs
- Vocational Education and Training (VET)
Vocational education and training, abbreviated as VET, sometimes simply called vocational training, is the training in skills and teaching of knowledge related to a specific trade, occupation, or vocation in which the student or employee wishes to participate.
If you are looking for Certificate IV in Training & Assessment, check out this tae40116 online provider in Australia. This certificate allows your staff and company to work:
• Deliver training and assessment in a TAFE or Registered Training Organisation (RTO)
• Deliver nationally-recognised training
• Provide on-the-job instruction in a workplace environment, such as one-to-one apprenticeship training
• Conduct workplace assessments and skill audits
• Work as an enterprise trainer
• Coach and mentor staff
• Become a confident presenter and facilitator of learning.
In this blog post, we will cover other (lesser known) business benefits of training and assessing your employees.
1. Improved productivity and performance
Productivity is essential for profitability. Learning how to use new technologies or tools and software can significantly cut the time it takes to perform everyday tasks.
This means that when you invest in employee training for your business, you are investing in its future success.
Efficient businesses are better able to compete in the marketplace as well as provide their customers with the best possible service. The efficiency in which a business operates is often a direct reflection of the quality of its employees.
Read more about keeping your employees motivated and productive.
2. Improve employee retention
The average cost of replacing an employee ranges from about one-third to twice their annual salary, depending on the level and complexity of their position.
Employee turnover is highly disruptive and costly.
Most job seekers are aware that the world of work is changing fast, and they’re looking for roles where they can grow. Offering employee training is a straightforward and effective way to reduce turnover. According to LinkedIn Learning, 94% of employees say they would stay at a company longer if it invested in their development.
3. Improve management
Ineffective leaders cost the global economy over $7 billion each year —according to Gallup.
It’s a massive financial drag.
There are great executive coaching programmes that train managers to communicate effectively, develop their employees, think strategically, and react to challenges with flexibility can drastically increase both team performance and employee satisfaction.
4. Attract better talent
Having great training opportunities and making it known to the public is an excellent PR for your company making it easier to attract top Millennial talent.
Employee development and training is a great recruitment tool. This is because most talented people are hungry for professional development to remain competitive in the marketplace.
Using top recruitment software to hire swathes of talented staff that know exactly how to work together to reach goals in the most efficient manner is a real game changer. However, it’s fair to say that it can often seem rather difficult to encourage each of your team members to get along and reach their full potential.
If this is something you can offer with their pay package, you are ahead of your competitors.
5. Stay compliant with regulations
All businesses are subject to compliance with various laws and regulations. Failure to comply with these regulations can result in significant penalties, including fines and even jail time.
Training and assessment can help businesses to stay compliant by providing employees with the knowledge they need to follow all applicable laws and regulations.
In addition, regular assessment can help businesses to identify potential areas of non-compliance before they become a problem.
Assessment can be done through questionnaires, interviews, focus groups, and surveys.
6. Build a competitive advantage
In today’s rapidly changing environment, companies need to adapt to new challenges and customer demands.
The quicker you can provide new products or services when the market demands them, the more competitive advantage you have.
When employees are up to date with the technology and teams possess the skills they need to succeed, they can take your business to the next level quicker.
7. Reduce reliance on contractors
Many organisations rely on contractors to handle projects when the necessary skills aren’t available in-house.
But the costs of bringing in contractors are much higher than those of staff members.
If you can fill skills gaps among your current employees maximise individual productivity, and reduce costs.
The benefits and value of training and development act like a domino effect: leaders feel competent and can efficiently influence employee performance.
On the other hand, skilled and engaged employees result in high job satisfaction, commitment, and thus retention.
The type of training and development provided will need to align with future workplace skills, and support the company’s business objectives.