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Why Businesses Should Invest in Employee Training and Development

December 5, 2023

The people you have onboard can reflect many aspects of your business, from its culture and values to its capabilities. However, it's not just about hiring the right people; investing in the training and development of current employees is also equally crucial. With proper training and development, you not only support your employees in advancing their careers but also ensure that you have a top-notch workforce in your industry.

According to a report by Korn Ferry, a global organizational consulting firm, 50% of all employees will need reskilling by 2025. Have you been providing your staff with enough learning opportunities to reskill or improve their knowledge and adapt to the changing demands of their role? If you haven’t, this article might just inspire you to improve your training and development efforts.

In this post, we’ll dive deep into what employee training and development is and why you should invest in it. Let’s get started. 

What Is Employee Training and Development?

Employee training and development are company programs that teach employees new things or improve the skills they already have. Their main goal is to give employees the knowledge and skills they need to do well, if not better, in their jobs. There are different methods for training and development, like traditional classes, online courses, and hands-on workshops. These methods are usually customized to fit the company culture and goal set.

Training and development are not just essential for new hires but also for every employee, regardless of tenure. As we all know, change and innovation in the business world can happen fast. Hence, continuous learning is vital to stay relevant and competitive. In addition, training and development can make employees feel more satisfied with their jobs. 

Keep reading to learn more about why you should invest in the training and development of employees.

Why You Should Invest in Employee Training and Development 

Are you looking to enhance employee skills and satisfaction as well as the company’s bottom line? If so, then it’s important to learn that a skilled and cohesive workforce can be the key to achieving such a goal. Below, we list and discuss further the reasons why investing in the training and development of employees is crucial. 

1. To Attract Applicants 

Job seekers are now on the lookout for companies that support career growth. Believe it or not, a significant 65% of workers believe that employer-provided upskilling is highly important when assessing a new job. Even if applicants are currently targeting a role at a certain company, the potential for ongoing career development within your organization can encourage them to envision a more rewarding work life and see you as a long-term employer. 

2. To Boost Productivity and Engagement

By offering training and development programs, you can show that you are willing to invest in your people. That is something your people will reciprocate with better performance and engagement. In a report by SurveyMonkey, 59% of employees say training improves their overall job performance. The same report also suggests that 51% of employees who get access to training and development claim to have gained better self-confidence. 

3. To Stay Competitive and Up-to-Date With Industry Trends

Competition in the business world is dynamic, and new competitors and trends can emerge at any time. Hence, it is crucial for employees to have up-to-date skills and knowledge to become more resilient, effective, and capable of facing challenges. Well-trained and informed workers can also make better decisions for your business, leading to further growth.

4. To Enhance Financial Gains

Providing training and development to workers has a direct effect on the financial gains of a company. A Forbes report notes that companies with comprehensive employee training programs have 218% higher income per employee compared to those without formalized training. As we have previously discussed, training and development affect the workforce positively, from their performance to engagement. These positive effects can collectively improve the overall workforce effectiveness and the company’s profitability. 

5. To Boost Internal Promotions and Reduce Hiring Needs

When you invest in training and development, you not only help your employees become more proficient in their field but also reduce your company’s need to hire new workers. By acquiring training and development opportunities, employees become more competent and capable of bigger roles and responsibilities. This enables you to promote employees internally and reduce the need to bring in new hires. Promoting existing staff also offers a smoother transition as they already possess an in-depth understanding of the company's operations and culture. 

6. To Improve Employee Retention

According to LinkedIn's 2023 Workplace Learning Report, the top strategy identified for enhancing retention is to "offer learning opportunities." Employees value opportunities to enhance their skills and knowledge nowadays more than ever. Training programs provide a platform for individuals to acquire new competencies or improve existing ones, making them more proficient and confident in their roles. This can lead to better engagement and job satisfaction, which are essential for enhancing employee retention. 

7. To Improve Customer Service 

Customers are changing day by day; thus, it is vital to ensure that employees receive thorough and regularly updated training. This empowers them with the skills and knowledge necessary to adapt to evolving customer needs and preferences and excel in serving customers. With better customer service, you can gain loyal patrons and foster positive brand perception.

Discover StaffConnect: An All-In-One App for Business Management

Besides providing training and development, another way to assist and enhance your workers’ productivity and effectiveness in their jobs is by investing in tools such as an all-in-one business management platform. An example of this platform is StaffConnect. 

StaffConnect is a business management platform created to assist businesses in various industries in their staff and task management. Our app is equipped with functional tools that help boost productivity and efficiency and save time. Some of the practical tools that our app offers are GPS Check-In and Out, Calendar Integration, White-label Custom Branding, Payroll, and a lot more. 

If you can’t decide yet and want to check StaffConnect’s features first before committing to our services, feel free to book a free demo here.