In a global market, how well your company maintains a well-trained and credentialed workforce matters to your long term success. Employee training and development is a benefit that directly gives back to the organization, in the form of better prepared employees who perform their jobs to higher standards. This investment in the knowledge of your workforce pays off in many ways.
If you are on the fence about whether or not to implement a corporate sponsored training and development program for your employees, here are some things to consider.
Turnover rates are slashed when an employer cares enough to train workers properly. From the first day on the job, when training is guided by the company, employees feel less frustrated and overwhelmed. This means, they will stick around for longer so your company reaps the rewards of their labor. Employees who take part in college classes paid in part by the company are grateful and express this through additional loyalty.
Training and development of employees can help elevate your business to a higher level in your industry, especially when the focus is on serving clients. Employees who are trained on a regular basis are better able to handle difficult client situations, changes in technology, and other challenges of work. Letting clients know you invest in the knowledge of your employees lets them know you care about offering more than the competition does.
Employee training and development is also a powerful recruitment tool. Millennials are looking for more than just a paycheck – they are hoping to move up the corporate ladder a lot faster than previous generations. Therefore, offering a strong corporate education and training program can entice top performance candidates to work for your company.
Education and training of employees is also critical for succession planning as older workers move on to retirement and mid-level employees move up into executive level positions. Transferring knowledge from high levels of the organization to mid and entry level employees ensures that everyone is on the same page as far as processes and practices go. This solidifies the corporate culture.