Let the train(ing) take the strain – 7 business reasons to invest in staff development
Anybody in HR will happily espouse the value of training and development, but why aren’t the bosses always convinced? After all, more knowledgeable and skilled employees = better-performing employees, surely? As with most communication failures, the problem is not so much the message as the fact that the message is not in a language understood by the recipient…
So, here are 7 solid business reasons to invest in your workforce’s training and development.
Reasons to be training, 1, 2, 3…
- According to LinkedIn’s 2018 Workforce Learning Report, 94% of employees would stay with an employer longer if it provided training and invested in their career. From a pure retention point of view, you’ll experience less turnover if you offer training. In fact, a recent survey (by Instaprint) found that 56% of workers would leave if their employers stopped training, and just over 30% have left a previous position for the same reason.
- Again from LinkedIn, in a survey of 2,000 business leaders, 57% valued soft skills over hard skills for employee development. The top four soft skills cited were leadership, communication, collaboration and time management. Where to acquire such arcane arts? Training, of course; either delivered in-house or bought in from a bespoke training provider.
- The arrangement and management of learning activities can be a driver of engagement between employees and their managers. The LinkedIn report cited above suggests that managers may have a positive attitude towards learning but often don’t get involved due to other priorities and a lack of time. However, manager involvement in employee learning not only helps focus the learning on practical application in the workplace, it also fosters more meaningful manager-employee relationships.
- A past study from the Association for Talent Development (ATD) looked at the relationship between company training activity and business performance, especially shareholder returns. What it found was that those companies offering significant investment in staff training had 218% higher income per employee than companies without formal training provision; and a 24% higher profit margin.
- As you might expect (or at least, hope!) staff training is proven to result in increased productivity. In the US, a study by the National Center on the Educational Quality of the Workforce showed that investing in training and skills carries better results than investing in equipment. In the study, a 10% boost in spending on training brought an 8.6% rise in productivity; the same investment in equipment showed a 3.4% boost only in productivity.
- Generationally-speaking, there’s a clear argument in favour of training. In a 2016 Gallup poll, when comparing the workplace generations (Boomers, GenX and Millennials), 87% of Millennials said the decision whether to stay in a job is influenced by the availability of job-related training (against a survey average of 70%) and opportunities for career growth.
- And then there’s the fact that, generally speaking, employees want workplace training. In the UK, Middlesex University’s Institute for Work Based Learning has found that 74% of employees feel they’re falling short of their full potential and see a lack of job training as the remedy.
The bottom line question is, are you making the most of your most valuable (and expensive) asset, your people? If you want to attract – and keep! – the best talent, you need to invest in relevant workplace training opportunities. That same investment carries with it direct business benefits: train to retain and train to perform.
To find out how our flexible, tailored employee training modules could help your business, check out our website. Or simply give us a call on 01582 714280. We’re here to help!