When you are running a business, there are so many different areas that you will have to focus on that you can be forgiven for neglecting employee training and development opportunities. While it might not be your top priority, employee training and development can have a huge impact over time. This guide is here to help you understand the importance of employee engagement for the long-term success of your business.
Increase Employee Retention Rates
Studies have found that 94% of employees would stay longer at a company shows them that they value their long-term career progression by offering employee training and development opportunities. Having high levels of employee retention rates will enable you to develop a positive working culture, boost productivity rates and increase your talent acquisition capabilities. Having improved employee retention rates also helps businesses to save money, as research has found that hiring a new employee costs, on average, five times more than retaining an existing member of staff.
Training and Development Is An Standard Expectation
Research from Gallup has found that the workers of today have now come to expect their employing organizations to offer training and development opportunities as standard. In fact, studies have found that 87% of millennials view the training and development opportunities offered by a prospective employer to be an influential factor when deciding whether to take on a prospective position. This means that offering employees training and development can be vital when it comes to attracting new talent to your business.
Increased Job Satisfaction
Research has found that organizations that offer high-quality training and development opportunities can have a very positive impact on job satisfaction. The reason why training and development have been found to have such a positive impact on job satisfaction is that it helps employees to learn the skills that they need to be able to complete their duties to a high standard.
Training and development have been found to increase productivity rates by showing the employee the most effective strategies to use for business processes. In fact, studies from IMB show that training and development can boost internal productivity rates by 10%.
How To Get The Most Out Of Your Employee Training and Development
Setting up an effective training and development system is critical for ensuring you are able to benefit from all of the positives that can come from having an effective training and development system. The first step to building an effective training and development system starts by thinking about the needs and demands of your workforce. You can then spend some time researching the right training and development tools for your organization. Learning about the tools available to you, for example, finding out the difference between an LMS vs LXP system and the benefits of person vs. online training systems can help you to build the best system for your organization.
Taking the time to ask your staff about their experience with training and development can be very useful for improving the success rates of your training and development opportunities. When you are consulting with your staff, you should follow up and ask for feedback during the training process and after a few months to ascertain the long-term impact of your training and development processes.