5 WAYS INVESTMENTS IN TRAINING AND DEVELOPMENT DRIVE BUSINESS SUCCESS
Training and development are key factors any business organization cannot afford to joke with. Benjamin Franklin once said, “An investment in knowledge pays the best interest”. Training is an investment. Every organization worth its salt needs to invest in it. The benefits of investing in training are enormous and also long-term in nature. However, not all businesses in our clime make adequate provisions for training.
Some companies might not want to train staff because of the fear that they would exit the company, not long after the training. In their opinions, that would amount to a waste of hard-earned money. This is not long-term. You would not want to toe that path of thought; I want to believe.
There are many statistics giving credence to the importance of investments in the training and development of employees. For example, according to LinkedIn’s 2021 Workplace Learning Report, “94 percent of employees would stay with a company longer if there was an investment in learning.”
Do stay with me as I show you 5 ways investments in training and development can actually drive the success of your business.
1. TRAINING CAUSES AN INCREASE IN THE INTELLECTUAL BASE OF YOUR ORGANIZATION
As a company, you are in business to solve problems. I trust this is not news to you; it’s common business knowledge. However, you can only effectively solve problems if you have the right knowledge and also possess it in very large proportions. You can only have a large intellectual base as an organization if you invest in the training and development of your workforce.
If otherwise, you may not be heading towards business success. You might, in fact, be indirectly giving your competitors an undue advantage over you, as clients and customers would undoubtedly go for the best company which is better positioned and equipped to solve their dynamic problems.
2. TRAINING AND DEVELOPMENT CAN INCREASE EMPLOYEES’ SELF-CONFIDENCE
Self-confidence is one of the key needs of individuals in the workplace. For instance, according to Forbes, studies by Professor Timothy Judge of the University of Florida found that “people with high core self-evaluations, or positive self-concepts, had increased levels of job satisfaction, better job performance, higher income, higher work motivation, and reduced stress and burnout.”
Trained members of the workforce will definitely exhibit traits of self-confidence which will definitely impact their job performances.
3. IMPROVEMENT IN KEY PERFORMANCE INDICATORS (KPIs) IS ALSO A RESULT OF EFFORTS EXERTED ON TRAINING AND DEVELOPMENT INITIATIVES.
All organizations have targets or benchmarks set as indicators of success in relation to the overall business objectives. This is what KPIs stand for.
When investment is made towards the training and development of the workforce, they get equipped with the necessary skills to meet the organization’s objectives. Isn’t this what you desire?
4. INNOVATIONS. YES, TRAINING AND DEVELOPMENT CAN DRIVE MASSIVE INNOVATIONS TO YOUR BUSINESS.
These days technological prowess is increasing by the day. This trend is providing every organization the opportunity to explore better ways of getting jobs done quickly.
With good investments in the training and development of your workforce, there will be chances of your organization coming with innovations. Innovation is a game-changer. The more innovative a company is, the better its chance of gaining more share of the market.
5. REDUCTION IN STAFF TURNOVER
Research reveals that approximately 60% of employees desire training and development. Lack of continuous training might spike up the rate at which employees leave organizations.
Staff turnover is not outrightly bad because it will give room for fresh intakes with different work experiences. But when it occurs at very high rates, it might come with a ripple effect on the overall business success.
CONCLUSION
As you have discovered, investing in training and development is highly beneficial to both the business and individual employees. It is a win-win situation. The business would enjoy better competitive advantages, employees’ satisfaction, and customer satisfaction, which is ultimate. I’m sure you want your business to enjoy all these benefits.
Hope you enjoyed this article? Do stay tuned for more educative insights on more business topical issues. You can give your comments in the comments section below. We would gladly welcome and appreciate them. You can email us at: talktous@parlanceps.com. If you prefer, you may call us on 0806-917-5860.