Why Is Employee Training Important? 4 benefits
Employees must be competent at their jobs to add value to an organization, which is the most fundamental reason why training is essential.
Besides maintaining employee competency, training also offers benefits such as:
1. It Increases Employee Retention
LinkedIn Learning research shows that 94% of employees would remain with an organization for extended periods if their employer invested in staff learning and development opportunities.
Investing in your training and employee growth initiatives will help to ensure you don’t have to constantly search for new talent, instead focusing on supporting existing staff to reach their full potential, driving organizational performance and growth. In addition, when managers are trained in succession planning, they can quickly fill empty roles, saving money and time.
2. It reduces waste and increases profits
Employee training programs are a wise investment – yet not investing in them can be costly. For instance, hiring and retraining staff that has not been given the proper instruction at first could cost you up to £12,000 for those on an average UK salary of £27,721 or as much as £20,000 if your employees earn above-average wages, around £60,000. Ultimately, investing in training in the long term becomes far less expensive than avoiding it.
3. It Attracts Top Talent
Millennials and Gen Z job seekers prioritize learning opportunities, with Forbes research showing that 83% of Gen Z state that learning opportunities are an essential factor to them when applying for jobs. Simply put, if your training program isn’t attractive to millennials and Gen Z-ers, they will pass over your company and turn to competitors.
4 It equips employees with up-to-date skills
To progress as a business, you must train with an eye to the future. Provide your personnel training on cutting-edge industry trends and technology to make them more competent and educated workers capable of producing exceptional work for your company.
Though training has challenges and disadvantages, such as costs, the benefits usually outweigh the disadvantages and positively impact the organization.