5 BENEFITS OF EMPLOYEE TRAINING AND DEVELOPMENT
FROM BETTER PRODUCTIVITY TO OBTAINING KEY SKILLS, HERE’S 5 BENEFITS OF EMPLOYEE TRAINING AND DEVELOPMENT YOU NEED TO KNOW
“You can’t teach people everything they need to know. The best you can do is position them where they can find what they need to know and when they need to know it”?- Seymour Papert
It’s rare to hire an employee with 100% of the skills necessary for a role.?
Even if you do, as your business grows and expands over time, your teams will need new skills to adapt to competing markets, demand trends, and technology advances. This won’t just be new technical skills either – interpersonal skills like communication, collaboration and leadership are all necessary to drive business success.??
By investing in training and development, you’re committing to maintaining and evolving the skillset of your employees, and the success of your business.??
Here we’ll look at 5 worthwhile benefits of employee training and development and how you can create a culture of continuous learning in your business.??
What Types Of Training Do Employees Need??
Training shouldn’t cease after an?employee's first day , week or month. Rather it should be continuous throughout their entire time at your organisation.??
From practical hard skills to leadership and communication techniques, the right type of employee training at the right time creates a knowledgeable, empowered workforce and stronger business outcomes.?
So to get started, here's a few examples of training employees will need during their career development:??
Technical/Hard Skills?
Hard skills are the technical, learned skills necessary to perform a role, such as financial management, coding, writing or Excel skills. These are often the first thing employers look for when hiring for a new role.?
Hard skills are taught through vocational training, courses or on-the-job experience. They show that the individual has completed the necessary schooling, apprenticeships or training necessary for the role. For example, a doctor needs to complete a specific degree and practical experience to ensure the safety of their patients.??
Soft Skills?
Soft skills ?are interpersonal skills we develop naturally, such as listening, teamwork, communication and empathy. Previously overlooked in the workplace,?research ?now shows that?85%?of an employee's success is attributed to how well they master soft skills.?
Processes like conflict resolution, communication, and problem solving underpin almost every aspect of business operations. So, when businesses prioritise training in and?measuring soft skills , you’ll more likely develop a positive work environment. On the other hand, a workforce lacking basic soft skills may result in a?toxic workplace .??
Soft skills training varies between businesses, but will usually involve a focus on teamwork, conflict resolution, anti-bias and leadership. It can be taught through?workplace coaching ?and mentoring programs, or through VR training scenarios.?
Onboarding?
It's crucial not to overlook the?importance of successful onboarding. ?In fact, employees who have positive onboarding experiences are?2.6x more likely ?to be satisfied, long-term members of the organisation.??
‘Onboarded’?author?Brad Giles?notes that successful onboarding should cover everything a new employee needs to know about the company and their role in it.
This includes culture, technical processes, and your expectations as their manager. Failing to clearly communicate these expectations means your business may start to accrue what’s called?onboarding debt?(aka a level of misunderstanding).??
To create a foolproof onboarding program, managers must clearly define what success looks like by creating a role scorecard.
The scorecard should cover the why, what, ownership and how the employee will succeed in?detail. Find an example at?Evolution Partners Resources .??
Leadership?
Leadership training unlocks the potential of employees at all levels, from new hires to likely candidates and current leaders. In fact, organisations with inclusive leadership programs are?4.2x more likely ?to financially outperform those that reserve leadership training exclusively for managers.?
While leadership development programs differ between organisations, they all look to build or sharpen an individual's skillset to create what Jim Collins coined a?‘Level 5 leader’ .
A Level 5 Leader is someone who exhibits the essential?qualities of a successful leade r?- they're ambitious, self-aware, driven and have strong personal humility and professional will.?
5 Benefits Of Employee Training & Development?
93% of employees ?will stay longer at an organisation if they receive adequate career training and development. That’s right, employee training is no longer seen as a ‘nice to have’ perk - it’s essential for attracting and retaining top talent and future-proofing your business.??
“The only thing worse than training your employees and having them leave is not training them and having them stay”?- Henry Ford.?
Here are 5 worthwhile benefits of investing in employee training and development:?
1. It Attracts Talent?
To successfully attract new employees, particularly millennials, your business needs to establish a reputation for caring for and investing in your employee’s development. In fact, research from?Glassdoor ?highlights that?80% of employees would leave their job?to work at a business with a positive reputation.?
Training and development opportunities are a major selling point, as nowadays, prospective employees, seek (if not demand!) pathways to expand their skill set.??
Providing frequent and structured training opportunities indicates that you’re a forward-thinking business willing to invest in its employees. In turn, this helps you attract a stronger, more ambitious and talented workforce.??
2. It Boosts Employee Retention?
“The culture of a workplace — an organization’s values, norms and practices — has a huge impact on our happiness and success.”?— Adam Grant
The COVID-19 pandemic prompted employees to rethink their priorities like never before. People left their roles in search of greater flexibility, better benefits and a workplace that values their professional development.?
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A high turnover rate has a negative impact on your business in more ways than one. When individuals leave the organisation, employee morale takes a hit and people start asking questions as to why their co-workers are leaving. Even worse, it can cost roughly?2-3x their salary ?to replace and train a new employee. .??
So now, more than ever, businesses need to prioritise robust?staff retention strategies ?like?cost-effective training and development programs ?to retain their top talent. When you constantly strive to teach your employees new skills, they not only become better workers but also become more productive, loyal and happy team members.?
3. It Engages Your Teams?
Empowering and engaging employees through training programs increases job satisfaction and reduces employee turnover by up to?34% .??
Engaged employees are less likely to take sick days, make mistakes or negatively impact their co-workers. They enjoy their job, experience better problem solving and go above and beyond to complete tasks to their best ability.??
Thought leader Patrick Lencioni highlights that engaging your employees through workplace coaching is one of?5 strategies to empower your teams . With ongoing training, employees report better job performance, time management skills, and a feeling of empowerment and self-confidence.??
4. You Future Proof Your Succession Planning?
“Leadership is unlocking people’s potential to become better”?- Bill Bradley.?
With a strong training and development program in place, organisations better equip their employees with the skills necessary to become future leaders. Managers can identify future leaders early on and provide them with the education, tools and skills necessary for growth.??
So, when a new role opens up, you can look inward to promote promising employees rather than hiring externally.??
Internal recruitment is also low risk and high reward. You know the candidate and how they perform, and they are already aware of the company norms, values and expectations. Not to mention hiring internally is great for coworker morale as employees see the opportunity to grow within the business.??
5. Productivity (& Your Bottom Line) Increases?
“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.”?— Paul J. Meyer
There's a direct correlation between employee training and productivity. In fact, businesses who prioritise training and development courses for their employees?increase productivity by 17% .??
When employees take part in training programs, they improve their knowledge of the role, their skillset and their confidence in their own abilities. Studies investigating the impact of training and development on employee performance note less absenteeism, fewer safety incidents, and?21% average profit increases .??
For your business, this translates to greater productivity, a higher standard of work and a positive boost to your bottom line over time.?
3 Examples Of Employee Training & Development?
Businesses engage in various types of employee training and development programs depending on the training objectives and size of the organisation.??
3 examples of employee training and development pathways to consider include:?
1. Mentoring & Coaching Programs?
70% of individuals ?who receive coaching notice an improvement in their workplace performance and relationships.??
Workplace coaching and mentoring programs reinforce an individual's strengths and identify areas for improvement, typically through performance focused goals, skills and objectives.
Michael Bungay Stainer’s best-selling book?‘The Coaching Habit ’ highlights that by?saying less and asking more, great coaching unlocks your team’s potential, elevates communication skills and motivates employees.?
Coaching often forms part of a company's learning and development program and can be conducted internally, or via an external coach. An example of this is Amazon’s training and leadership program for new employees. The 30-day course prepares new starters for their role in the company, builds their confidence and refines their skills.?
2. On The Job Training?
“Tell me and I forget, teach me and I may remember, involve me and I learn”?- Benjamin Franklin
On-the-job training takes place in the workplace. It involves performing job-related tasks with the help of learning materials, observing others or?peer-to-peer learning ?from a co-worker, supervisor or trainer.?
On-the-job training is a form of?active learning ?that immerses the individual in what they’re learning through collaboration, discussion and doing. It's one of the best ways to acquire new skills, with?studies ?showing?interactive learning ?has a?45% higher information retention?rate than passive learning techniques.
It also harnesses the knowledge and skillsets of coworkers without the need to outsource.?
3. eLearning & Virtual Learning Programs?
Virtual learning programs allow individuals to complete job training online rather than in-person. These can take place live, where all participants complete the program at the same time, or individually at the participants convenience.??
Remote learning courses keep your employee's industry knowledge current while boosting their skills and confidence.
They eliminate roadblocks such as geographical separation, sickness and public transport costs, allowing you to provide the same, quality training to every employee.?
A Growth Faculty membership ?is a great example of a virtual learning program. It provides employees with access to a rich source of online learning resources and virtual events.
Employees utilise the resources as needed and may easily refer to them to double-check any knowledge.?
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Upskill Your Workforce With Growth Faculty Membership?
No matter an employee’s abilities, role, or experience level, professional development will?always?benefit them and your organisation.
Training represents a long-term investment in your organisation’s ability to recruit, retain, and promote talented professionals.?
Having?Growth Faculty membership ?grants your employees?12 months of unlimited access?to masterclasses and interviews with world-class coaches and thought leaders, engaging events, networking opportunities and an on-demand library of leadership resources.?Don't hesitate. Sign up now!