Importance of Training

Why It's Crucial To Train Your Employees

As markets heat up all over the world, companies struggle to end with today's hectic condition, or at least survive them. "Hypercompetition" is an environment of extreme change in which flexible, aggressive, innovative competitors move into markets easily and rapidly.

Responding to this fast-forward world of "the quick or the dead," companies have undertaken reinvention and the redesign of how they do business.

What will employees need to know to successfully execute the new process?

How do you anticipate what skills your organization will need in the future and how do you select and develop employees based on those needs?

The Benefits of Investing in Employee Training and Development

• Competitive Advantage

Competition for talent is growing. Offering an employee development program as part of your perks and benefits is a good way to attract candidates to your organization rather than your competitors.

• Employee Loyalty and Commitment  

When a company invests in employee training and development, employees feel valued and appreciated. This makes them more loyal, and the more loyal your employees are, the more likely they are to both stay and to refer skilled friends and colleagues to work at the company. Plus, loyal employees are more engaged and motivated and require less supervision.

• Decreased Turnover

According to research from SHRM, employee replacement can cost a company between six and nine months of the departed employee’s salary. Aside from the direct financial losses, a high turnover rate also affects the company’s market position, profitability, and revenue. By training employees and investing in their career development, you can make them feel valued by your organization. This will lead to longer employee tenures and less turnover.

• Flexibility

Training and development programs can make a company more flexible in the market. When your employees are well trained, they are better able to respond to changes in the market, which ensures company success in the long term.