4 Reasons to Invest in Employee Training & Development Right Now
Hiring can feel like a marathon. Still, for all of the effort a right-fit hire requires, it’s only the first leg of a larger race. Ignore the next leg – on-the-job training and professional development – and you risk returning to the starting line before you’ve had a chance to catch your breath.
Think we’re coming on too strong? Consider this: LinkedIn’s 2021 Workforce Learning Report points to ongoing learning as a priority and through-line among professionals and businesses eager to grow and innovate. Even more, workplace training is consistently shown to improve retention. Despite these facts, training and development still, astoundingly, gets lost in the shuffle. In 2020, employers spent almost 15% less on training than they did in 2019 – a step in the wrong direction given today’s staggering turnover rates.
Point is, there’s no time better time than now to invest in hard skills (specific job-related requirements but also data literacy, software training, communication) and soft skills (business etiquette and health and wellness, for example) for your team. Here are four more reasons to invest in meaningful employee training:
- Training existing employees is much cheaper than hiring new ones
The cost of training and developing your people is nominal compared to the cost of losing them. Recruiting and hiring costs businesses, on average, the equivalent of six to nine months of a position’s annual salary. The more senior the role, the more you’ll spend. According to some studies, businesses invest up to 213% of a highly specialized role’s salary finding a qualified candidate to fill it. That number only increases in competitive hiring landscapes like today’s.
- Trained employees are more productive
Employee training and career growth opportunities are consistently shown to boost workforce productivity. This correlation makes sense: Professionals who know what to do spend less time figuring out how to do it, and professionals who feel valued – and who can envision themselves advancing – are generally more eager to take work seriously in return.
- Trained employees work smarter
Even the most qualified candidate can’t be expected to know your company’s organizational system, value differentiators, unique culture…all of the nuances that make you you. The sooner they’re versed in what’s expected and how it’s done, and the more likely they are to hit their mark, work efficiently, and move your objectives forward.
- Trained employees feel connected
A growing number of employees are working remotely some or all of the time, with fewer opportunities to connect with peers in-person. This makes strong communication skills and a shared vision more vital than ever before. By providing training across the board that aligns with brand’s objectives and values, you’re boosting cohesion and camaraderie.
Eager to take your training up a notch but don’t know where to start? myHR Partner’s online or in-person training is fully customizable and designed to do so much more than just check a box – and yes, often improves retention in the process. Or set up time to discuss your training needs here.