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The effectiveness of corporate training is a frequent point of discussion in organizations. Leaders often wonder if corporate training is worth investing time, money and resources. The matter is further compounded when employee feedback indicates workplace training is inadequate or needs improvement.  This negative employee feedback can stem from factors like irrelevance, poor delivery, or lack of practical application rather than the core purpose of training.

So, are these indications that you should eliminate learning and development initiatives from your company’s budget? The answer to this is a resounding “no.”

There are several reasons why educating employees through training deserves a budgetary line item. First, consider these results from a recent survey:

  • 70% of employees feel that their organization’s learning and development offerings need improvement.
  • 67% of 18 to 24-year-olds feel that their education did not adequately prepare them for the workplace.
  • 43% of respondents believe that insufficient workplace training hinders their career advancement, and 42% say they lack the necessary training to perform their roles effectively.
  • Nearly one-third of employees reported that high-quality training left them feeling “truly enlightened and invigorated.” They also felt “highly valued and empowered” by their employers.
  • 89% of workers would feel encouraged if offered tailored training for their roles, with 63% preferring training delivered at the point of need.

Source: (1)

When corporate training programs are well orchestrated and targeted to individual roles, they can provide a bevy of attractive benefits to both the employer and employees.

1. EXPANSION OF SKILL SETS

Getting more of a good thing is always desirable, and this includes highly skilled employees. The need for a workforce with advanced skills is especially important now, as the evolution of technology such as artificial intelligence (AI) continues to intensify its impact on business.

And this need is not limited to learning how to master technology. Traditional skills are also imperative to possess or develop, with key growth skills including:

  • Analytical and creative thinking
  • Resilience
  • Flexibility and agility
  • Motivation
  • Self-awareness
  • Curiosity

Source: (2)

Additionally, when employees feel like their employer wants to invest time and money in them, their engagement levels, sense of purpose and loyalty to the organization increase. Favorable outcomes of this shift include improved productivity and performance, as well as decreased employee turnover.

2. BETTER EMPLOYEE RETENTION

Speaking of turnover, sufficient learning and development opportunities improve employee retention. Training not only makes workers feel valued, but it also positions them for internal promotions, which has a strong correlation to retention. Workers who have made an internal move because of developing their skills are 75% more likely to stay with the company. (3)

Considering how costly replacing an employee is, finding ways to retain workers helps the organization’s bottom line. This reason alone presents a compelling argument in favor of investing in corporate training programs.

3. IMPROVED JOB PERFORMANCE

Learning and development offerings that align with job responsibilities boost employees’ confidence in how well they believe they can do their job. Getting a confidence boost in this area also improves the execution of both current and future job duties. This is a prime example of why knowledge truly is power.

Naturally, as workers gain more knowledge about what their role entails, along with mastering the required skills, their proficiency in carrying out the associated responsibilities will improve.

4. COMPETITIVE EDGE

When your workforce is equipped with the latest and most pertinent industry knowledge, has a firm grasp on how to leverage technology to its advantage and is at the top of its game in terms of performance, it gives your business a serious competitive edge.

Make no mistake, a highly skilled, top-performing staff has as much of an effect on your company’s ability to compete as the marketing and sales departments. Well-informed, highly skilled, and motivated workers can help take your organization to the head of the pack – in the present tense and in the long run. Employees like this truly are your best asset.

AN INVESTMENT THAT PAYS OFF

Dedicating time, money, and resources to corporate training programs pays off in substantial dividends when the sessions are well structured and tailored to each role. By investing in your workforce, you will set the stage for business success for many years to come.

 

Planning a corporate training program? Reach out to Gavel International for information about meeting planning.

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SOURCE(S):

1 cypherlearning.com/resources/research/business/from-skills-to-success-l-and-d-insights-for-the-modern-workforce

2 https://www.weforum.org/stories/2023/05/future-of-jobs-2023-skills/

3 https://learning.linkedin.com/resources/workplace-learning-report

Eloisa Mendez
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