By Destiny Clarkson
Workplace technologies and client demands are ever-evolving, making it necessary for firms to invest in growth and innovation. Employee development is one area that needs constant improvement because it directly affects company performance and success.
Giving your employees adequate opportunities to sharpen their skills and advance in their careers is crucial to achieving high worker motivation and talent retention. Today, a significant portion of jobseekers consider learning and development an important factor when assessing the suitability of an employer.
Here are five ways companies benefit when they invest in staff training and development.
1. Imparts Skills and Knowledge
Through training, your workforce will better understand what's required of them in their respective roles. Upskilling programs are important for interns and new employees because they offer a glimpse into their daily functions. Through training, employees sharpen their know-how to meet the needs of their clients, their firm, and their industry.
Upskilling your workforce will ultimatelybenefit
the company by boosting productivity, staff morale, and work ethics.
2. Improve Workplace Safety
A report by the National Safety Council estimates that workplace injuries and related deaths cost employers hundreds of billions each year. Employee training can significantly improve health and safety standards at work by reducing human error and boosting worker competence. Companies that commit to improving workplace safety pay less in workers' compensation and injury claims.
Safety training is essential for companies that handle complex chemicals, flammable substances, hazardous waste, mechanics that require cylinder services
, and many other things. Through different safety programs, employees can learn safe handling and inspection techniques to limit injuries and safeguard company property.
3. Builds Industry Knowledge
The business world evolves quickly, and what may have worked in the past may no longer be relevant today. Investing in continuous skill development programs helps your workforce stay updated with the latest field developments. Career development programs also introduce employees to new technologies that can significantly boost efficiency and turnaround times.
For example, accounting and finance staff can learn about automation techniques using the latest accounting and project management software. Continuous development is significant for risk management teams due to the rising threat of cyber attacks and information leaks.
4. Lowers Staff Turnover
Attracting and retaining your top performers directly impacts service quality and company profitability. Recent surveys by the Bureau of Labor Statistics rank lack of career development as the second most significant factor, after poor compensation, that causes most employees to quit their jobs.
A high employee turnover rate can be costly to an organization because it gives the impression that a firm cannot care for its workers. Providing career advancement opportunities to your employees benefits a company in two ways. Firstly, it boosts staff motivation and saves the firm the enormous cost of replacing employees. Secondly, it helps maintain consistent service quality, which is crucial in keeping clients happy.
5. Helps Workforce Adapt to New Roles
Sometimes, employees can take up additional responsibilities or even switch departments within the company. In such situations, training can be vital in easing employees into their new roles. Through development programs, employees discover which skillsets from their previous roles will be relevant in their upcoming positions.
Internal apprenticeship programs are a cost-effective way for companies to train and transition employees to higher-level jobs within the organization.
6. Adapting to Remote Working Arrangements
The COVID-19 pandemic brought sweeping changes to the workplace, including introducing remote and flexible working arrangements. However, the transition from on-site to remote working continues to pose challenges even for multinational organizations. Companies can better adapt their workforce to flexible working arrangements through employee training programs without compromising work quality.
7. Enhances Organizational Culture
Another benefit of training your employees is that it strengthens your company's culture. Internal training provides an excellent platform to communicate a company's stance on important matters such as performance appraisal. Training programs also help promote diversity and inclusion at the workplace because they allow employees to celebrate their differences and share their skill sets with colleagues at work.
Companies that invest in employee growth and development are better placed to cement their organizational culture. Safety training can benefit any type of business immensely. However, for training programs to be effective, a company needs to identify the existing skill gaps and then tailor their programs to address those needs.