With good reason, most household name companies invest in on-going training programmes for their employees. And now there are increasing numbers of startups doing the same, as insider knowledge and best business practice has become more widely known in recent years.
At MSELECT, we have seen the numerous, considerable advantages enjoyed by companies committed to investing in employee training. Here are my 5 key benefits to periodically offering training courses and workshops to your team.
1. Competition and a demanding workforce make it a necessity
Gone are the days of employees staying at the same company for life, or for a ten or fifteen year spell. The global workforce is more demanding now, symbolised by the millennial generation, who will soon become the largest labour group now that baby boomers are retiring. People want to learn, they want to grow their skill sets, and many will feel that if your company doesn’t offer this growth, they will leave and go somewhere that does.
2. Return on Investment
Many companies baulk at the thought of shelling out money on training employees, which is completely understandable given the current economic landscape in our region. It is human nature to think of the short term rather than the bigger picture. But the fact is that investing in training yields so many advantages and lowering costs over the long term is one of them.
Through training, your employees become better at their jobs. Sales close more deals. Marketing attract more leads. Fewer mistakes are made. And people tend to stick around for longer, which allows you to foster a stronger team spirit and company culture as well as cut down on recruitment costs. This well-known quote from Richard Branson springs to mind: “Train people well enough so they can leave; treat them well enough so they don't want to.”
3. Happier employees
On Maslow’s hierarchy of needs, Maslow talks about the human need to reach self-actualisation, or reaching one’s full potential. Through learning new skills and expanding their knowledge base, employees consistently report higher levels of satisfaction at work. Training helps your employees reach their potential. This has the knock-on effect of creating employee loyalty to the company. Our annual job market survey continuously shows us the number 1 reason why employees leave is due to a lack of training or development.
According to Robert Ciadini, one of the 7 fundamental rules of influence is what he calls “reciprocity”. Put simply, if somebody does something for you, you feel naturally obliged to return the gesture in some way or other. By gifting your employees new skills and knowledge through training, they are highly likely to want to show reciprocation beyond a mere thank you.
One of the most prominent ways in which they choose to do so is by working harder and demonstrating higher levels of productivity. Number 1 on this list – happier employees – also comes into play here. People who are happier at work are statistically proven to be 12% more productive.
5. New ideas and innovation
Through our tailored corporate training course division, MSELECT Academy, we have seen first-hand how employees who receive high-calibre learning experiences, return to work with new ideas to bring to their roles and companies. Idea generation and sparks of innovation often occur during learning experiences and where the newly acquired skill or knowledge can be applied at work.
Our bespoke courses are specifically designed to educate your employees and foster idea generation that benefits your company.
The final word
Training your employees is not a desirable add-on, to be employed once other business targets are hit. It is essential right now.
If your company neglects to offer on-going training to employees, not only will it miss out on the aforementioned benefits, but also it is at greater risk of falling behind competitors regarding talent acquisition, employee retention and innovation. And all of this will certainly impact your profit margins.
"The MSELECT trainers were very professional and responded well to the needs of our participants."
From USAID re: University Linkages Program
"MSELECT has been an invaluable partner to ACDI/VOCA Iraq in its provision of training services for hundreds of Iraqi NGO managers and staff. MSELECT has shown the utmost professionalism and attention to detail throughout this project, from providing custom‐tailored curriculum and highest quality trainers to producing top‐notch workbooks and training materials for each three‐day training workshop. The feedback from both the Iraqi participants and the American and Iraqi trainers has been extremely positive and overwhelmingly enthusiastic.
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