Business leaders tend to make some of the worst investments, and that’s hiring employees and turning a blind eye to their training, even when it is the most impactful.
Neglecting these have long-lasting implications, which usually permeate all areas of the organization. These pass right from culture through work output and consumer services.
Suppose your organization is battling productivity. In that case, some possible outlooks can be tracking time for tasks, establishing deadlines, investing in employee training programs, and avoiding multitasking. However, with the advent of modern technology, employee training holds the most importance. It is because these increase productivity, decrease costs, and strengthen reputation.
However, a loophole is that many businesses are reluctant to have employee training programs since they assume these to be needless expenditures. But, they fail to realize that employee training is more cost-effective than employee firing.
Some training outcomes to turn a keen eye on when considering to invest in your employees are:
It may be not easy to measure the return on investment involved in training employees. However, one benefit of training employees is that it helps in improving their quality of work and productivity levels.
Reading valuable resources like 6sigma.us, the experts explain the importance of training programs. Business giants exclaim that these programs help employees conduct business processes based on statistical analysis and not just guesswork. And, this helps in maximizing the company revenue and minimizes losses to a great extent.
A recent study shows that the total productivity is known to increase by 8.6% and workforce education by 10%.
By incentivizing employees through a better training and development system, you as a business are spreading a special secret sauce. There is a significant improvement in employee loyalty, retention as well as growth.
One of the biggest reasons a company loses money is employee turnover, which can be voluntary or involuntary. Research shows that around 40 per cent of employees leave a company due to poor job training within one year. And, about $11 billion is lost annually- all thanks to employee turnover.
Know that employee turnover hurts the company’s profitability and tarnishes productivity and overall morale. Thereby, suppose a company aims at thriving financially. In that case, it is vital to find and retain the right employees, which can be assets to your business.
Employee training is known to be a sound investment of both time and resources. When employees are undergoing training for doing their job correctly, they’re not doing the work they were required to do.
However, it is pivotal to factor in the opportunity cost of not training employees at all. There is a potential that an employee may depart from the organization. Leaders choose employees to be “belts”. Thus, employees are urged to complete the training programs and rise on the above levels to prove their efficiency and productivity at large.
Lack of proper training and employee departure leads to the following actions:
- Addressing decreased employee morale that results from sudden departures.
- Advertising, interviewing, and screening the employee replacements.
- Providing training to new hire(s).
- Fixing new employee errors
The Verdict- Happy Staff for a Healthy Company
Hiring a new employee leads to a sound investment in both the employee’s future and the company at large. Poor investments lead to high employee turnover and even higher costs.
Termination can be essential sometimes. However, training can be a wiser step towards using the company’s resources. By doing so, you’re also embarking on the journey of creating goodwill, boosting employee morale, and satisfying employees.
In the end, investing in your employees always pays off!