According to Gallup’s 2017 study, only 15% of employees are engaged with their work globally, while in New Zealand and Australia, the level is one per cent below the average. Disengaged staff cost US companies up to $550 billion per year, as the majority of employees would leave their jobs the very same day if a better opportunity knocked at their door. Besides workplace recognition, training and development are of crucial importance when it comes to employee engagement. If you want to keep your competitors from stealing your most skilled workers, you need to provide your employees with enough opportunities to thrive.
Here are a few more reasons why you should invest a good portion of your revenue into training and development at your workplace.
Improve the performance
Naturally, a well-trained employee will perform better and be more efficient than their less-skilled colleague. The training will give them a better understating of their role at the workplace, and all the responsibilities it brings. It also introduces them to the tools and resources they can access.
Another research shows that only 40% of employees are aware of the company’s goals, strategies, and techniques, which can be exceptionally troublesome when it comes to their ability to live up to the company’s expectations. With continual training, there will be no such informational gaps, as your staff will have the opportunity to be acquainted with all the latest changes and the ways in which they can implement this data in their everyday practice.
With a better understanding of the working process, your employees’ confidence level will increase, amplifying their overall performance.
Besides other work benefits, your employees highly value their own professional growth and career opportunities and even prioritize such things over income and job security. Data shows that 95% of millennials believe learning is key to their career success, and are willing to spend their money and time for this purpose. If your company is not doing enough to support them in fulfilling their goals, they are going to start looking for an employer who does. Here is how to determine whether you’re on the right track:
- Managers talk to your employees about their long-term professional goals and provide them with support to achieve them.
- Your company would rather give a chance for a bigger role to a capable but less-experienced employee in your team, who craves this position than hiring someone with more experience.
- Your company supports employees to acquire new skills and advance their careers.
The importance of training in reducing employee turnover rates can best be seen through the value of onboarding. Organizations with strong onboarding training increase new hire retention rates by 82% and boost their productivity by 72%.
Still, according to the new hires the vast majority of companies don’t do the onboarding process well, despite all the advantages the digital age is offering, such as the importance of training and development videos. To prevent high turnover costs, train your employees well and let them grow along with you. Furthermore, acknowledge their performance improvements by giving personalized intern gifts.
Every company has basic policies, procedures, and guidelines employees need to follow. You can achieve consistency through training and development programs, making sure all of your employees share the same baseline knowledge and experience. As more and more Australians are working remotely, the popularity of training video production in Sydney is on the rise. Making this baseline knowledge accessible to any employee, wherever and whenever they need it.
Improve satisfaction level
Feeling that the company appreciates their value and invests in them through training and various development opportunities, will make your staff feel more satisfied at the workplace. Research suggests that satisfied workers have a positive attitude toward their jobs, are more concerned about achieving their goals, and they are more committed and loyal.
As your employees will have the opportunity to improve their skills and knowledge, they will see your workplace culture as supportive of their further development, increasing their job satisfaction level. So, not only will your employees be more productive when they are satisfied at work, but they are less likely to turnover and leave you for your competitors.
Boost customer satisfaction
And with well-trained, engaged and satisfied staff, comes better customer service, leading to 10% higher customer satisfaction. Happy customers are crucial for your company’s growth as besides their monetary value, they are boosting your net promoter score. Satisfied customers are more likely to recommend you to their friends, families, and colleagues, and be your brand ambassadors in their own micro circles, bringing you more profits with the most effective, word-of-mouth marketing strategy.
As you can see, importance of training and development can bring major benefits to your business, and they can also reduce employee churn. Don’t wait any longer and risk losing your top talents, show them your company’s appreciation by offering them chances to develop and achieve their career plans.