If you want to get the best out of your people (and put the best back into your organization), then it makes sense to help them grow and develop as much as you can. In fact, most people put training and education at the top of their list of wants when it comes to what they are looking for in an ideal employer. And yet, it’s a desire that often goes unfulfilled.
Some organizations are fearful that giving more training means their talent will leave, but in truth, it means the exact opposite: They are more likely to stay. And offering these kinds of opportunities on a consistent basis will attract even more of the best to the organization. It’s an essential element of a healthy company culture that even the smallest organizations can benefit from.
Here are six reasons why investing in training is a must.
1. Higher performance and productivity.
Training and education will improve your employees’ knowledge and skills in order to keep up with changes in the industry. It’s more than just a nice-to-have. You skimp out on training, and you get left behind. People that are given opportunities to learn and grow simply do their jobs better. They hone their abilities, refine their expertise, and broaden their perspective.
2. Lower turnover and higher loyalty.
You care about people, and they will care about you. They will stick with the employer who shows an interest in their improvement. It builds a sense of trust, respect, and personal value. The cost of replacing an employee can be up to 200% of their annual salary, so it’s beneficial in many ways to do what you can to hold on to what you’ve got.
3. New ideas.
If you aren’t looking to the future, you will be stuck in the past. When people engage in training programs and opportunities, they are more likely to display fresh and innovative thinking and help your organization stay ahead of the curve. They are more likely to offer creative solutions to problems, and they’ll have more interesting ideas to contribute.
4. Higher engagement, better morale, and a happier workforce.
Getting lost in the day-to-day — every day — over and over becomes boring. And your workplace will suffer for it. When a few people aren’t happy, it tends to spread. Getting unstuck with development opportunities makes people happier and increases wellbeing. It’s simple, and it’s true. The momentum felt in a happy workplace beats feeling stale, stagnant, and stuck any day. And higher engagement and better work will result.
5. Lower cost of hiring from within.
When you are nurturing your people and helping them build skills on an ongoing basis, you create the potential for hiring and promoting from within. Rather than searching for new talent from the outside, you can grow and develop the exact skills you need from the people who are already warm to your organization. It’s much less costly and easier all around.
6. Better bottom line.
All the elements above combined will all you to better serve your customers. And as you know, a happy customer is crucial to a thriving business. Companies that offer training and education generate higher income for their employees and have a 24% higher profit margin. It’s a win for everyone involved.
“Knowledge isn’t power until it is applied.” –Dale Carnegie