All too often, when budgets need to be cut, training is one of the first thing employers get rid of. However, training is one of the most important things you should be investing in for your company and to be successful and here's why:
It Gives Your Better Skilled Workers
Who doesn't want that? People who can do their job better for you! While there is a lot that can be learned on the job and from experience, being trained by an expert with some outsider knowledge and different experience can really help your employees to handle certain situations differently and even better. It doesn't even need to be training in the job that they do, but it could be training in time management or presentation skills, but it will give you better and higher-skilled employees.
It Increases Productivity
The people you employ are the primary assets of the company and you need to invest in them. If they feel valued and appreciated and know that you are investing in them, then they will work better and be more productive in the workplace, which can only mean better results and more success for you.
It Makes Employees Happy
Okay, some people turn their noses up on going on a training course now and again, but others love it. It gets them out of the office, gives them a change of scenery and they quite often enjoy the training. Keeping your employees happy is key to morale in the workplace and unhappy people impact on this and therefore have a negative effect on productivity.
Unhappy people are the ones who will leave your company to look for something better, something which will make them happy. Henry Ford, the founder of the Ford Motor Company, once said, "The only thing worse than training your employees and having them leave is not training them and having them stay."
It's The Cheaper Option
Training sounds expensive and not only that, but to some, it seems like an unnecessary expense. However when people leave your company, it doesn't just cost to hire a recruitment agency to replace them or the cost of employee background checks, or the cost of the initial training which you have to fork out for again; but there is also a loss in productivity too. Then there is the cost in the time it took for another member of staff to to help and support and induct the new person and the time of the manager who brought the new employee to a stage where they are able to actually contribute well to the organisation. This all adds up and actually investing in training and developing your staff would be a far simpler and cheaper process.
A report by Oxford Economics has also estimated that the average cost of replacing a valuable employee is over £30,000, so this is definitely something that all businesses should try and avoid. Investment in training makes complete sense and pays back time over.