To get the most out of your employees, providing them with industry-standard training and development is the one of the best investments you can make. It’s a win-win situation: your staff attain professional growth, and you greatly benefit from it.
For your staff to acquire the skills and knowledge they need to perform their jobs effectively in your company, it’s vital that you upskill them with the necessary skills training and competency development.
A well-designed training program should equip your staff with a clear understanding of the expectations and requirements of their job. This way, you can help them to be more effective in their respective roles.
IBM reports that the proportion of employees who receive adequate training is significantly higher in top-performing organizations, with 84% of staff receiving the necessary training, compared to only 16% in low-performing organizations.
Here are more reasons why it’s important to invest in employee training and development:
1. To attract and retain best talent
Hiring and re-training new employees can be expensive. So if you want to avoid the need to get new staff, make the training you provide a valuable tool to attract skilled professionals. It also works for talent who seek to grow in their career.
Job seekers will find your company appealing to work for when they see that you give importance to their professional growth and development.
By successfully executing this strategy, you’re also more likely to reduce your turnover rates.
2. To make staff feel valued and improve engagement
To make your employees feel more valued and engaged, invest in their growth and career progression. You give them the opportunity to engage back by continuously helping them realize that they’re improving on their chosen fields.
Let them know about what’s going on and how they can help. This is an effective way of encouraging participation and emotional investment – making them more willing to give their time and energy to the company. Feeling more confident and capable can make employees happier with their job and more loyal to your organization.
3. To enhance efficiency and meet necessary regulations
When employees understand their roles and responsibilities, they are inclined to perform better and with satisfaction. They can even bring innovative ideas and approaches to the table, helping your business to thrive.
In industries like finance, asset management, and healthcare that are subject to strict regulations, mandatory compliance training is necessary for employees to comprehend the laws, policies, and regulations they are required to follow.
Lack of training in this area can lead your people to fail in compliance. This scenario will cause penalties and legal actions against your company – damaging your reputation and costing you fines and legal fees.
4. To prepare them for higher responsibilities
Your company grows and evolves over time, so should your employees. It’s vital that you help them grow with your organization through training.
Always make sure you provide them with up-to-date information so you’re always on the same page. Your regular training sessions must give them knowledge about your new products/services, best practices, etc.
If they’re updated with the changes in your business, expect them to know the ins and outs of their roles – helping them progress in their career. It makes them more efficient in doing their job for you.
5. To increase profitability
Everything that’s discussed above all leads to this. If your staff are happy, feel valued, efficient and productive, and prepared to take on greater responsibilities, your business’s profitability will increase.
When employees receive comprehensive training, they become more capable of providing excellent products and services. This results in greater customer satisfaction, repeat purchases, and positive word-of-mouth referrals. Gallup found that companies that strategically invest in employee training and development experience an 11% increase in profitability.
Cloudstaff can upskill your outsourced team to the next level
In addition to finding the best talent in the market for you, Cloudstaff also provides industry-standards training for your outsourced staff.
Our industry experts created the CS Academy Fast Track program to help you put your employees through intensive training to meet your specific business needs. All this so you won’t have to. This can save you up to 6-12 months of on-the-job training.
Want to learn more? Visit our CS Academy page.