An investment in knowledge always pays the best interest – Benjamin Franklin
Professional development and training aren’t just important to business success – they’re vital. There are many different types of training categories, from leadership programs to communication skills and specific technical training courses, but they’re all an asset to any business.
Professional development and training provide an opportunity to expand the knowledge base of your entire organisation. And while the cost of learning may be an investment, it’s well worth the expenditure for the gains it provides both to the individual and the organisation.
It turns out that a more satisfied and engaged workplace leads to greater profits (who knew!) In fact, training RTO (return on investment) has seen an increase in profitability for organisations and a more satisfied and engaged workplace.
What About the Other Benefits?
As well as increased profitability, investing in staff professional development and training also has other unexpected and important benefits.
Improved Employee Confidence
When provided the right training and development, employees perform better overall. An employee who has a greater understanding of their role and responsibilities and how to carry out these tasks will gain confidence. As a result, their overall performance is enhanced, which also means your business is more competitive.
The link between training and profitability is most likely due to employees feeling valued by their employer. Staff training boosts employee morale, self-esteem and social inclusivity.
If you don’t know your employee’s weaknesses, you can’t improve on them. Staff training and professional development courses will help you identify strengths, but it will also highlight any weaknesses that may hinder their ability to perform.
Consistent Knowledge Base
If you implement a robust business-wide or team-based training program, your employees will have a consistent and comprehensive knowledge base. So, they’ll be able to fill in for one another as necessary, and you won’t be caught short in the skills department in the event of illness or holiday leave.
Boosted Productivity & Standards
Productivity is an outcome of professional development training. And a product of improved productivity is increased efficiency, which ensures project completion and success!
Ongoing training and professional development lead to a flow-on effect on your employee’s ability to think outside the box. This ability towards innovation leads to new ideas and helps your business remain competitive.
Improved Employee Retention
Hold on to your business’s most valuable asset – employees! When you invest in your staff, you’re demonstrating that you value their contribution. As a result, they’re less likely to change employers – and recruitment costs plummet!
Better Brand & Profile
It’s a competitive recruitment market for top talent! Having a strong and successful professional development training program helps develop your employer ‘brand’ making your business an attractive consideration for graduates and job seekers.
Can You Afford Not to Invest in Training?
The cost of neglecting staff training is varied with the most common reported impacts being increased workload for other staff (80%), increased operating costs (58.7%) and difficulties in meeting customer service objectives’(48.9%).
It’s importance really can’t be overstated. Providing ongoing, consistent professional development and training for both new and experienced employees are vital to business performance and profitability.
Are you interested in professional development programs for your business? If so, get in touch for advice on the specific training requirements for your business today.