Employing the Right People: Training Is an Investment
Earmarking funds for the training and development of employees is a crucial part of business development. However, most small businesses tend to draw back from the idea of investing in strong employee development and training program. This is because most business owners believe that investment in training the right employee would cost them lots of money.
However, employee training is a rare type of business investments that would ultimately pay you in reality. Irrespective of the kind of employees you hired for your business – full-staffed or hourly staff – investing in training for the right people is worth it.
Though setting aside funds to train your employees so as to have the right set of employees for our business could be an expensive investment initially but training your employees is an investment that would be of great benefits to your business development.
Here are the reasons why training the right employee is a profitable investment for your business:
Training Helps with Staff Retention
What most business owners don’t understand is that they can lose lots of money yearly through employee turnover. A recent study revealed by the Dale Carnegie Training Centre revealed that about 40% of poorly trained workers end up quitting their jobs or being fired during their first year of employment. Most of these employees claimed that poor training and general job dissatisfaction are the major reasons why they left. Another study revealed that business owners in the US spend about $11 billion yearly on employee turnover.
These statistics are strong indications that investing in the development and training of employees is profitable. This is because it’s much cheaper to train employees and retain them on the job than to replace them. If you set up training for your employees, most of them will see it as a fantastic benefit, especially if such is not offered by your competitors.
Training your employees will be an addition to your hiring package, which will surely inspire your employee more to stay with your company. This makes your employees feel that you care more about their professional development, something most employees find very important.
It Increases Engagement and Productivity
Every business is always looking for how to improve their business productivity. Though there are various great productivity tools out there that can be used by business to improve the productivity of their workers, there is no better way of increasing team productivity than keeping your employees engaged. Employees who are not engaged at work won’t care about their work.
This would lead to poor attitudes, sloppy habits, decrease in productivity, and all these would affect employee relationships with business management and with customers.
But training and developing your employee would keep them engaged and productive. Training and development programs create challenges and excitement for employees who will see this as greater responsibilities. This will cause them to be naturally more engaged and more inclined to carry out their tasks efficiently.
Training Helps To Find Great Employees
Investing in employee development and training would not only help you to retain the best employees, but it will also help you to get new great people on-board your business as well. For instance, if you want to hire new employees, the prospective employees will see all of the great benefits that you offer, especially if they might not be getting a similar offer from your competitors.
When your prospective employees see that you show concern in the development of your employees, they will be happy to join your company and participate productively. And once it becomes well known in the industry that you show concern about training and developing your employee, in no time would your reputation skyrocket.
Your current employer would be happy and satisfies, it will impress prospective employees, and your customers would also love to hear about this.
More so, investing in training for your employee would ensure your business longevity. This is because as you’re investing in the training and development of your employees, you’re building a strong and secure future for your business.
Since your employees are an essential part of your business, their training and development must be highly considered. The training and development you give to your employees would impact the future path of your business. Hence, training is an investment to employ the right people for your business.