Henry Ford once said, ‘The only thing worse than training your employees and having them leave is not training them and having them stay.’ This remark will never lose its relevance. There is no manager who doesn’t want highly skilled specialists on their team.
Here are some points on why one should invest in their team.
- A competitive advantage over other companies
Competition for talent is growing, in this fast paced world. Offering an employee a development programme as part of their benefits is a good way to attract candidates to your organisation rather than your competitors.
- Increased Employee Loyalty
When a company invests in employee training and development, employees feel valued and appreciated. This in turn makes them more dedicated, and more likely they are to both stay and to refer skilled friends and colleagues to work at the company. Dedicated member are more engaged and motivated and require less supervision.
- Decreased Turnover
Employee replacement can cost a company between 6 to 9 months of the departed employee’s salary. Aside from the direct financial losses, a high turnover rate also affects the company’s market position, profitability and revenue. By training employees and investing in their career development, you can make them feel valued by your organisation. This will lead to longer employee tenures and less turnover.
- Flexibility in the Market
Training and development programs can make a company more flexible in the market. When your employees are well trained, there is a higher probability that they can respond to changes in the market. This will ensure company success in the long term.
- Addressing weaknesses
Most employees will have some weaknesses in their workplace skills. A training programme allows you to strengthen those skills that each employee needs to improve. A development programme brings all employees to a higher level so that they all have similar skills and knowledge. This helps reduce any weak links with the organisation. Providing the necessary training creates an overall knowledgeable staff with employees who can take over for one another as needed, work on teams or work independently without constant help and supervision from others.
- Enhancing company reputation and profile.
Having a strong and successful training strategy helps to develop your employer brand and makes your company a prime consideration for graduates and mid-career changes. Training also makes a company more attractive to potential new recruiters who seek to improve their skills and opportunities associated with those new skills.
The importance of training your employees – both new and experienced – really cannot be overemphasized.
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