Did you know that those who receive 40 hours of employee training and development are three times more likely to meet significant project objectives and goals than those who underwent 30 hours of training? These results aren’t surprising when you consider that employees armed with the right tools will obviously get the job done a lot better and faster than employees who are unsure or confused about process or lack the skills they need.
Gains aside, an investment in solid employee training can also save you from big expenditures. From lawsuits to missed profits from halted operations and even federal penalties, there’s a long list of potential financial woes you could endure if your team isn’t up to snuff on mandatory compliance certifications—not to mention risk of injury from unsafe work environments.
These stats are just the tip of the iceberg when it comes to reasons why you should take employee training seriously if you want your organization to be considered a great place to work.
3 More Ways Employee Training Impacts Your Talent Pool
1. Reduce churn and burn
While you can’t guarantee every person on your team a path to the C Suite, you can certainly give each of your employees a way to hone their skills with one or more of the many flexible, on-demand training options available today.
Not only will this please your current team, it’ll also make your organization more attractive when it comes to talent recruitment, as learning and development is a top priority for today’s job seekers.
In fact, employees who feel like they’re not getting the learning development they need are 12 times more likely to leave a company than those who feel well-equipped for their careers.
And when employees get the training they need and want, they have an easier time moving up the ladder at work. That ease of upward mobility should definitely matter to you, considering that the top reason people give for leaving a job is that they weren’t given a chance to advance.
2. You can take soft skills to the bank
Most difficulties in organizations—60 to 80 percent—come from strained relationships among employees. And, three of the top five breaking points for employees who leave involve interpersonal clashes. No matter how professional we may be, we’re only human. So, conflict resolution is not a skill you want to skip over when setting up your learning and development strategy.
Calculating the return on investment (ROI) for communication and emotional intelligence training may be a little more nuanced than assessing the benefits of a tangible new product or service, but the numbers don’t lie. A joint study between Harvard University, Boston University and University of Michigan’s Ross School of Business found an impressive 256 percent ROI for soft skills training. And the vast majority of top performers—a whopping 90 percent—boast high emotional intelligence scores.
3. Ease succession headaches
Don’t wait until a long-time member of your leadership team leaves to start training a replacement. Skip the hassle and get a head start by introducing employee training to the entire team, including formal leadership training.
Similarly, if everyone on a marketing crew has access to CSS or Adobe training, and they were to lose their top web development expert, the team will be able to tread water while waiting for a new hire.
Launch a better employee training program ASAP
Are you ready to lure in top talent, and set up your current team for learning and development success with an easy-to-use and always up-to-date learning management system (LMS)? If so, visit KnowledgeCity to learn about our powerful, intuitive and hassle-free online LMS that will keep your employees and organization on the cutting edge.
