5 Lesser-Known Benefits of Employee Training and Development
While most business owners and leaders within a company know the value of employee training and development, it can be difficult to justify the cost. However, adding this expense to the annual budget has several positive returns.
Here are six lesser-known benefits of employee training and development to justify this investment for your business.
Improving Employees' Advancement Opportunities
Being a stepping-stone company isn't always a bad thing. While many associate this term with high amounts of turnover, it also indicates a strong brand reputation that attracts both qualified customers and top talent.
Becoming a stepping-stone company can lead to positive employer branding. When employees leave a company on good terms with strong references and KPIs on a resume, it shows that the company supports employee growth and development. This, in turn, leads to word-of-mouth marketing and a strong reputation as a company that cares about its employees — which attracts top talent.
Training and development also help employees grow within the organization, saving hiring costs and improving retention rates. While some leaders erroneously believe that providing training will cause employees to take their skills and go elsewhere, true leaders know that development and providing opportunities to grow improves loyalty.
Greater Innovation and Creativity
It may seem like creativity and professional skills development don't coincide. However, providing your team with the education and skills they need in their field will give them the background knowledge for developing creative solutions and pathways.
Similarly, providing employees with training in emerging technologies or industry trends can help them stay ahead of the curve and generate new ideas for the company. This type of training can also foster a culture of innovation within the company, as employees are encouraged to experiment and take risks in their work.
For example, a company might offer training in data analysis or machine learning to its employees. This training could enable employees to analyze large data sets and identify patterns or trends that might not be immediately apparent. By leveraging these skills, employees can identify new opportunities for demographic targeting or process improvements to help the company stay ahead of its competitors.
Less Burnout and Work-Related Stress
Offering training opportunities can reduce employee burnout and work-related stress while promoting a better work-life balance. Employees who feel supported and empowered in their roles are more likely to feel engaged and motivated in their work rather than overwhelmed or exhausted.
Training opportunities can help employees develop new skills or techniques to make their work more efficient or less stressful. For example, a time-management training course could help employees better prioritize their tasks and manage their workload, reducing the likelihood of burnout or work-related stress.
Of course, training and development opportunities are just a part of the work-life balance puzzle. However, when handled properly, lower burnout rates lead to less absenteeism, higher job satisfaction, and better overall performance. Ultimately, this can contribute to a more positive work culture and a stronger bottom line for the company.
Stronger Company Culture
Empowering employees to learn and develop their skills creates a stronger company culture.
Company culture refers to shared values, beliefs, behaviors, and customs that characterize an organization. It encompasses the attitudes and practices that shape the working environment and the relationships between employees, management, and other stakeholders.
Google is well-known for its positive company culture, offering perks like on-site childcare, creative space and free time, and on-site meals and medical care. Google also provides professional development, conference opportunities, and values ongoing skill-building.
While many business owners aspire to be the next Google and embrace that startup culture, the approach doesn't have to be so glamorous. Adding training opportunities and treating employees like human beings goes a long way toward creating a positive — rather than a toxic — company culture.
Improved Employee Engagement
Training and development programs can have a significant impact on employee engagement, as they provide opportunities for growth and development that can help employees feel valued and invested in their work.
For example, a company that offers a comprehensive leadership development program can help employees feel empowered and motivated to take on new challenges and responsibilities. This can lead to increased engagement and job satisfaction, as employees feel a sense of purpose and meaning in their work.
Additionally, ongoing training and development can help employees stay up-to-date with the latest industry trends and technologies, which can boost their confidence and effectiveness in their roles.
Training and skills development also create a foundation for employees to have more autonomy and ownership of their work. This also contributes to a sense of purpose and connection with their role, while improving efficiency and productivity throughout the organization.
In conclusion, training and development programs are crucial for companies that want to attract and retain top talent, foster a positive company culture, and promote ongoing growth and innovation. By investing in their employees' development, companies can improve individual performance and job satisfaction, while creating a more engaged, productive, and resilient workforce.