What are the benefits of training?
There are many benefits to providing training for your employees. From increasing employee morale to growing the company’s output, organisations that invest in their workforce are likely to reap significant rewards.
1. Reduce employee turnover
Offering employee training is a straightforward and effective way to reduce turnover. According to LinkedIn Learning, 94% of employees say they would stay at a company longer if it invested in their development.
2. Reduce lay-offs
Business priorities can change fast in today’s world, as we have seen in the recent Covid pandemic. Unfortunately, that can lead to layoffs when an employee’s skills no longer align with their employer’s needs. Layoffs can significantly impact morale among the employees left behind, and this also comes with the costs of severance payments and rehiring.
There may be ways to avoid lay-offs, including upskilling and reskilling employees for new or expanded roles that allows companies to shift existing talent rather than start from scratch.
3. Improve employee engagement
LinkedIn Learning reports that employees who feel they have room to learn and grow at their companies are 3.5 times more likely to be engaged, so employee training opportunities present an ideal tool for increasing both engagement and profit.
4. Increase productivity
Productivity is essential for profitability. Learning how to use new technologies or tools can significantly cut the time it takes to perform everyday tasks. The benefits of training employees on soft skills such as time management and delegation also include streamlined processes and reduced time wastage.