An Investment in Staff Training will Help your Business
A common phrase when starting a new business is “You can’t make money without spending money”. This is very true no matter what business you are launching, but it does not only apply to tangible, brick and mortar investments, but also to people investment. Having highly trained staff to sell, develop or repair your product is one of the most important factors in success.
Training staff can be essential for specific tasks related to your business such as first aid training, food handling or starting a new inventory program. More important is training that incorporates the development of employee’s long-term career goals – something that can foster and promote greater job satisfaction. A more satisfied employee is likely to stay longer and be more productive while on your team.
One of the biggest reasons to invest in your people is the high cost of turnover. Many studies have revealed that employees who receive poor or little job training are more likely to leave within a year of starting. Having to on board and train new staff constantly, will have a big effect on productivity and overall staff morale. Current staff members are required to work more hours, sales may decline and the time it takes to screen and interview potential new candidates all results in a loss of productivity that would normally be contributing to the growth of the business.
Bottom-line, the cost of staff turnover adds up. This is why managers have to invest in their staff. Although the initial costs may be high, staff training pays back your investment. Here are the top four reasons why you should be investing in your employees:
- Training helps your business run better. Trained employees will be better equipped to handle customer inquiries, make a sale or use computer systems.
- Training is a recruiting tool. Today’s young workers want more than a weekly pay. They are more attracted to employment that teaches them new skills or develops their existing skills.
- Training promotes job satisfaction. Encouraging employees to develop well-rounded skill sets will help them be more engaged and involved.
- Training is a retention tool and instills loyalty and commitment. Employees are more likely to stay if you offer them new and better ways to grow and learn with the company.
Another item to take note of is the type of investment you put in your staff. Most employees, especially new millennials, seek training in areas that go beyond learning a new computer program. Some of the areas of training that are most sought after are transferrable skills and skills that assist the company as a whole such as:
- Leadership development
- Communication and negotiation
- Team-building
- Customer service
- Project management
- Workload and time management
- Sales and marketing, including social media
- Sustainable business practices
- Human resources and employee engagement
- Health and Safety management
Overall, staff investment is one expense that no company should skimp on. Learning and upgrading employee skills makes business sense and the long-term gain will always be a benefit to the organization.
