There are numerous excuses companies might have for not training their employees. It can be costly and time-consuming, which makes it hard to find the silver lining that leads to a potentially high return on investment. Rest assured, the benefits not only outweigh the costs financially, but employee training can prevent large-scale failures that no company should want to risk.
Why Should We Train Employees?
We live in a world that’s constantly changing; in order to succeed, we must change with it. New trends, technologies and strategies are introduced every day. Therefore, we have to ensure our employees are given adequate training resources. Trained employees tend to have enhanced performance and productivity. By learning more about their jobs, they become more confident in doing them. This leads directly to more efficient work and increased customer satisfaction.
Hiring a new employee can cost up to 20% of his or her annual salary. Studies have shown that 40% of employees leave their positions within the first year, due to ineffective training. Therefore, companies have a financial incentive to train their employees. In addition, it is important to consider the option of developing employees beyond their job description. Given that most hires, in fact, want to learn more than what they are required to, they can take on multiple tasks with their diverse set of skills and increase the company’s productivity.
One of the most valuable benefits of employee training is consistency. By providing training opportunities for all employees, we ensure consistent values and strategies that help lead to success. Consistency creates momentum in employees and motivates them to work harder. In addition, increasing effective communication within the organization creates more opportunity for performance evaluation and efficient resource management.
What Happens If We Don’t?
Clearly, lack of training yields results that are the exact opposite of what was mentioned above. This means that companies will not benefit from an increase in productivity, and, in fact, witness a significant decline over time. With an abundant lack of knowledge, the number of mistakes significantly increase, leading to poor work quality and unmotivated employees with increased stress levels.
Along with these disadvantages of lack of training, there are security issues that can arise as well. With human error being the most common cause of data breach, employers should invest in preventing them through training. The breach of data can leave the company dealing with massive financial and reputational damage. Well-intentioned employees might very well share information, without being aware of its confidentiality. Therefore, in order to avoid threats, it is essential to train employees in cybersecurity, making them aware of security threats and the proper ways to avoid them. It is important to note that even though companies have security software and firewalls, it has been proven that employees are the number one source of phishers, not technology.
Regardless of industry, there are always safety issues that can be potentially threatening to the organization. In order to avoid them, companies must include workplace safety in their training programs. In fact, this must be included in the onboarding process that then is updated and offered to employees on a regular basis. In addition to moral responsibility, there are other advantages of having workplace safety training programs, including lower insurance rates, prevention of future injuries and less productivity loss.
With cybersecurity and personal safety having the potential to cause colossal damage, one in terms of intellectual property and theft, the other in terms of human life, lawsuits are a huge concern. So, with proper employee training, companies can help avoid them. This saves the company tremendous time and money, while also protecting its employees and reputation.
How Should We Train Employees?
Today’s world, with its constant innovative developments, makes it essential to have an up-to-date workforce. This means that it is vital to provide employees with efficacious training programs. Traditional training programs are often tedious and, since they are events that take place at a specific point in time, they tend to be extremely time consuming, given that there is much material to cover. Instead, companies should implement “learn-as-you-go” training strategies, where their workforce is trained on a regular basis. Companies can do this by providing online courses, frequent workshops, mentoring programs, and then monitoring learning on the job.
At CoreAxis, with our blended learning solutions, we deliver training programs that combine the most productive features in each existing model, creating a program with maximum efficiency.
We value efficient productivity, and incorporate numerous models in our strategies to effectively train employees. These strategies, along with our customized offerings, provide individual employees with learning and development solutions. These solutions and strategies imbed training into daily work life, significantly enhancing organizations’ performance and productivity.