Research from Go2HR says that roughly 40% of employees who do not receive adequate training leave their posts within the first year. That’s not just a person gone, that’s your time and money gone, too. You advertised, interviewed, screened, and hired. You accounted for their rookie mistakes when they first started—and now you have to do it all over again.
On top of that, the employees that stayed are more likely to disengage because of the company’s high turnover rate.
Because of that, training and development are taking top priority, with 27% of organizations preparing for budget increases for development initiatives. Here are three ways that investing in your talent will help your organization evolve and innovate for the future.
Professional training and development keep employees engaged, challenged, and feeling valued. When employees feel valued, they give back tenfold and they reinforce a culture of continued learning and development.
In other words, they are happy, and they are happy to stay.
An organization like that is very attractive to potential employees you want on your team: those willing to stick around for the long haul, in an organization where they can grow as the organization does.
Through continued training and development, employees increase their autonomy and confidence. They work harder, become more innovative in their approaches to problem-solving, and raise the bar for what’s expected in the workplace. They become leaders. Colleagues follow suit.
This roots out weaknesses and reduces the skill gap, as all members of staff strive to keep up with new levels of efficiency and productivity.
Employees want their work to be meaningful. When they’re challenged to broaden their knowledge and skillsets, they find meaning in their growth. They work to stay ahead of changing industry standards. They develop novel strategies and spot new possibilities.
When employees find their work meaningful, workplace efficiency improves, and so do consistency, productivity, and financial results.
A study from the American Society for Training and Development revealed that organizations that offer comprehensive training programs achieve 218% higher income per employee, and 24% higher profit margins overall.
See why training and development are so important? Now it’s time to create a high-impact employee development plan.
If that sounds like a lot of work, it doesn’t have to be. Like most everything, “there’s an app for that.” And our pick is Trainual.
It serves as a “company playbook”—a one-stop-shop for all policies, processes, procedures in one easy-to-access place. Through a web and mobile app with individual user profiles, employees can flexibly access company-generated content, defined objectives, and tasks that have been sequenced to their specific career goals and desired growth opportunities within the organization.
Trainual also encourages open lines of communication and employee initiative. Forums allow for discussions between members of staff, while a library feature invites users to request access to subjects that are outside the scope of their role.
Meanwhile, analytics and user data reports keep employees on course and also allow managers to quantify and track the level of training they’ve received, whether the information has been retained, and whether all content has been covered.
Whether you’re onboarding new employees or looking to upskill current employees, an organized, professional, trackable, and scalable training and development strategy is a necessity to ensure employees keep pace with company growth and productivity, while preserving company culture, goals, policies and values.