We can all agree that employees are the lifeblood of most companies. Without them, business would come to a screeching halt. We can also likely agree that it is a good return on investment to recruit and hire the best talent and offer benefits and work-life programs to attract excellent employees. Finally, many would agree that for some companies, investing in employees stops after they are hired. Training and development programs are often viewed as expensive and are the first line item to go when cuts need to be made. To understand the importance of nurturing and developing your employees throughout their life cycle with your company, let’s examine some short and long-term benefits of employee training and development programs offered by most HR solutions firms.
Benefits of Investing in Training and Development Programs
Improving employee retention. Consider this chain reaction. Employees who believe their employer is helping them succeed tend to be more satisfied in their jobs, leading to happier employees, leading to more work productivity. Happier employees have no reason to look for other employment which reduces turnover costs. According to SHRM (Society for Human Resource Management), replacing an employee can cost between six and nine months of the departed employee’s salary. Aside from the direct financial losses, a high turnover rate also affects the company’s market position, profitability and revenue. In short, training to retain your employees is a great investment for your business.
Increasing productivity. Providing clear guidance on policies, procedures and job expectations during the onboarding process gets things started on the right foot and sends a clear message to the employee he/she is valued. Equally important, this type of training reduces mistakes and increases productivity and morale. Identifying resources, training and other development opportunities during an employee’s tenure provides these same benefits to the employee and business owner.
Cultivating future leaders. Many employees want to advance within their organization and get promoted into leadership positions. Offering management training that is consistent with your company’s business culture creates opportunities for outstanding employees to develop their leadership and management skills while learning the specifics of their job responsibilities.
Common training and development programs include:
- Executive Coaching & Talent Management – These programs help high performing employees and executives gain self-awareness, clarify their goals and objectives, and identify and use their strengths. The purpose of this training is to unlock the employee’s full potential.
- Management Training Programs – Great managers are not necessarily born that way. Potential and existing managers often benefit from training on basic management skills and practices, including self-awareness, emotional intelligence, interpersonal skills, employment law and company-specific technical skills needed for business operations and excellence.
Think Strategically When Designing Training and Development Programs
The focus of your company’s training and development program will depend on your specific business needs, strategic goals, company culture and, often times, opportunities offered by your competitors. An HR consulting firm that offers outsourced HR solutions can help you design a program tailored to your needs and can conduct the training for you.
Contact a Professional HR Solutions Firm for More Information
Ready to help your employees perform to their full potential and make them feel supported and happy along the way? If so, then call the HR experts at Smart HR who can develop and implement an employee training and development program catered to your company’s specific needs.