Updated: Jul 6, 2021
Imagine that you had the choice between two pilots, one was highly trained, and the other had no training. Which would you choose? Would your answer be different if there was no upfront cost when selecting the untrained pilot? No, right?
Even though people prefer a trained pilot over an untrained one, business owners still do not see the value in employee training. Many organizations hire qualified workers, but those workers have to adapt to new technologies and industry changes. Without proper training and assistance from their employer, these once qualified employees are now underqualified.
Training employees costs money, time, and resources. This ends up being the excuse for most business owners, but the return on investment is almost immediate. Let's take a look at five reasons why employers should invest in employee training.
1. Lower Employee Turnover:
It's expensive to lose employees. The Centre for American Progress estimates that it costs 20% of an employee's annual salary if they make $30,000 - $50,000. This number only increases based on their position in the company. Highly trained executives can cost up to 213% of their annual salary to replace them.
2. Less Time and Money Wasted Due to Mistakes:
When an untrained employee makes a mistake, the resources and time they used are now lost. By having highly trained employees, you cut down on the likelihood of errors and create a more efficient workplace.
3. Addresses Internal Weaknesses:
Understanding your team's strengths and weaknesses is key to creating a harmonious work environment. Training helps you and your team address these weaknesses and develop strategies to overcome them.
4. Employee Engagement:
In companies that have invested in their employees, there has been increased employee engagement. Employees feel valued and believe that their company cares about their growth. This also leads to a higher employee retention rate than other companies.
5. Expectations and Commitment:
Employee training is a great way to see which employees are committed to the company and learning. Take this time to see which employees stand out the most, which are most eager to learn, and which ones don't seem to put in much effort. It will help you better understand your team dynamics and your employees themselves.
How can I implement an employee training program in my company?
Employee training comes in many forms nowadays. With the rise of e-learning, we are no longer subject to sitting in a room for hours. Tracking your employee's progress has never been easier through these online learning platforms. Define your goals, whether it's employee onboarding, new processes, new product/service, or compliance training. Then, track your progress with each employee and make sure to stay on top of it. Don't forget, the return on investment will be greater than your initial investment.