Benefits of Investing in Workplace Training and Development
One of the biggest challenges in business planning is identifying where to make investments into the company. Employees are a company’s biggest asset, and it seems clear that investing in them will deliver valuable ROI in the long term.
The more complicated decision is determining the best way to invest in your employees. Training and development have been proven through data collection to provide significant value from both the employer and employee perspective, and at Duffy Marketing Services, we provide this service.
The following are benefits of training, learning and development in the workplace.
Expands Employee Knowledge and Skill Set
The most obvious argument for the importance of training and development in the workplace is to expand employees’ skills. A well-trained workforce is a productive workforce.
No matter what industry your company aligns with, technology is progressing at a rapid pace. The better training your team has, the better they will be able to cope with the fast pace of developing technology.
Increases Employee Retention
In the Workplace Learning Report from LinkedIn, 94% of employees said that if a company invested in their career development, they would stay with the company longer. Given that it is more expensive to replace than to retain an employee, you can see the clear ROI by providing employee training.
Additionally, the growing population of millennials and Gen Z employees in the workforce is shifting the trends on what employees find valuable. Increase in wages is important to all generations, but younger generations place more emphasis on learning.
When asked by LinkedIn what is the number one thing that makes them happy at work, millennials and Gen Z responded with “learning.” A lack of opportunity to learn and grow was the main reason that a quarter of younger generation respondents cited for leaving a job as well.
The market research shows that providing learning and training opportunities is one of the best ways to improve employee retention.
Not only do businesses need to be focusing on training in technology skills, but there is also a great need to develop leadership skills within organizations. Without confident and competent leadership, businesses have an uphill battle to reach collective goals.
As many as 53% of businesses in a survey said that leadership will be the top priority for their 2021 leadership and development goals.
The data is clear that training and development should be a priority for all businesses that want to retain, grow and empower their employees.
At Duffy Marketing Services, we offer training for your entire company. FOCUS makes sure that all employees, from your salespeople to your technicians, know your marketing message. You’ll work together as one cohesive network, which will help your bottom line. Having everyone in your company know your brand message means that they’ll be able to apply it in every aspect of your business. If you’re interested in our training offerings, feel free to reach out to us.