Employee training is usually one of the first things to go when businesses hit an economic bump. What many organisations do not realise is that this is not the most strategic move for any company aiming for a name in a competitive market.
So why invest in employee training? The short answer is because learning and development (L&D) of your employees are critical to the success of the organisation.
In an era of rapid technological advancement and a changing socioeconomic landscape, L&D has never been more important. Here are three of the most important goals of employee training and why it should matter to you.
Improving operational efficiency
Online training is fast becoming the most effective mode of employee induction.
Training your employees through this platform improves retention rates, thus increasing their productivity in the fulfilment of daily tasks. E-learning also helps your company have greater consistency in process adherence, enabling you to better meet organisational targets and goals.
Strengthening employee value
You can utilise online training in two ways: to up-skill or multi-skill your employees.
Up-skill refers to the enrichment of a worker’s existing skill, providing more mastery and expertise in a specific area. On the other hand, multi-skill involves the process of training your workers in related work areas to enhance their flexibility, diversity and usability within the workforce.
An employee with mastery in a particular field and one who can perform a variety of tasks has an equally valuable contribution to the organisation.
Maximise retention rates
Developing the skills of your employees will increase their usability, thus enhancing their value to the company. This investment in L&D can reduce attrition rates and provide career pathways for workers who stay within the company rather than finding opportunities elsewhere. In extension, a company also saves up on costs of recruitment.
Your employees are some of your biggest assets. Investing in their training and development is investing in the future of the company. It matters to your competitor, and it should matter to you.