Why Cheapening Out On Employee Training Can Harm Your Business

Employee training is a necessary part of a functioning workspace. If you don’t provide your hires with a thorough introduction to standards, expectations, lessons on the company’s software and programs and a guide to succeeding your particular corporate climate, you’re going to have employees that don’t mesh well, don’t feel guided or well-directed, doubt your managerial skills, don’t understand what’s expected of them and who leave quickly. What a waste of time and effort that would be.

Of all the things to dismiss or fail to understand the importance of, employee training is at the top of the list. And this isn’t just the initial training you provide for a brand new hire – this is also the follow-up training, the catch-up on the latest industry developments, the refresher lessons that you need to pay attention to. Don’t make this mistake of skimping out on necessary training. There are a number of ramifications, including:

Low employee satisfaction

One of the things employees whose companies don’t invest in training report is a dissatisfaction about the level of interest their employers show in helping their careers. Companies that try to understand the career goals and needs of their employees, and provide subsequent helpful training to help their employees reach those goals, experience higher rates of employee satisfaction.

It turns out, when companies care about their employees as individuals, they feel more loyal to that company and report positively about their experiences. One important aspect of employee training that improves satisfaction is providing individualized training for each employee’s particular job, career and skills. Don’t make everyone participate in the same seminars, but offer specialized lectures, classes and lessons geared towards addressing someone’s specific needs.

High employee turnover rate

A higher employee satisfaction level correlates directly to another benefit for your company: a lower turnover rate. But that means that companies that fail to invest the appropriate time, money and effort into training will experience the opposite: a higher employee turnover rate. This is obviously a huge blow to any company. The cost associated with looking a skilled employee and having to begin the hiring process all over again, not to mention the time it takes to sufficiently train a replacement to be as efficient as those they are replacing.

Employees are frequently swayed to leave by a number of factors, not just their salary level, which means companies need to invest in their employees from a number of different angles in order to keep them satisfied and engaged with the company. By failing to provide sufficient employee training, you can leave long-term employees feeling as though their career is doomed to stagnate without a move, and you will leave newer employees feeling lost and without guidance. An employee that feels like they have no support from their company, new or old, is going to leave and find a company more interested in supporting them.

Failure to improve your workforce

Businesses change over time. Methods and standards improve, technologies advance and programs change. If you aren’t providing regular employee training, you may find your employees are being left in the dust by other businesses who are bothering to keep up with industry practices and provide regular training on what’s changed and what’s new. It’s necessary to keep your staffs’ capabilities current and your company in competition with others. Additionally, it makes your employees valuable assets to keep them educated and informed. Without regular training, your employees will slowly become less valuable over time, making them wasted investments for your business and eventually forcing you to hire new staff who have kept up with the developments in your industry. Avoid making a mistake by failing to value the necessity and helpfulness of regular employee training. Don’t skimp on this programming for your staff, and you’ll have a happy, productive and competitive workforce.

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