30,000 Reasons Why Training Matters
Estimates show that it can cost over £30,000 to replace a member of staff
Research shows that it can take up to 28 weeks before a new employee reaches optimum performance and of course if an employee leaves your business, you have the expense and the time involved in finding a suitable replacement.*
Why is Training so often forgotten about?
Often training is forgotten about because we are so busy working in our businesses -That is the day to day running of it that we do not take the time to think strategically and plan for our future training needs.
Many of the employees I speak to in businesses across the United Kingdom often do not feel valued or appreciated by an employer, for some they cannot see a clear path for progression or promotion. In order for Managing Directors or Business Owners to understand the thoughts and feelings of a disgruntled or underperforming employee I ask this simple question:
Why would you perform at your best or stay with an employer that does not appear to value your contribution or is not willing to invest in you?
Providing training and development for your staff is a fantastic way to boost the skills of your staff but can also have additional benefits which include reducing staff turnover, increasing job satisfaction and enhancing the customer experience.
Ultimately investing in training for your employees can put your business in a stronger strategic position and will often see an impact on your bottom line.
What Can I do about it?
Every business needs a well-considered and structured plan in relation to the training of its staff – It is vital that your training and development plan covers all employees from the boardroom to front -line staff.
The best training frameworks are those which have a clear set of objectives and that will have a long-lasting and measurable impact upon your business, As Peter Ducker is quoted as saying “If you can’t measure it you can’t manage it”. One of the challenges facing many Learning and Development professionals is being able to clearly demonstrate how the training they have invested in has contributed towards the overall success of the business.
A well thought-out training strategy will result in clearly identifiable increases in skills, knowledge and overall abilities. Imagine the cost savings that your business could enjoy if you reduced staff turnover, increased productivity and enhanced the customer journey.
Where do I begin?
One of the most effective ways to implement a training strategy within your business is to undertake a training needs analysis which will examine the following aspects:
- What knowledge gaps exist within your workforce –What are the key areas where your staff feel they would like and benefit from additional training and development?
- How to engage your staff so that the training is engaging –Involving your staff in the design and style of training is really important if you want them to buy into what you hope to achieve from the training
- How to measure the effectiveness of your activity – Think about how you will measure the effectiveness of training and how you will use the results to drive future decision-making
If you do not take a strategic approach towards your training and development then you risk that the training you do undertake will be ineffective and that you will not be able to demonstrate a return on investment.
What if I need help?
If you would like to find out more about how to take a strategic approach to training and development please download your free copy of our white paper. Alternatively, contact us to discuss your training requirements.
*Research carried out by Oxford Economics and featured in H.R Review