Why Training Your Team is the Best Investment You Can Make
The continued betterment of your company is vital to its impact and success. Quality training can empower your team to take their goals to the next level. Providing the resources your employees need to improve upon their work and careers produces a ripple effect that leads to progress for everyone.
As we explore the variety of ways team training enhances your organization, consider your goals and values. The right training program can (and should) embed these core beliefs and objectives into the daily machinations of your company’s routines. It’s an indelible part of your foundation.
Companies that invest $1,500 on training (per employee) will see, on average, 24% more profit than businesses who spend less. Where does this surplus come from?
Training allows companies to save money in a variety of ways. A properly trained team works efficiently, making the most of their time. The ability to stay on (or ahead of) schedule also affects your ability to stay on (or under) budget. Training also establishes unity and keeps everyone on the same page. As a result, your company can execute plans more quickly, closing the gap between the time needed for development and a product launch date.
Companies can also save money when they don’t have to worry about bringing a third party in for temporary projects. When you have workers in-house who are more than capable of navigating complex projects and the variety of tools and skills they require, there is no need to look elsewhere. Quick fixes that don’t provide long term investment reimbursement can become a thing of the past.
Internal training also fosters loyalty from employees who appreciate a company that believes in them. This significantly reduces turnover. The costs of recruiting, hiring, and on-boarding can be steep. In fact, over 50% of an employee’s salary can be spent during the turnover process, with some positions costing nearly double the salary to fill. By increasing employee retention, organizations stand to earn hundreds of thousands of dollars, making the amount spent on training a drop in the bucket.
Cultivating a culture of learning can reap many financial rewards. Skillful employees produce stronger work, which leads to greater revenue. Knowledgeable employees reduce the need for outside support, which leads to fewer project costs. Happy employees stay, which saves money across the board. Training is the component that links all these cost saving measures together.
Shared goals and experiences form bonds that strengthen the work process. Acquired knowledge increases innovation, as team members learn about new technology and solutions that can provide different pathways to success.
The training process also offers a bridge between multiple departments, bringing people together to work and grow as a unit. Having a diverse group of employees at the table benefits everyone by expanding the learning experience, as teams that train together naturally share their strengths with each other. As a result, the training process becomes more than just a time to learn a new skill. It’s an opportunity for co-workers to teach each other and gain more insight on how others contribute.
Training also increases the collective knowledge of your team. When employees of varying origins and levels of experience are encouraged to interact, study, and learn together, the overall expertise of your entire staff benefits. Additionally, managers involved in the training process are able to gain a deeper understanding of the skills and talents their team has. They can easily identify where their team excels and also find areas for improvement. An astute manager will tailor education to the problem at hand.
Team training inevitably brings team members closer together. Adding new technologies and abilities to the team skill set, while continuing to understand the best ways to communicate and work together, all in one collective process, creates a positive and productive company environment.
Brand & Culture Success
By developing a team that is confident, knowledgeable, enthusiastic, and consistently improving, consumers will trust that the products they engage with are high-quality and crafted with care. Employees are your company’s brand ambassadors. Their optimism communicates to others that the work your company does is worthwhile. The support you provide them, through training, shows consumers that they can count on you to support them as well through your product or services.
Organizations that offer training earn a reputation for being actively invested in their people. This makes a company desirable to work for and with. By choosing to embrace internal training, you make it clear that you care about your employees and also strive to work with the best.
Training programs also give your company a leg up in a competitive field. Companies who choose to tackle in-house problems, such as a lack of knowledge around a new technology, with productive solutions are likely to outperform businesses that struggle to understand the basics.
How consumers perceive your brand can greatly influence the success of your business. When you’re sure of your values, your actions reflect it. Consumers pay attention
Investing Where It Matters
Choosing to invest in your team is one of the best decisions you can make. There are across-the-board benefits to nurturing your in-house talent. It’s an investment in every facet of your business, affecting employee satisfaction, product output, brand enhancement, and financial gains.
Build the foundation your company needs and your employees deserve. Consistent learning and improvement keeps everyone ready for tomorrow.
For more information about additional benefits that training has to offer, including employee recruitment and retention, download our free white paper.