Training a high number of your company's employees can sometimes necessitate a hefty monetary outlay, which could lead you to wonder whether this investment is genuinely worthwhile. In both the short and long term, how can your business actually benefit from employee training? Our own response to that question could surprise you...
How the costs of insufficient training can add up
Here's a startling figure to keep in mind: according to a recent survey, 40% of employees who are poorly trained during their time in jobs leave those jobs before a year has elapsed. There's a clear correlation between inept job training and early career exits - especially as many people making such exits have reportedly explicitly blamed poor training.
Now, consider the financial implications of having to frequently find replacement employees for your company. It takes time to find a replacement - so, while the search continues, your other staffers have to work more often to plug the gap. The extra workload could adversely affect their morale, which could then lower their productivity. Then, you do find a replacement worker, but could have to spend money on training them.
Early spending on training can really help in the long run
All of this extra hassle and financial expense could have been averted if only the worker who originally left had been adequately trained. This includes being placed on the relevant training course - there are many different corporate training courses, including accounting courses, PR courses and many more, and you should think carefully about which of them would be best for each specific worker in question.
There are certainly many ways in which investment in staff training can reap fruit for your business in both the short and long term. Most obviously, it can ensure that your workers have the relevant skills to do their jobs properly. Less obviously, offering potential new employees on-the-job training before you actually recruit them can lead them to take up the job with greater enthusiasm - as many young people in particular are eager for opportunities to gain new skills, not just a job.
This enthusiasm can then appreciably boost your company's employee retention, in the process averting the kind of time- and cash-expensive situation described above after workers leave prematurely. Naturally, your company should aspire to excellence - and CPD courses like those from London TFE can significantly assist your company in getting there.
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