3 reasons to invest in staff training and development

There’s always room for improvement, but it can be hard to find the time for it.

This sentiment can hold organisations back when it comes to their employees. It’s always important to stay focused and on track with business goals, but staff training and professional development hold immense value as well. Don’t just take our word for it – roughly 96 per cent of Fortune 500 CEOs saw noticeable benefits after investing in educational and management courses, according to Entrepreneur.

Here are three reasons why leaders see learning as an asset to their business:

1. Higher retention rates

One aspect of an effective people management strategy is investing in employees’ skill sets – and not just the ones that are good for the company. Personnel feel valued when the organisation takes an interest in their industry intellect and well-being, which improves their chances of staying instead of jumping ship for a competitor.

Staff training and professional development are often confused as being the same. The former refers to helping the workforce learn specific knowledge that will assist them in day-to-day tasks, like industry certifications or handling negotiations better. The latter should be aimed at giving team members the education they need to advance their career and continue an upward trajectory.

2. Find savings

It costs at least $30,000 to hire a new employee, according to a study from Oxford Economics. The expense associated with, for instance, management training courses pales in comparison. Depending on which organisation you choose to work with, it could be less than $1,000.

Identifying needs and investing in your current staff is far more affordable than looking externally for a candidate – it’s simple maths that can save a company thousands in the long run.

Investing in employee training is far more cost-effective than hiring new staff.

3. Improve your brand

Companies that cycle through employees and deliver subpar results to clients understandably gain a bad reputation among candidates and customers alike. Providing staff training and professional development not only improves the quality of work within the organisation, but also the way the enterprise is viewed.

This type of investment is yielded when the business does have to look externally for candidates. Talented applicants are more likely to accept an offer from a place that invests in their human capital, and where they have a chance to grow professionally. Contact an ICML representative today to learn more about staff training and professional development.