How investing in employee training benefits your entire business11 Jan 2017
If there is one surefire business investment make, it is employee training. We know what you’re thinking: But you’re a trainer – of course you think professional development is the key to business success. Okay, sure, we are a little biased but we have numbers to back us up!
Businesses that invest in the training of their team members are more profitable, have higher income per employee, better drive engagement and are more successful at retaining employees. Let’s take a closer look at how an investment in employee development is really an investment in business success.
Lower your attrition rates
Businesses that put heavy investments in learning and development initiatives rated the highest in employee retention, according to Deloitte. On average, these organisations had anywhere between 30 to 50 per cent higher retention rates than businesses with a weak learning culture.
Engage your team
Professional development is a key driver of engagement. Deloitte found that employees under the age of 25 consider these opportunities to be their number one motivator and professionals 25-35 see this as their second biggest driver. Providing skills training and other development opportunities can help keep your team engaged and motivated.
When you invest in your team you are inherently investing in your business’ future.
Protect your future
When you invest in your team you are inherently investing in your business’ future. By arming your staff with critical business skills you are opening up your pool of internal candidates for future leadership roles. This succession planning is an added bonus of helping upskill your team members.
So, what are you waiting for?
The benefits don’t end there. The American Society for Training and Development examined companies with in-depth employee training programs and found that overall they had:
- 218 per cent higher incomes per employee than companies with lower levels of training
- 24 per cent higher profit margins than companies with lower levels of training.
By investing in training, leaders can engage, retain and motivate their team members while also increasing profits and planning for the future – sounds like a win-win scenario to us. ICML offers a variety of programs for professionals, to learn more contact one of our reps today.