How corporate training and development leads to a successful business?
The fast-tracked and continuously evolving corporate world needs training and development programs to keep up with different challenges. According to the annual report that examines the ‘FORTUNE 100 best companies to work for’ clearly shows that all these companies are committed to employee development as a top strategic priority. As we all know that employees are the backbone of the company. So investing in their training will always be beneficial for the overall productivity of the company.
A 3 year researched project under Middlesex University’s Institute for work-based learning found that from a 4300 workers sample, 74% felt that they were not achieving their full potential at work due to lack of development opportunities. These statistics show that corporate training is a need of an hour.
So there are 3 types of corporate training your company should incorporate for the good of their workforce and professional infrastructure as a whole.
1.) Leadership and Management Development
Companies who are successful at keeping their turnover rates low typically have healthier company culture and a quite strong bottom line. And to keep the best and brightest, your organization needs to provide a pathway to upward advancement. Simply, to keep employees engaged, you must provide opportunities for promotion.
2.) Customer and Client Communications
Some experts make the case that every employee can benefit from customer service training. Why? Because the way in which a business treats customers shows a lot about its culture, reputation, and operations.
3.) Workplace Ethics and Anti-Harassment
Remember your first day on the job? It must be a happy day for you. Oh! One minute, someone is handing you a packet full of rules, regulations, and guidelines. Then suddenly, you’re being swept away for inter-departmental introductions. Chances are, it will be a while before you’re able to read and digest every word of an employee handbook. That’s the reason why it’s so important to follow up hiring with comprehensive anti-harassment training.
Training benefits at every level from executives, supervisors to interns. Company culture hinges on safety and productive communication in the workplace. Make sure your Human Resources department is well equipped to spearhead regular, sanctioned training sessions in this area.
There are a lot of corporate training benefits that companies can enjoy by incorporating training and development in their strategic plans, some are more obvious than others: Sales and product knowledge training leads to increased revenue and market share, service training leads to better customer service experience and brand loyalty, innovation training generates new ways of thinking, potentially leading to new products and services.
Here are 8 ways of how corporate training and development can positively impact your organization:
1) Achieving a sustainable competitive advantage
It’s very important for your company to always stay ahead of your competitors. Different strategies need to be implemented to stand out from the crowd. Training and development play a big role to make a real difference. By making sure that staff is constantly progressing.
2) Ensuring employee satisfaction
Investing time and money in the employees will make them feel more valued, leading to a positive relationship between company and worker.
3) More internal promotion opportunities
Face it: recruiting new employees will surely involve additional costs. Your existing staff becomes more eligible for internal promotion with the implementation of training. This can be a real advantage of corporate training as unlike new staff, existing employees have better insights about the organization along with the required skills.
4) Tackle Shortcomings
Corporate training and development is the best way to figure out what are the skills gaps in your company.
5) Employee retention
Studies have shown that approx. 60% of employees would choose to stay with an employer who is willing to invest in their professional development, rather than go to an employer that pays more but does not invest in professional development. Higher retention rates and less labor turnover is crucial for the success of your business. All this can happen with a good corporate training and development plan to keep the employees motivated.
6) Increasing Productivity
It’s of no surprise that corporate training benefits the business and leads to more productivity. By ensuring that necessary training is given to employees for improving their skills, it will in turn benefit the company by ensuring a higher productivity rate.
7) Optimizing time and effort
By providing training to the employees, employers are optimizing their own time and effort. Proper training of employees enhances their skills and knowledge about their jobs which means that less supervision and guidance is needed.
8) Keeping up with industry changes
A company needs to keep its employees updated about the new changes in the industry. This will protect the business from being left behind and comply with any industry regulation. Therefore, staff knowledge and skills about this matter need to be up-to-date.
Corporate training not only benefits the employee’s evolution but also impacts on the company’s productivity and profitability as a whole. It reinforces the goodwill of the business, allows it to maintain a competitive edge, and leads to higher customer satisfaction, lower costs, and faster growth.