4 Staff Training Facts You Can’t Ignore
Most business owners we meet don’t believe in staff training until they do it properly. Then the profits speak for themselves. Profits? Yes.. I heard your internal voice from here.
The right staff training strategy can do wonders for your business. I’ve done a bit of digging around and here are four trending figures that are hard to ignore.
1. Companies investing $1,500 on training per employee see a 24% return in profit.1
Like with any part of your business, your training plan needs a strategy. Without this, you’re just ticking boxes. A good training strategy with outcome related objectives will actually deliver financial and operational benefits. This statistic is proof of that.
2. Employees are 12 times more likely to leave their job if they feel their career goals are unfulfilled2
You’re probably already familiar with the difference in quality (and productivity) of a happy employee to an unmotivated one.
Staff who feel they are ready for the next level are more likely to become unmotivated in their job if there is no pathway for development.
Managers often assume that providing training will lead to employees moving on to other companies.
However, this couldn’t be further from the truth. With proper training programs, not only do you develop highly skilled employees who can do more for your business, these staff members feel more valued and motivated in their role.
Also, a job advertised with skills development built in, will attract a higher class of candidate.
3. It can cost up to 30% of a job’s salary to hire a new person into a role. – CDL Insights3
This is a scary thought – the impacts of which you’ve probably already experienced at some point.
There are many cost and revenue impacts of replacing a member of staff when they leave due to a lack of training and development opportunity.
Recruitment costs aside, think of the additional burden operating during understaffed periods of time.
Plus, you will ironically need to train the new candidate and often pay overtime until they get up to the same level of efficiency as the person they replaced.
4. 30% of millennials consider training as the top reason for choosing their employer4
The millennial generation has grown up in a competitive and global market. While on one hand it may seem quite demanding of them, the value younger generations place in training can’t be ignored.
Not only is stagnating in a role is a huge risk for them, this generation in particular finds it harder to get experience in their chosen career path. They need to start at the entry level and work their way up.
On the job skills training is a great way to keep them motivated and focussed on the job, and your business.
How to make staff training hard to ignore
I regularly help businesses shave costs and improve revenue whilst super charging their customer and employee satisfaction through training. These training programs are often subsidised by government funding.
At Opportune, we believe a staff training plan is a strategy designed around your business needs and objectives. We don’t do cookie cutter and we don’t just tick boxes. We improve your bottom line.
1. Not Investing in Employee Training Is Risky Business, Huffington Post – http://www.huffingtonpost.com/emad-rizkalla/not-investing-in-employee_b_5545222.html
2. The Value of Training, IBM – https://www.ibm.com/services/learning/pdfs/IBMTraining-TheValueofTraining.pdf
3. Why Retaining Existing Staff is Better than Hiring new Staff, CDL Insights – https://www.cdlinsight.com.au/blog/retaining-staff-better-hiring-new-staff/
4. Millennials at Work, PWC – https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-millenials-at-work.pdf
Is Vocational Education & Training right for me?
Now that you understand a little more about Vocational Education & Training, speak to Opportune about how we can help you obtain a nationally recognised qualification through the course of your employment.