Many of the businesses feel that employee development and training are a waste of time and effort. I beg to differ. The cost of time and money involved may seem huge initially, but this step is essential due to its long term benefits. Hence, you may call this as an investment which starts earning returns in the long run.
Employee retention involves a lot of expenditure, and so does the hiring. I think investing in training and employee development programs can help the businesses cut on the retention and hiring costs. Every employee makes a list of pros and cons when looking out for a new job. You can easily outwit your competitor by contributing to employee development as this step of yours will surely go in the list of pros and give you an edge over others employers. Moreover, the employee feels a sense of belongingness and loyalty towards his company as he gets an impression that his employer cares for his development and growth.
Hiring better employees
Today’s market is competitive, and you can’t get best of talents easily. There should be something in your organization which attracts the best in class candidates towards you. Today, employees are not satisfied with fat paychecks; they look beyond that. They want to make sure their talent is utilized effectively and, they are given opportunities to improve and progress in their respective field. Training and development programs are your best bet to hire best of talents in the industry. What’s more? With such perks, your organization’s reputation grows, and you become a much sought after company in the market. You can always rely on ace companies like aircto for hiring the right candidate for your company.
Extending the promotion ladder from within the company
I am sure many of you have found that hiring a candidate from outside the company is an overhead compared to promoting from within the organization. This is because a current employee has a better experience, knows your business and the clients well when compared to an outsider/ new recruit.
There is also a need to pay the new hire more when compared to the current employee (when promoted). Many times, you overpay a new hire to underperform the role. But, to make an existing employee capable enough to be promoted and to handle a different role, he needs to be trained. Your training programs can gradually groom and equip your employees to get promoted and handle better roles thus saving you time and effort recruiting a new candidate.
Keeping your workforce engaged
Often the employees have a monotonous work schedule, and they soon get bored, stagnant and disoriented. It makes them less productive and affects their performance. Well, this trend soon affects the performance of the company. Training and development programs help the organization to keep their employees engaged and active. Cross-team training is even better at equipping the employees with more skills. It also helps the employer to fill in a vacancy or handle an emergency situation when another employee is unavailable. Since an employee gets to know how other staff and teams work there is a sense of team spirit, and this helps in creating a conducive environment in the workplace.
Helps your business look ahead
Training and development programs are not one-time tasks. Gone are the days when knowledge was valid for years to come. Today technology changes very quickly and keeping pace with it is a challenge. Hence training and development programs need to be planned and revised from time to time to get better output. The HR department will have to constantly monitor the trends and plan for the training. This helps the organization to be up to date with the current market and technology needs to keep itself abreast in the competition. Hence planning for the employees, in turn, helps the business in its growth.
As the New Year has just begun, you have enough time to plan for the training and development programs to put your employees and the organization on the right track.