Why Companies Should Invest In Employee Training And Development

Many Employers are beginning to understand the essence of employee training and development. They know that by providing opportunities for growth and skill development they can attract top talents, keep their employees engaged, develop a formidable workforce, and keep their business growing and expanding. 

In a Deloitte survey of millennials, 63% said their leadership skills were not fully developed, and 71% of employees likely to leave in the next two years are dissatisfied with how their leadership skills are being developed. Those numbers continue to rise.

These numbers show that businesses could get hurt because they neglected to invest in their employees' growth and development.

It is easy to get caught up in managing the day-to-day affairs of an organization, but prioritizing employees’ training and development should be a core part of every modern business strategy.

Let’s explore the benefits employee training and development could have in a business.

1. It attracts top talents

Every company desires to hire top-tier talent. It is no secret that high performers and talented individuals seek more than hefty benefits and good pay. To them, it is about expanding their skills, reaching their potential, and finding fulfilment.

Positioning your organization as a place that offers longevity and room for growth is a major selling point to ambitious and motivated employees. They thrive on challenges and continually seek opportunities to stretch and expand their skill set.

2. It increases retention

Keeping the talent you already have is more important than hiring new ones.

A report reveals how costly turnover can be an employee earning N75,000 costs about 20% of their salary to replace, and that’s just one employee, imagine when 5 of your employees decide to leave the organization. Additionally, losing a great employee leaves a devastating domino effect on the organization resulting in even more turnover. 

An SHRM study proves that over three-quarters (76 per cent) of surveyed employees were willing to stick with a company that offered continuing learning and development opportunities. These results show that employees desire to improve their craft and will remain loyal to an organization willing to expend resources for their attendance at conferences or enrollment in specialized courses.

3. It keeps your organization pointed toward the future

The world is advancing, and staying ahead of the curve should be non-negotiable for every company. Innovation at your company can lead to the development of new products and services, creating new markets and expanding existing ones. With innovation, you can remain competitive in the global market. 

However, achieving innovation requires a business made up of innovative minds. 

Professional development provides employees with exposure to new people, fresh ideas, and creative ways of approaching current and future work. Through continued learning, employees can build industry knowledge, discover new strategies and techniques, and learn about the latest technological advancements. 

Let us look at different ways you can invest in your employees' development

1. Start a learning and development department
2. Create individual development plans
3. Implement a mentoring program
4. Organize industry events

5. Provide regular training 

Employee development is an important but often overlooked aspect of running a business.

By investing in your employees, employees will not only improve morale and increase retention but also boost productivity, and profits and give your business an edge over your competitors.

So if you’re trying to figure out how to achieve that, this offers both technical and soft training programs that will benefit your employees and help your business run smoothly, saving you money and increasing profits.

Join us this month as you enrol on our training and development programs and watch your team transform!

Send us a DM or email us at training@worknigeria.com