Poor performance results from people who do not know what they’re supposed to do, how they should do it and why they are doing it. Companies that invest in training reap the rewards of improved retention rates, productivity and customer satisfaction. Well-trained employees come at a cost, but in the long run, make up a better workforce.
Many business owners lose sight of the importance of employee training. They either don’t have the time or don’t have the money to invest.
While I would agree that these are valid statements, I would argue that they are only excuses. Employee training does require time and money, but the cost is worth the investment.
In fact, here are five reasons that prove it:
- Untrained employees are unproductive employees. Employees who don’t know how to do their job correctly or efficiently will be less productive than those who are well-trained. Underperforming employees can be a big burden for a business and an even bigger cost.
- Lack of training can lead to turnover. According to go2HR, a recent study showed that “40 percent of employees who received poor job training left their positions within the first year.” Not only will you pay for losing an employee, at nearly 20 percent of an employee’s salary for mid-range positions, but now you have to invest the time and additional funds into finding a replacement.
- Happy employees, happy business. Employees who understand how to do their jobs well are likely to be more satisfied in their role. Happy employees are more engaged, are more productive and want to contribute beyond their specified job duties.
- Employee development is crucial for a business. If you believe the development of your employees is important, remember training can contribute to that. Employees who feel supported by their business are more likely to want to grow professionally and stay dedicated to the business long-term.
- E-learning makes it easier! The good news is technology has made training much easier. E-learning is a more modern and most time-sensitive way to train employees, who are able to conveniently access training opportunities through cloud-based learning platforms. This type of system can empower employees to grow and develop within their role, and at a faster rate than their untrained counterparts.
The upfront cost of training may seem daunting, but the long-term gain is immeasurable. Well-trained employees can come at a cost for a business. Is that cost really worth it? For the five reasons above, I would argue that it is absolutely worth it.