When you’re planning your next company event, employee training should be one of your top priorities. There are many types of training available, but all of them have different benefits and costs. Learn about the benefits of employee training, the cost of delivering it, and the impact on the growth of your company. Let’s take a look at some of the most common types of training and how they can help your company. Let’s also consider the different ways to deliver employee training.
Investing in employee training
Many companies are seeing a dramatic increase in the number of people leaving their jobs. These layoffs have a wide range of causes, from lack of compensation to lack of training. However, investing in employee training has long-term benefits for an organization. In fact, research has shown that investing in employee training can boost productivity by 20 to 30%. Additionally, training is an excellent way to build employee morale. Happy employees are more engaged and motivated, which ultimately benefits the company’s bottom line.
The benefits of investing in Employee training go beyond the bottom line. Not only can it improve time efficiency, accuracy, and task completion, but it can also positively affect a company’s culture. It’s no secret that employees who receive training opportunities are more motivated and loyal to the company. So, investing in training can have several positive effects for your business, such as improved customer service and increased sales. Training can also help reduce staff turnover.
Costs of employee training
When you are setting up a budget for employee training, it is important to remember that employee training can cost a considerable amount. Some training options include on-the-job training, which takes place while the employee is doing his or her job, while others require external resources. In either case, the cost of employee training will need to be considered in the computation process and measured in terms of potential savings. The cost of employee training will vary depending on the size and nature of your company, but the importance of training cannot be underestimated.
In addition to the direct costs of employee training, there are indirect costs. Using a cost-benefit analysis, you should also take into account the time that each employee spends on training, which is a major part of the overall cost. A training investment report from intelliHR will show you your total training investment by skill level and business unit. Hover over the training cost per employee to see the average, minimum, and maximum.
Ways to deliver employee training
There are several ways to deliver employee training. You can select the most effective way depending on your organizational needs and culture. Face-to-face training has an average retention rate of eight to 10 percent, while eLearning has a retention rate of 25 to 60 percent. For new employees, classroom training is a great way to break the ice and introduce them to the company culture. If you have an interactive training program, consider involving everyone by using activities, games, and quizzes.
In case the topic is complex, group discussions can be the best option. Group activities can be either instructor-led or online prompts. If they are facilitated by an instructor, questions can be answered quickly. Group activities can be particularly effective if they deal with difficult topics, such as customer service or problem-solving. Role-playing, on the other hand, requires employees to work through a scenario that demonstrates what they need to do in different situations. It also encourages employees to think on their feet and gain valuable insight from each other.
Impact of employee training on company’s growth
Employee training benefits the company in many ways. Not only does it improve morale, it shows that the organization cares about its people. Good workers become more committed and remain with the organization longer. Training also fosters employee career growth and increases the opportunity to hire from within. This reduces recruitment costs and increases the chances of employees staying with the company. Training is a good investment for a company that wishes to increase its growth.
In addition to improving productivity, training increases accuracy and efficiency. If an employee is confident with a new tool or machine, it will save the company a lot of time. Training also helps employees adapt to modern technology and mechanize processes. These factors make an employee more valuable to the company. And if employees are not confident with their new skills and are untrained, turnover rates are higher. Training employees can increase productivity while reducing turnover.