Training is key to employee engagement and retention because today’s employees seek personal growth and development at their workplace.
What separates a good company from a great one? It is the focus they have on their employees’ growth, both personal and professional. And, the way to do so effectively, is through regular training programs. In fact, the Association for Talent Development’s (ATD) 2018 State of Industry report revealed that companies increased their spending on employee training in 2017, as compared to 2016. This comes as good news, given that the ATD’s 2016 report showed that investment in training programs led to a whopping 218% increase in employee income, as compared to companies without formal training programs. What was even more surprising was that effective training led to a 24% increase in profit margins for such companies too. What these figures illustrate is that if businesses want to increase profits and grow, employee learning and development Opens a new window cannot be ignored.
Of course, the story doesn’t end there. This is because there is a difference between effective and ineffective training, where the latter cost companies a crazy $13.5 million per year per 1,000 employees. Can any business, regardless of size, afford that? Employee learning and development doesn’t stop offering benefits at just profit margins. Organizations should consider an employee training platform because learning at the workplace offers multiple benefits. Here’s a look.
Employee Engagement & Retention
The UK’s Middlesex University for Work Based Learning has conducted a very revealing long-term study. It brought to light that 74% employees believe that the lack of training is the biggest obstacle in them being able to achieve their full potential at work. In addition, 87% millennials said that professional development and career growth are key goals. And, despite Gallup putting a positive spin on its Employee Engagement Report for 2018Opens a new window , stating that the figures have risen since 2014, the numbers are still dismal.
The latest Gallup survey shows that 85% of employees are actively disengaged. Disengaged employees are dissatisfied workers. So, if a business wishes to find and retain the best talent, it needs to ensure engagement. Opportunities for personal and professional development through training has been found to be an effective way to build engagement and enhance retentionOpens a new window .
Hiring talent is a key cost for any business. And, it is only obvious that once you are able to increase engagement and retention, the entire cost of recruitment, onboarding and more can be minimized. Also, when there is greater productivity, profit margins are likely to increase.
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Improved Performance & Productivity
There can be no denying the fact that performance can be improved with skill enhancement. Training and development should, therefore, not only focus on building on strengths but also acquiring skills. Moreover, with enhanced skills, productivity does improve. Another aspect to keep in mind is that today’s workplace is increasingly technology-driven. Without training, it is difficult to onboard employees with the latest advancements, which will enhance both performance and productivity.
The Solution: User-Friendly Tech
When you want to onboard employees with the latest technology solutions being used by your business, the way forward in terms of training also needs to come through a tech solution. A technology-based employee training platform can help make learning at the workplace much more interactive and, therefore, fun. It can also ensure that your training programs can be flexible, scalable and adaptable. Firstly, it can be customized to workplaces across industries. This helps personalize the user-experience through machine learning and an AI conversation engine. This makes the platform responsive and intelligent, while ensuring that training progress is trackable.
When you have a good learning solution that uses deep learning, even learner behavior can be predicted, while learning needs can be assessed, to ensure relevant content. Apart from learning analytics, a good learning experience platform also helps organizations with content usage analysis and digital assessments. This then allows the organization to enhance their content, adding glossaries, multi-media content, such as videos, audio and infographics, and more, in-line with the needs of its employees. The ability to add activities, games and simulations ensures that learning remains engaging and fun, while making new concepts easier to grasp.
So, go ahead and invest in an effective employee training platform that will keep on giving, adapting to the unique needs of your business.