“Organizations that invest in the training and development of their employees at all levels benefit by having stronger talent pools, increased retention, lower turnover, higher employee satisfaction rates, and ultimately, healthier and stronger organizations.” –The ROI of Talent Development
This may not surprise you: Investing in your employees’ professional development cultivates a dedicated, loyal staff. Your employees see it as a benefit. And the more benefits you offer, the higher-quality candidates you will attract. It’s no wonder that corporate training grew to over $70 billion in the U.S. last year.
What you may not know is educational training can also close skill gaps and teach new skills to your employees, leading to an overall stronger organization. Keep reading to learn how.
The New Workforce
Let’s face it, your employees are thinking about the future. Their future. This is especially true for millennials who are now the largest demographic in the workforce. They are beginning to establish careers—and meet the job demands of today. According to a ClearCompany report, 87% of millennials say professional development or career growth opportunities are very important. It’s best for you to meet the market demand and invest in your staff. Doing so will show them that you are committed to training and retaining the future leaders of your company.
Mix it Up: Hard and Soft Skills
When you teach your employees basic knowledge from other job functions, it improves their ability to perform job-related tasks. It also can inspire them to work cross functionally with other team members, benefitting the company’s overall effectiveness.
No matter what their job function is, communication, problem-solving, and quantitative skills are required to meet the demands of today. Yet it isn’t realistic to think that all of your employees will enter your organization with all the above intact. For this reason, you will need to offer a mix of professional development workshops or courses that bolster hard and soft skills. Some will need to learn the ins and outs of data collection, analysis, and visualization, while others will need to strengthen communication, team management, project management, and leadership skills.
Empower Women, Encourage Diversity
Everyone has a place in the business world. This includes people from different backgrounds that vary in ethnicity, gender, age, and more. A blend of leadership and communications workshops can help your employees improve communication with their coworkers, especially those who may have a unique perspective. As a result, they will gain new skills and ascend through the ranks at your business.
Learn Today, Apply Tomorrow
Your employees can put professional development into practice immediately. This means the very next day they will possess a wide variety of skills pertaining to driving innovation, developing game-changing strategies, and implementing the basic principles of fields such as marketing, economics, operations, or finance. The best part is that you’ll instantly see the ROI on your efforts.
Beat Your Competition
Chances are your competitors are offering professional development opportunities for their employees. If you aren’t, your employees may jump ship. Keep them by offering ways to improve and stay engaged.
According to the ClearCompany report, 68% of workers say training and development is the most important workplace benefit. These respondents cited lack of skills training as a main reason they would leave a company. Don’t lose your talent. Invest in them so they can meet their full potential.
By offering professional development and education, you will close skill gaps, create a talented and competitive staff, and engage your employees. You also will likely save on recruitment and training costs, as you’ll be able to attract and promote capable people. And you’ll reap the rewards quickly.