As a business owner, you will know that your staff are one of your most valuable assets. While recruitment is, of course, a very important process, getting the most out of your workforce does not only require making the right hire. In order to ensure that your employees are able to work as efficiently and productively as possible, you need to implement effective staff training.
It can be especially difficult for small business owners to dedicate the necessary funds to staff training and development. After all, if you only have a limited number of resources, you probably want a clear return on every investment you are making. However, skimping on staff training and development can be detrimental to your business in ways you might not even be aware of.
This guide has been carefully curated to help business owners learn more about the importance of staff training to better understand why every business, regardless of its size or industry, should be investing in development.
What is the Difference Between Training and Development?
Before outlining the importance of staff training and development, it is first useful to outline the exact difference between training and development. Although the terms are often used interchangeably, staff training and development are actually two distinct processes. Staff training refers to the process of teaching your staff new skills and knowledge, whereas the development process focuses on building upon existing skill sets.
Why is Staff Training and Development So Important?
There are many reasons why staff training and development should be a top priority of any business owner operating today. Some of the reasons why staff training and development are so important are listed below.
Improved Productivity Rates
Appropriate staff training has been found to have a direct impact on staff productivity rates. This is because training sessions help staff learn the most effective way of completing operations. The skills that employees learn during training and development sessions can empower them with the knowledge they need to increase individual performance rates.
Increased Employee Engagement
The term employee engagement is used to describe the relationship that an employee has with their work and the organization that they are working for. An engaged employee is one who is absorbed in and enthusiastic about their work. The engaged employee has a positive relationship with the organization they are working for and will go above and beyond to further the interests and reputation of their employee. On the other hand, a disengaged employee will either do the bare minimum at work or might even actively try to harm the interests of the organization they are working for.
Studies have found that staff training and development is one of the best ways to boost employee engagement rates. This is because training and development help employees learn skills necessary for their individual roles and equip them with the knowledge they need to meet their professional targets.
Boost Employee Satisfaction Rates
Research has found that staff training and development has a very positive impact on employee satisfaction rates. The reasons for this are twofold; firstly, when an employee has the skills and knowledge they need to perform well in their current position, this leads to increased satisfaction. Secondly, training and development are seen as an investment in staff’s professional progression; these career advancement opportunities also increase employee satisfaction rates.
Reduced Staff Turnover
Most people are familiar with the shocking statistic that it costs five times more to hire a new employee has it does to retain an existing member of staff. Investing in employee training and development helps to increase worker satisfaction rates and, by extension, reduce staff turnover rates.
Training and development can also be used when you are looking to fill new positions. When you are hiring internally, you are saving yourself the time and money involved in recruitment and onboarding.
Increase Your Return on Investments
As your business invests in new technologies, you need a team of skilled IT professionals that are ready to make the most of them. Training staff and developing skills will help you ensure that your workforce fully utilizes all equipment and technology. This can help to reduce inefficiencies and improve your return on technological investments.
Improve Customer Satisfaction Rates
Staff training does not only lead to more satisfied employees but more satisfied customers too. There are a few reasons why staff training and development has such an impact on customer satisfaction rates. Firstly, research has found that employee satisfaction directly impacts the customer experience. Secondly, when staff are trained in the best practices and working as productively as possible, they will provide a better experience to all customers.
Address Internal Weaknesses
It is very difficult for businesses to accurately assess and remedy internal weaknesses without training and development sessions. Training provides the perfect opportunity to address any potential problems and rectify them effectively, to reduce potential inefficiencies or problems in the future.
Improve Workplace Safety
The right training is necessary to ensure that you are complying and following the most up-to-date safety measures in your workplace. Whenever new staff join your company or new equipment is added, it is vital that you conduct staff training to ensure that all workers understand the safety procedures at all times. Training and development is not something that only benefits big companies or new employees. Every business, no matter its size, would benefit from conducting staff training and development sessions. To ensure you get the most value possible, think about your company’s needs before creating your training sessions.