Employee training is crucial, and the most competitive businesses will choose to reskill and upskill their employees. According to “The Future of Jobs Report” published by The World Economic Forum, on average, companies estimate that around 40% of workers will require reskilling of six months or less, and 94% of business leaders report that they expect employees to pick up new skills on the job. An average of 66% of employers surveyed expect a return on investment in upskilling and reskilling within one year. On average, employers expect to offer reskilling and upskilling to just over 70% of their employees by 2025.
The benefits of employee training
Employees are the assets that drive a business forward, so focusing on personal development is crucial. Here are seven benefits of employee training.
1. Staying ahead of the competition
When you ensure your employees are continuously advancing, you will move forward and stay competitive within the marketplace. Companies will have a clear competitive advantage when they can quickly switch gears to provide new products and services.
2. Maintaining knowledge
Skills need to be used and refreshed regularly to preserve knowledge. For employees to be truly engaged, they should also understand certain fundamental things about their work and the organization for whom they do it. They should be aware of how their job contributes to the business.
3. Improving employee skills
Employees with good knowledge will bring more to the table, and your business will reap the benefits. Cross-training employees to fill skill gaps can create flexibility, increase productivity, and reduce costs.
4. Finding synergies
By identifying gaps, there is time to train staff in these required areas and to create more synergies between different departments. Most employees work in teams, yet those teams are often not optimized for success.
5. Keeping up with industry changes
Since industries are continuously changing, it is critical for a business not to be left behind and to maintain skill and expertise levels in the organization. In today’s world, they must adapt quickly to new challenges, regulations, and customer demands.
6. Increasing job satisfaction
Increasing productivity and reducing employee turnover is often the result of staff having a high sense of job satisfaction, which improves their motivation. Productivity is essential for profitability, and offering employee training is one of the easiest ways organizations can increase performance. Training opportunities can support employees to build on existing skills or rotate to an entirely new role. When employees see they have internal career options, they are more likely to be happy and stay for the longer term.
7. Providing internal promotion opportunities
With ongoing training, existing staff can become more eligible for internal promotions. It is crucial to keep employees with essential and special skills. Organizations can prevent disruptions by using targeted training to create career paths for all employees.
The importance of employee training
With the global supply chain disruptions, the energy crisis, inflation, and the Great Resignation, businesses face many challenges. Under these circumstances, it’s crucial to not overlook the importance of employee training to stay competitive. Organizations that understand why employee training is needed and make use of effective training programs will not only address today’s challenges but be prepared to reap future success.
According to an interview in HR Magazine, the majority of organizations (88%) said they carry out in-house training. Within that number, 65% design and deliver bespoke training for technical and role-specific skills. Also, it highlights that enhanced investment in learning and development is being driven by a need to attract new talent (43%), companies becoming more competitive (41%), listening to employee demands for training and career progression (39%), and resolving skills shortages (37%).
Pick effective employee training programs
Now, it also states that almost all (99%) employees have seen a training plan that was ineffective or that failed to deliver on objectives in the last five years. The main reasons why employees were underwhelmed included poor planning, not having the right people taking part, and a lack of evaluation of the training.
I have also faced this problem during my career, and today I still receive the same feedback from the industry. In working with managers in the oil & chemical industry, one of the major issues they’re struggling with is finding good courses that offer real value and meet their learning goals.
Our training courses have been developed with that in mind and solve this problem for professionals working in the liquid bulk and chemical supply chain. If you want to know how to pick a training, click here to find six valuable tips to make your training successful.
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