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Monday 11 December 2017
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Employee Training Adds to Financial Success

Staff training is often essential for specific purposes related to your business. For instance, your job requirements may require new workers to undertake instruction in food handling or blueprint reading. But what about the “soft skills” training?

It’s hard to judge which is most important, but skills such as decision making, time management, team building and leadership can help build constructive working relationships. While many companies are reluctant to spend money on training programs, the dividends are typically far greater than the cost. Also, training that develops employees toward long-term career goals promotes greater job satisfaction and, ultimately, retention of motivated employees.

Without employee retention, turnover becomes a financial burden. A recent survey indicated that 40 percent of employees who receive poor job training leave their positions within the first year. They cite the lack of skills training and development as the principal reason for moving on.

Let’s translate that into dollar amounts. The amount varies with this “cost,” but consider loss of productivity, decline in sales, overworked remaining staff, dwindling morale and the time to find, rehire and retrain.

Now, instead, let’s consider aspects of training leading to financial success. Train and cross-train for flexibility and efficiency. Employees learning other aspects of your business will stay engaged and will be ready to help fill in for absences and unexpected scheduling. Cross-training also fosters teamwork as employees appreciate the challenges faced by co-workers.

The fact is: Well-trained employees are more motivated and efficient. Such confidence and knowledge translate to better experiences for your external and internal customers, and your employees are well-equipped to handle their workload and problem solve any snags along the way.

Plus, such training also helps attract new highly talented employees to add to your business success. Candidates are looking for a work environment where they can succeed and grow. Offering the opportunity for new and established employees to receive world-class training will attract the best and the brightest to your team. And that’s a sure-fire return on investment.

Lisa DeFilippo is a training specialist at the Manufacturer & Business Association. Contact her at 814/833-3200, 800/815-2660 or ldefilippo@mbausa.org.