Why Staff Training is so Important
A training budget refers to the direct and indirect costs and resources used to train employees in an organisation. It also includes indirect costs like wages, compensation, and time spent setting up training. So it never surprises to hear stories of training budgets being squeezed or challenged when businesses are looking to make a saving or increase productivity. But the reality is, there has never been a successful businesses built without knowledge, skills or expertise! We have a choice, we either bring in expertise from other sectors / fields or we train. And even if we pay more to bring in expertise from other sectors, we still need to think long-term retention - what are you offering a skilled employee from a development perspective that will make them stay long-term?
Employee Empowerment
Setting aside a training budget is essential for employee empowerment. It helps employees access the quality knowledge they need to perform effectively at their jobs. A rich training budget buys a good employee experience. When you can afford to give your staff the resources they need to upskill, they translate that as you investing in their potential. Which eventually builds their confidence and leads to employee engagement. Engaged workers view the success of the organisation as vital to themselves. On the other hand, the disengaged worker only does the work because you tell them to. As a result, the former performs better and continues to improve over the years. Moreover, they will stay longer in the organisation as you've set the bar high for the competition.Â
Improves talent retentionÂ
94% of employees will stay with their employers if they invest in long-term learning. A reasonable training budget paired with a development plan shows your commitment to helping your employees upskill. In addition, it breeds trust in the workplace and sets the bar high for the competition.Â
Future-proof your organisation
75% of our workforce are millennials and value continuous learning. Providing the resources, they need to grow prepares them for the rapidly changing work environment. Conversely, not providing resources makes their skills rusty and redundant, negatively impacting your organisation's success. A training budget secures the longevity of your organisation by making employees equipped to adapt to future developments and changes by providing the necessary resources for their upskilling.
Improves work output and performance
FACT - Better trained employees need reduced supervision, show up to work more, and have less workplace incidents. All these factors increase the success of the organisation. But cutting back on employee training rather than investing in it will have disastrous consequences.Â
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