Intro.

Investing in employee training and development provides numerous business benefits that are far reaching. Infact, the return on investment received makes it a no brainer.

However, as a licenced distributor of online training courses with certificates, if you’re a sceptic, you may think we’ve got a vested interest in pushing the message regarding the commercial benefits of training. Of course, in part this is true. But, don’t just take our word for it.

Below are highlights taken from an article by Forbes, the well known magazine aimed at business professionals, entrepreneurs and investors. Perhaps more importantly, Forbes is recognised as a highly reliable source that creates accurate and unbiased content.

So, below is a brief summary of why businesses should invest in employee learning. And if you want to read the full article by Forbes, a link to it.

Talent management is an important area to invest in

In business, it’s well known, you have to spend money to make money. Reinvesting in your business, in smart and strategic ways, is essential for staying competitive. And talent management is an important area businesses must invest in.

In recent years the talent landscape has changed.

“An important point Forbes raises, is that failing to invest in your workforce isn’t an option” 

“The great resignation” and “quietly quitting” have become well known phrases, as employees are becoming increasingly disillusioned with their employers.

As a result, some are resigning. Perhaps worse still, others are quietly quitting.

Having become disengaged, they’re going through the motions. Doing the bare minimum, as they quietly quit their current job role.

An important point Forbes raises, is that failing to invest in your workforce isn’t an option. Competitive salaries, good benefits packages and flexibility are all musts in today’s tight job market.

But they’re not enough on their own.

Why businesses should invest in employee training and development

Although it’s important to invest in your full talent management cycle, prioritising employee training and development has added advantages. Truly making it a win-win proposition.

Investing in continued employee training and development has significant benefits for everyone involved.

So, if you’re not already emphasising employee learning and development, within your talent management strategy, here’s some reasons why it’s time you did.

“For ambitious, motivated individuals, development opportunities are a major selling point”

Attract top talent

Unless you’re the odd one out. Like every company you want to attract top talent. But today’s talent landscape requires companies to do more than ever before, to attract and retain top talent.

High performers are looking beyond just salaries and benefits packages. For ambitious, motivated individuals, development opportunities are a major selling point. They thrive on challenges and continually seek chances to stretch and expand their skills.

By promoting a culture of training and development, you’re providing the message, to high calibre talent, you can offer them a future in your organisation. Career longevity and opportunities for growth.

In summary, high calibre, motivated people, want to reach their potential. And to attract top talent to your company, you should be committed to ensuring they do.

Increase talent retention

Whilst most companies are looking for ways to reduce their recruitment costs, far too many leaders approach cost savings from the wrong way round. Creating a talent management strategy to increase talent retention may cost more upfront. However, it will provide you with a far greater return on investment.

“a culture of learning & professional development sends a clear message. Your company cares about its employees’ futures“

In short, the expense of staff attrition far exceeds the cost of recruitment.

It’s not just the cost of replacing an employee, estimated to be 3x – 5x their annual salary.

You also lose vital organisational knowledge, and suffer damage to your company’s morale.

Losing employees can have a devastating domino effect, resulting in even more staff turnover.

Promoting a culture of learning and professional development sends a clear message. Your company cares about its employees’ futures. In addition, you consider your employees an important part of your company’s future as well.

Continued employee training and development enables staff to see themselves in your long term company vision. Loyalty grows out of this shared expectation of a mutually beneficial future.

What’s most important to point out is the fact. Loyal employees don’t leave.

Staff engagement

Job dissatisfaction and boredom are costing companies real money in lost productivity, employees who are quietly quitting and staff attrition. Staff engagement requires your team to feel their work holds real meaning and value.

Happy and engaged employees deliver better quality work, have higher output, make far fewer mistakes and take less days off sick.

Furthermore, well-trained employees have a greater understanding of how to do their jobs effectively.

And with more positive outcomes, comes even more job satisfaction.

So, inshort, investing in training and development increase staff engagement.

“The business benefits of having a highly engaged team include increased performance, productivity, & profitability”

The business benefits of having a highly engaged team include increased performance, productivity, and profitability.

Develop future leaders

Investing in employee training and development allows you to mold your future leaders to your company’s specific needs and values. Not to mention, creating internal succession plans reduces the cost of external talent attraction, when you need to recruit managers and senior leaders.

“investing in training & developing employees to create a pipeline of future leaders, reduces recruitment costs, allows you to retain, & increase the return on, your investment in staff”

By creating a culture of training and development, you’ll be able to identify potential future leaders early on. Provide them with targeted opportunities to develop their knowledge and skills. As a result, creating a pipeline of qualified candidates, for future opportunities.

Equally important to realise is it takes approximately six months for a new employee to reach full productivity, and twelve months to achieve a return on your investment.

On the other had, developing future leaders internally, who are already equipped with vital organisational information and understanding, has significant commercial benefits. Not only saving external recruitment costs, but also the time and cost of onboarding, whilst new employees reach full productivity.

In short, investing in training and developing employees to create a pipeline of future leaders, reduces recruitment costs, allows you to retain, and increase the return on, your investment in staff.

These insiders are already familiar with the day-to-day operations of your company. They can more easily transition to new roles, building upon previously acquired knowledge and skills.

Equally, by recognising and utilising existing talent, you’ll also empower other employees to push for greater advancement and more responsibility.

Keep your business pointed towards the future

Staying ahead of the curve in today’s increasingly dynamic world is no small feat for business leaders. However, it’s vital to keep your business pointed towards the future. Staying relevant is a must.

Innovation is critical for continued expansion. New strategies can improve products. Increase efficiency and reinvent outdated processes. But achieving innovation requires your business to have a team with innovative minds.

Investing in professional training, learning, and development provides employees with exposure to fresh ideas and creative ways of approaching their current and future work.

Through continued learning, employees can build knowledge, discover new strategies and techniques, and learn about the latest technological advancements. Sometimes the subject learnt is less important than maintaining the ability to learn.

As the scale and pace of new advancements continues to accelerate, those used to learning will have the ability to pick up new skills quicker than those who aren’t. And as a result, adapt to future changes, and challenges more easily.

Why you should invest in employee training & development

So, to conclude this article on why you should invest in employee training and development. The key take away points are, the numerous business and commercial benefits you’ll achieve by investing in employee learning. To be blunt, the return on investment makes it a no brainer.

In today’s job market, professional development has shifted from a nice to have perk, to now becoming an essential requirement.

Investing in employee training and development will help you attract high achievers, and ensure your current employees feel useful, supported and valued. As a result, reducing the cost of staff attrition. Increasing employee engagement, and in turn boosting your business’s performance, productivity and profits.

Whether you promote learning through training courses, mentorship programs or education reimbursement. What you need to understand is that when your employees are growing and developing, your business is too.

About this article

As mentioned in the intro. we are a licensed distributor of online training course with certificates, accredited by leading authorities and governing bodies. Therefore, you may feel we have a commercial interest in promoting employee training and development. And in part you’d be right.

However, much of the points raised in this article have been taken from Forbes Magazine. A source recognised for providing impartial and accurate insights for business professionals, entrepreneurs and investors. With some additional content provided from our knowledge and experience in talent management.

If you’d like to read the original Forbes article, Why Businesses Should Invest In Employee Learning, please follow the link, to read it in full.

About Pyramid Resource Solutions

Pyramid Resource Solutions is a talent consultancy, advisory and provider of talent management solutions.

Our heritage can be directly traced back to the late nighties, where we firmly embedded our roots in providing executive search and professionally managed, outsourced recruitment solutions.

However, our commitment to continuously invest in developing our products, services and tools has enabled us to create an integrated mix of scalable talent management services.

One of which is our elearning hub the hosts a comprehensive suite of online training courses with certificates, accredited by leading industry bodies, ranging from Health and Safety, through to Business Skills and Leadership and Management development.

Whether integrated into our traditional services, or utilised as a stand alone solution to support your inhouse talent strategy. Our eLearning training courses offer an efficient, cost effective training and development solution.

So, if you want to create a culture of employee learning and development, and reap the commercial rewards, check out our eLearning hub.

Or contact us to learn more about our scalable talent management solutions, and how we can help you develop high performance teams, that increase your business’s performance, productivity and profitability.