59% of employees report they’ve never had workplace training - Forbes
Employee development and training are essential parts of employee growth. Organisations that believe staff training and development won’t make any difference in employee productivity often face high turnover ratios. Organisations that invest in employee training experience high retention rates, happier employees, improved productivity, and boosted morale. According to Gallup, companies are 17% more productive when employees get the training they need.
Organisations that overlook employee training have to face the consequences of dissatisfied employees. Managers should treat their employees as valuable and invest in their growth and development. An investment in corporate training programs goes a long way. 45% of workers say that they are more likely to stay in their role if they receive on-the job training.
According to one survey, investing in employee development and training can drive a positive employee experience and reap a 353% return on investment. In this blog, we will discuss the consequences of a lack of training and career advancement opportunities in the corporate world. We will end this blog by discussing how online training courses in India can help businesses retain their employees.
Corporate training programs are customised classes that are imparted to corporate employees to enhance their existing skills and knowledge. Training existing employees has become crucial to enhancing their productivity and morale. These programs and courses can be conducted on the office premises or online. Let’s look at the importance of training existing employees:
Poorly formed training programs don't address actual skill gaps or business needs.
Training is treated as a one-time event, with no reinforcement or application opportunities for the employees.
Employees lack the time or are pulled away from training due to their workload.
Leaders don't actively support or encourage employee participation in training.
Training methods are ineffective or not adapted to different learning styles.
Corporate training programs lack proper evaluation to measure effectiveness and improvement.
Budgetary or logistical constraints limit the quality or reach of training initiatives.
Organizational culture doesn't value learning and development, discouraging participation.
Trained employees leave before the company can reap the benefits of their investment.
A lack of training opportunities makes employees feel undervalued and neglected. As per the survey, nearly 59% of employees claim they had no workplace training and that most of their skills were self-taught. When an employee feels that his/her employer is not interested in their growth, they start looking for better options.
There are many more costs associated with employee turnover than just those associated with hiring. The expense of replacing a departing employee can range from half to twice their yearly salary. Employee Benefits News reported in 2017 that turnover can cost employers 33 percent of an employee’s annual salary.
Hiring and training new employees costs much more than training existing employees. In fact, a recent study by Accenture actually found that every dollar spent on training got a $4.53 return, generating an ROI of 353%. That is huge.
Employee productivity is directly linked to employee satisfaction. If your employee is satisfied with the current working conditions and growth opportunities, he/she will perform to their fullest. On the flip side, when your employee feels neglected and undervalued, he/she won’t carry out their duties with zeal and enthusiasm. According to one study, 74% of surveyed employees feel they aren’t reaching their full potential at work due to a lack of development opportunities.
Investment in staff training and development goes a long way. You train employees once and reap the results forever. A study by the Institute for Employment Studies found that training positively affected productivity, with an average increase of 22.8% among employees who received training.
Employee morale and enthusiasm matter the most. Employees with low esteem and zeal to work will bring no changes to the organization. In fact, everything they do will only be for the sake of doing it. According to one study, 34% of employees who left their previous jobs were motivated to do so by more career development opportunities.
If you don’t offer your employees training and career advancement opportunities, they will move on to a place that will. Online training courses motivate employees to learn and acquire new skills and apply them to their current positions. Investment by organizations in employee development and training programs boosts employee morale by making them feel valued and seen.
The technological landscape is changing very rapidly. The rules and regulations are evolving as new technologies are introduced and innovations are taking place. Your employees need to be adrift with these industry compliances. Untrained employees can fail to comply with certain rules and regulations, which can cause your company fines, lawsuits, and reputational damage.
Innovation comes with continuous learning. As you learn more, you find new ways of doing things. Staff training and development allow employees to expand their thoughts and venture into the vast field of innovation. They can let their minds move freely and find out-of-the-box ideas with newly acquired knowledge. On the other hand, a lack of employee training opportunities can subdue their full potential. Their skills and expertise will remain untapped, and they will never reach their fullest.
Management consulting company McKinsey & Group found that organisations that prioritise staff training and development manage to deliver top-tier profitability and are more likely to become large-scale business giants.
Don’t let your untrained employees be a burden on you. Connect with KVCH for staff training and development programs in India. According to 90% of HR managers, training benefits employee productivity and development; 86% say it improves retention; and 85% believe it impacts organizational growth.
Treat your employees like your assets. Nurture them, and they will provide you with the best results. Neglect them, and they will leave you for a better employer. So, don’t delay. Connect with our expert counselors and let us create a customised program that will provide your employees with training and career advancement opportunities.
Alas! We are at the end of this blog. We hope this blog has provided you with key insights about the downside of not training current employees. The cost of training existing employees is way less than the cost of hiring and training new employees. If you think that you can replace an existing employee with a better one, then you are very, very wrong.
Employees are like plants in your corporate jungle. You need to water them and fertilize them by providing training and skill development opportunities to get the fruits of productivity and innovation. Find the best staff training and development program for your workforce and give them the gift of upskilling.