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3 key benefits of giving your employees the training they deserve

by Apr 22, 2017Continuous Improvement, Training


3 key benefits of giving your employees the training they deserve

Why spend time and money training people if they’re just going to leave?
“Train people well enough so they can leave, treat them well enough so they don’t want to” – Sir Richard Branson

Richard Branson is one of the world’s most influential businessmen & he recognises the value of his employees when it comes to his company’s success.

If you train your employees well enough to warrant leaving the company then they are likely to have learned valuable, sought-after skills and industry expertise; making them a fantastic asset.

Unfortunately, employees who are valuable to you are also likely to be extremely valuable & therefore attractive to your competitors. As such, it is important to treat staff well in order to increase their motivation to work for your company.

But, why invest money in training employees, when they could leave?

Here are 3 key benefits of giving your employees the training they deserve:

  1. Training opportunities increase employee retention When employees leave, approximately 25% report that the reason for their departure is a lack of training and development opportunities. When they feel supported and encouraged by their organisation, people are more likely to stay in their role. Although it stands to reason that employees with a better understanding of their job will perform that job better, it’s also worth noting that it greatly increases job satisfaction and contentment.
  2. Training is cheaper than replacing It is estimated that the cost of replacing a member of staff is roughly 1/3 of the new employee’s annual salary. It this perspective, the cost of training stops appearing as such a high price to pay. Training your employees also facilitates opportunities to delegate & encourage team members to take on multiple roles and responsibilities.
  3. Regular training is essential in order to remain up to date with industry trends, technology & regulation It’s one thing to strive to be at the cutting edge in business but it is imperative that you do not fall behind! Conceptual and technical advances evolve rapidly across all sectors in the modern world so it is absolutely crucial that businesses and professionals alike ensure that their output reflects best practice.

Continuous improvement and investing in training will keep your employees up to date and allow them to adapt to the ever-changing work environment.

So, if we accept the need to train staff, how can we prioritise that training and where do we start? 

Training Needs Analysis

Insight FD’s Mindshop accredited business advisors can guide you through this is a process to determine all the training that needs to be completed within a certain period to allow your team to perform their job as effectively as possible, as well as progress and grow.

There are 3 key steps involved in training needs analysis to ensure your business is making the most of the process:

1. Decide On Skill Sets
The first stage is to decide on the skill sets that you require all your team members to have in order to do their jobs properly. This means looking at every job role within your business separately and considering things like the different departments or levels of seniority which will affect this as well.

2. Evaluate The Skills Of Staff
The second stage is to look at all your team members and evaluate their current skill levels in relation to the skills you have laid out in the first stage of this process. This will allow you to see who is meeting your expectations, and who needs to complete further training in order to meet the expected skill level.

3. Highlight The Skills Gap
Now that you know where you want your team to be and the level they are currently at, you will easily be able to see the gap (if any) that has appeared between the two. Now you know what the gap is, you need to use training to help close that gap and ensure your team is at the level you expect them to be.

Beyond the training needs analysis, the Insight FD Team can deliver Coaching tailored to your business’s needs.

Get in touch with our Advisory Team who will happily go through things with you.

Reach out to the Insight-FD Advisory Team

Arrange your free 30 minute consultation with Bob Evans, founder of Insight-FD.

Reach out to the Insight-FD Advisory Team today