Businesses must start investing in employee training. Multiple surveys show it’s not as common. Onboarding training, yes, but continuous training, no. One study found that one in four respondents didn’t feel they’d had the proper training.
The result impacts employees and employers. A business needs employees that actually know what they’re doing, in some industries more than others. So why aren’t brands investing in continuous learning?
Financial or time constraints, or a lack of understanding about the benefits? Below, we’ll tell you why businesses need to invest in employee training and the different industries it can benefit.
The Competitive Edge
Training will give a competitive edge. It’s putting everyone on the same page, doing the same job. The result should be more streamlined processes, but that’s not always the case. Why?
Because brands aren’t investing in training. Yet every industry could benefit from it. Why? Achieving and maintaining a competitive edge across all industries isn’t easy. Healthcare is actually one of the industries where continuous training is mandatory.
Not every healthcare worker loves to do it, they could make the videos a bit better. But they must do it. It’s not just for doctors and nurses – every job in the medical field needs continuous training.
Receptionists, secretaries, and medical scribes need thorough training systems like scribe-x.com. Why does healthcare need to be competitive? A few hospital complaints about patient care and authorities roam the halls.
Technology is perhaps the industry you need the most training for. There’s a new system or software every week. Implementing new systems and software can be a nightmare. And don’t get us started on training for cybersecurity policies.
The finance industry also benefits from specialized training. It needs continuous training in regulatory compliance, risk management, and financial analysis.
As financial regulations become more complex, companies must invest in training programs that ensure their teams understand compliance standards.
Enhancing Employee Satisfaction and Retention
Enhancing employee satisfaction and retention through continuous training is not just a best practice – it’s a critical investment. While onboarding training is somewhat standard (or it should be) the commitment to ongoing education often falls short.
This gap leaves employees feeling underprepared and undervalued. And according to McKinsey research in 2022 called The Great Resignation, 54% of employees leave because they feel undervalued. As the numbers show, it directly impacts their job satisfaction and loyalty to the company.
Investing in comprehensive training programs is not merely about equipping employees with the necessary skills. It’s about demonstrating a company’s commitment to their growth and development.
The benefits of this investment extend beyond employee morale – although there’s a massive improvement there. Continuous training keeps a workforce innovative and competitive. And isn’t being competitive one of the most important aspects of growing a business?
It ensures that employees are capable of performing their current roles and prepared to tackle future challenges. This preparation is essential in fast-evolving industries like technology and finance – they’re growing at a rate some companies can’t keep up with.
Plus, in some industries, a well-trained employee is a safer, more efficient, and productive member of the team.
Fostering Innovation and Creativity
Continuous employee training means innovation and creativity within organizations. It creates a culture of ingenuity.
Training programs designed to develop critical thinking, problem-solving, and creative skills empower employees. They’ll feel like they have more of a voice.
And it’s not every company that will allow employees to feel like they have a voice. One study found 49% of employees feel like they can’t speak up. Some of the reasons listed include:
- Lack of understanding
- Lack of status within a company
- Lack of involvement
Employees have some of the best information on what could improve their jobs. They do it day in and day out. Training them to have a voice to speak on how to improve it can be great for business.
Improving Productivity and Efficiency
Improving productivity and efficiency through comprehensive training programs is strategic. It benefits business and employees.
Employees who receive thorough training are more qualified at completeing their tasks at a higher level. This proficiency leads to a garunteed smoother workflow, with tasks being completed efficiently and to a higher standard.
Still, there’s the potential for slacking and laziness. But that’s another story. Sometimes productivity in the workplace is about creating a workplace people actually want to work in.
The effect of effective (effective is key) training on productivity is massive. It creates an environment where employees are less likely to experience stress due to inadequate preparation – and we’ve all felt the stress of joining a new job without proper training and being asked to do things we don’t understand.
By staying current with industry standards and technologies, companies ensure that their workforce is productive and forward-thinking.
We’d say it’s crucial to stay ahead in a saturated market – which every market seems to be. Investing in employee training is, therefore, not an expense. It’s a vital investment.
Reducing Risk and Enhancing Compliance
Employees can be a risk. One interesting study found that 88% of all data breaches are caused by employee error. And another interesting study found only 17% of brands regularly give employees training updates. Do you see the correlation? It works with everything.
In industries where regulatory compliance is paramount, employee training is essential for ensuring adherence to standards. Training programs focused on compliance and risk management give employees the knowledge to do their jobs.
You wouldn’t believe how many processes could improve with continuous employee training. But the training must be good. Making it a death-by-PowerPoint training session won’t work – it should be interactive and interesting.
Another interesting fact – employees currently retain only 21% of training information. Making it more interesting that a death-by-PowerPoint ordeal helps.
All businesses must invest in employee training. There are so many things they need to know and many statistics that say employees actually want the training. So why are so many businesses not doing it?
The financial and time implications don’t outweigh the positives of having a team of fully trained and competent staff. If some industries make it compulsory, do you think every industry should?