Employees are not only a part of the organization, but they’re the most crucial building block that the organization is established upon. All the talent and skills that each employee brings to the table is vital to the growth and success of the business. And while the organization ensures using the best methods for hiring the most suitable and qualified staff for each department, ensuring their development and growth is a concept that takes the back seat.
According to a study, organizations that pay attention to the employee’s development experienced an increase in their sales and profits as compared to the organization that didn’t engage. Here’s a fact: Being responsible for the training and development of your employees plays a crucial role in improving the financial performance of an organization.
The Benefits of Training and Employee Development in The Workplace
Employee development leads to higher efficiency and competitiveness, and produces a workforce that more satisfied and engaged. As far as the statistics are concerned, companies that focus on the development of their employees noticed 41 % less absenteeism and more than 15% of overall growth.
But these are not the only reasons why organizations opt for regular training and development programs. Since employee development builds companies, there’s a lot more to this aspect. Here’s everything you need to know.
Improved Employee Retention Rate
One of the biggest challenges that employers face in the long run is hiring new talent and retaining the experienced employees. Employers can reduce this risk by focusing on the employee development part and using it as a competitive advantage during the hiring process. This cultivates a sense of value and loyalty towards the organization, which eventually leads to staff retention.
Offering different training and development programs with the employment contract is not only a great way to attract great talent but also retain it. And there’s more: an organization with a high percentage of workforce engagement can reduce the turnover rate by up to 60%.
Training the Future Leaders
Being critical about your hiring process can help you make wise decisions and target talent and skills that can be used for future leadership. It is during the initial acquisition that the hunt for leadership begins. Also, offering regular development programs to your employees also give them the opportunity to polish their skills and be a part of the leadership roles in the future.
Another great benefit of employee development is employee empowerment. Only when the authoritative workforce feels empowered, it will be able to influence the employees in the positive direction. Employees that experience a better sense of recognition, value, and autonomy will work with higher confidence and deliver better results.
Increase in Workplace Engagement
It is the dissatisfaction from work that creates the negative vibe within an organization. Often, when an employee leaves the organization, there’s a domino effect that takes place. The negative working habits are also the side effects of boredom and workplace idleness. One of the best ways to prevent these feelings is to make an employee feel engaged.
Carrying out regular training programs can keep your employees occupied and establish regular re-evaluation of your employees’ skills and productivity.
It Helps You Find Great Employees
Focusing and investing in improving employee morale will not only retain your best employees but it will get new and more competent employees on board too. Presenting growth and development opportunities to your potential employees during the hiring process is a surefire way to convince the most talented lot to work for you. When a candidate shows interest in joining your workforce, they too wish to professionally grow within the organization.
Talking about the real benefits – apart from money – in the form of professional growth and development is surely going to help you in finding the best people to join your team.
It Increases Productivity
The increase in productivity of a business is something that companies always focus on improving. Despite the fact that there are many productivity tools and methods out there, nothing is by far in comparison to employees’ engagement. The efficiency of employees rises with an increase in employee retention.
Conclusion: Employee Development Works
All in all, one of the best ways to prompt an organization’s planning and analysis is by offering them the best opportunities for training and development. It enables employers to create the growth of employees within the company rather than hiring new recruits for different positions. HR managers can evaluate the existing capabilities of the employees and organize targeted management curriculums that cover all possible cavities in employees’ skills.
By offering continuous development opportunities such as income driven repayment plans, to the employees, an organization can keep them productive, engaged, and loyal. It’s the challenge that the educational courses and training programs bring with them that would put your employees on toes. As a result, they become more inclined to carry out their job roles more efficiently and take one step ahead towards growth.