Any investment made in a business is often measured by its return. That’s how business owners determine whether or not making an investment is worth it. However, many entrepreneurs often forget that investing in a business also means investing in the people who keep it running, particularly employees.
Unfortunately, many companies often overlook or neglect their employees and do not realize that their workers are some of their businesses’ most valuable assets. That is why, when a business is going through some difficult financial times, employee training is usually the first thing to be scratched from the to-do list.
However, that’s rarely a good strategic move because the employees are the ones that do all the work that keeps business processes running. They produce, they sell, and they make customers happy.
Investing in your workforce has plenty of benefits for your business. Here are four reasons why you should invest in your employees’ training:
It makes customers happy.
While the connection may not be very apparent at first glance, training your employees will also significantly influence customer satisfaction.
You may be thinking, “why would my customers be happier if I train my employees?’. Well, customers may not really care about whether or not you offer training to your staff, but they do care about how they are served by your employees when they reach out to your business in any way.
So, here’s the deal: the more trained your employees are, the better they know how to get their job which means the happier your customers will be with your services and products.
Investing in your employees’ training means that they will get better at what they’re doing, be it sell, produce, transport, deliver, promote, or whatever task they have. In return, your business will see happier and more loyal customers, which translates into increased sales.
It helps prevent workplace accidents.
Workplace accidents can wreak havoc on a business’s finances and reputation. Leave aside the fact that one or more of your employees get hurt. As an employer, you have the moral and legal responsibility to protect your employees while they are at work.
Now, removing potential accident hazards from the workplace is essential. But so is training your employees so that they know how to perform their tasks correctly and avoid accidents.
Training helps prevent workplace accidents and injuries, especially in industries that are more dangerous such as construction, manufacturing, mining, wholesale and retail trade, or transportation. Jobs in these industries involve performing hazardous tasks such as working at heights or manipulating large objects.
For example, say you’re running a warehouse. Forklift training is essential to teach your employees how to safely operate such a machine without putting themselves or their coworkers in danger.
It helps improve retention rates.
Another key to happy customers is to have satisfied employees. And, yes, in case you didn’t know that by now, investing in your employees’ training makes them happy. Don’t believe us? Here’s what LinkedIn’s 2019 Workforce Learning Report found: 94% of employees report that they would stay longer within a company if the employer would simply have invested in helping them learn. So, in other words, for 94% of employees, training was more important than a raise when it came to counting their reasons for staying with an employer.
For employees, seeing that an employer invests in their training is a sign that they are valued and important for the company they work for. It proves to them that you want to help them improve, which is why they are more likely to be loyal to you as an employer.
Improved retention rates translate into a lot of time, money, and other resources saved that you’d rather waste for screening, interviewing, hiring, and training new employees.
It helps increase productivity rates.
It’s not rocket science to understand how training helps improve productivity at your workplace. When employees know better how to perform their tasks, they do it more efficiently, faster, and without rookie mistakes that can cost your business a lot of resources.
Well-trained employees don’t waste their and their colleagues’ time trying to figure out how to do their job or to ask questions about how to do their tasks. Employees who know well what they have to do simply get on their work and become productive.
Training also improves productivity as it can help your employees learn and discover new ways of performing their tasks which can take less time and get the job done more efficiently. Training can lead to those “Aha!” moments when everybody realizes that there’s a faster, easier, and more hurdle-free way of performing a task.
Overall, investing in your employees’ training has only benefits and no drawbacks. Your staff will know better how to do their job, and your customers will be happy about it.