Many companies struggle to justify the expense of investing in employee training and development. Resources are harder to come by than ever these days, and in many workplaces, supervisors are already challenged to get by with minimal staff. When you’re already shorthanded or working on a shoestring budget, it can be hard to see your way clear to sending an employee away for hours or even days to attend a training and development seminar.
It’s true that employee training and development costs your company money and can present challenges if it leaves the business shorthanded for a period of time. But it’s an investment that can save you money in the long run, as it attracts more talented employees to your company as well as building the talents of the employees you already have. Investing in employee training and development will increase your company’s profits and help your business prosper in the long term.
Training and Development Is Worth the Investment
If you need to fill a new role in your company, it’s probably going to be cheaper to train an existing employee into the position than it will be to find someone new to fill that role. In many cases, you may be able to simply add the new role’s duties to existing employees’ job descriptions. While you may want to offer them a raise to compensate them for the additional work, that’s still going to cost less than recruiting and hiring a new employee, who will want a full salary of his or her own.
Try not to worry too much about the hours of productivity lost when an employee spends time on training and development. Employee training and development pays off. Companies that invest $1,500 or more on each of their employees each year average profit margins 24 percent higher than companies that spend less per employee per year. According to the American Society for Training and Development (ASTD), companies that offer employees comprehensive training options also bring in 218 percent more per employee than those who offer less training.
Employees Appreciate the Chance to Expand Their Skill Sets
Paychecks, 401(k)s, and benefits are an important part of what keeps employees satisfied at work, but they’re not the whole picture. Employees also want opportunities to learn new things, expand their professional repertoires, and stay competitive in the work force. Opportunities for training and professional development are one way to reward your employees if bonuses or pay raises aren’t feasible for your budget. Training and development seminars can help your employees stay motivated, fresh, and engaged, since they offer a short break from the mundane day-to-day of the job as well as a new perspective on the work.
Not only that, but offering your employees the chance to develop their skill sets shows that you care about them as people. That fosters goodwill and grows loyalty. Some of your employees may very well take the new skills they’ve learned at your company and move on to other positions with other organizations. But most will remain committed to your company, and will be more valuable, more trustworthy, and more likely to move up the ladder as well.
Development Opportunities Attract the Best New Candidates
Training and development seminars help you improve the talent pool you already have, but they can also be part of what attracts the best new candidates to your company in the future. The most attractive candidates are going to want to take jobs with companies who can offer them opportunities to grow and develop as professionals. Ambitious, motivated, hardworking candidates will be more likely to seek out your company if they know that working for you will give them access to more opportunities in the future. No one wants to be in a dead-end job, and the best job candidates want to know that their jobs will give them plenty of room for growth and advancement.
If you’re hesitant to offer your employees training and development opportunities because you’re worried that your business can’t handle the cost, you should know that helping your employees increase their skill sets can directly grow your company’s profit margins. Not only will employee training and development be financially worthwhile, it’ll also translate to improvements in employee performance and increased motivation. So go ahead and send your employees off to that training seminar — you’ll be glad you did.