What's the ROI?
Budgeting time and money to provide your employees with further training and development is often an invaluable use of resources. However, it can be a daunting decision to make when any return of employee training may not be easily visible. Many studies show that investing in employee training and development can help place a company ahead of its competitors, increase employee performance, attract and retain top talent and save a company time and money, amongst other benefits.
We’ve put together a quick write up highlighting some findings from a report by Udemy on what businesses might expect when they invest in their employees, and how learning impacts business outcomes. The findings are impressive, and they may help you justify scheduling the next big training day for your employees soon.
Investing in employee learning, training and development can lead to:
Increased productivity, work quality and communication
45% said that employee productivity increased after training, while 56% said the quality of employee work improved, and 65% said communication was improved. Employees are more able to adapt to changes in the market place when equipped with the right tools to do their work, as well as have fresh perspectives when tasked with problems to solve.
$1,640 saved per year per employee
When employees are well-equipped with knowledge and training to get their work done efficiently, time is often saved, which can then translate to money saved by a company. Considering an average salary of $80,000, an employee who saves just 10 minutes per day on a work task can end up saving a company $1,640 in an entire year.
Saving this kind of money can be associated with factors such as employees making less mistakes when well-trained, and having well-understood communication so important details are carried on in the correct manner. This avoids even the simplest things that can cost a company a lot of money, such as reprinting costs, rescheduling of meetings and overtime, and money can then be put towards further growth instead.
Increased employee satisfaction, morale and retention
By offering training and development programs, companies are more likely to attract the best candidates, as it shows a willingness to invest in their future. Further, it shows a sense of value for employees, which helps to build employee satisfaction. This can lead to less employee turnover and high retention (and thus less time and money spent constantly re-hiring), as well as a high level of team morale.
If you're interesting in upskilling yourself and the people around you, you can check out our latest course offerings here.