The ROI of Staff Training: Turning Investment into Long-Term Value
In this fluctuating economic climate, investing in staff training can feel more like a luxury than a necessity. However, with constantly changing markets and new technologies, staff training has become more important than ever. Ultimately, staff training is not just another expense, it is a strategic investment that can create many remarkable benefits for your company. These benefits, to name a few, include performance improvements, staff morale, company culture, and ensuring employees stay relevant and up to date with the latest tech or changes within their industry.
In this blog, we will unpack the many ways that staff training can unlock long-term potential for your workforce and your organisation. From implementing new efficiencies to reducing catastrophic errors, staff training gives your employees the opportunity to flourish and contribute to your company’s long-term growth.
What is staff training:
Staff training in its simplest form is giving your employees the right platforms to improve their skills and ultimately become better at their jobs. This process can be mutually beneficial for your staff and the functioning of your business.
How do you train and develop staff members
While you may be aware of the traditional, in-the-classroom training, there are plenty of other options for you to choose from when making the decision to train your staff. Each of these can be adjusted to suit your schedule and business needs.
1. Formal Qualifications and Certificates
This usually involves long-term accredited training that leads to obtaining a certificate. Employees can enrol in these qualifications at a university or through an accredited training provider. It is a great way to give your employees in-depth, advanced knowledge that they can use to improve their quality of work.
2. Short Courses and Workshops
If you are looking to have quick and targeted training sessions that can fit into your busy schedule then short courses and soft skills workshops are the way to go. This learning style is shorter and can take a matter of hours or a few days to complete. Often, a facilitator will teach your staff at your facilities or a training centre. These courses focus on a specific topic and provide intensive knowledge needed for that desired skill. However, it is important to keep in mind that these training courses or workshops are not always accredited.
3. Online Learning Platforms
Introducing the Udemy’s and Skillshares of the world. This form of learning is designed to make learning as simple as logging online. They are often self-paced and cover a variety of topics that are taught in pre-recorded videos. Therefore, your employees can choose courses that match their career goals and learn on their own time.
Learnerships are accredited work-based learning programmes that include both theoretical and practical training. They focus on a specific industry and can take up to 12 months to complete. This is a great method to give your staff the right combination of theoretical knowledge and work experience. Once the learnership is completed, students receive a nationally recognised qualification and your business can claim BBBEE points for Skills Development.
Why Staff Training is Important:
Whether you may realise it or not, staff training can be a valuable catalyst for the success of your business. This is because staff training allows employees to grow their knowledge and skills which can ultimately improve their overall work performance. In fact, a report published by The International Journal of Business and Management Research states that 90% of employees that participated in their survey confirmed that staff training improved their job performance.
This is especially important in today’s ever-changing working landscape whereby new technologies and processes are introduced every day. Companies can therefore keep up to date with the times and stay afloat in the modern era thus steering them towards sustainable success.
10 benefits of training employees:
Staff training gives your staff a clearer view of the tasks they need to complete and how best to complete them. This will ultimately improve employee confidence which will have a positive impact on their performance. Additionally, employees may feel more comfortable working on new tasks independently and not feel the need to continuously ask for help.
2. It’s expensive to lose employees
The truth is, it is more expensive to lose staff than to retain staff. In fact, statistics show that it can cost three times more money to find a new employee than to retain an old one. This is due to the costly nature of the hiring process. Job advertisements, meeting salary expectations, and using company time are all major contributors to money wasting. Additionally, new recruits may need time to learn the ropes of your company. Investopedia predicts that it could take six months before you see a return on investment for a new hire.
3. Boost Employee Productivity
In the world of business, productivity increases profitability. By investing in staff training you are giving your staff the space they need to see where they could improve their processes and output. This may be in the form of learning new and effective software, finding better ways to complete a task, or developing effective time management strategies.
4. Prepare employees for change
As mentioned earlier, the world of work is constantly changing. In fact, the introduction of artificial intelligence and other innovative technologies may continue to shift the way we do business altogether. Staff training is a great method to fill in any gaps in the knowledge your staff may have about these processes and their effect on their jobs.
5. Less chance of error
Lacking the right knowledge and skills in certain areas of your business is a recipe for disaster. Cleaning up those messes while simultaneously fixing your company’s reputation may put a major strain on your wallet. This burden could even surpass the amount of money required for staff training. Therefore, it’s important to address skills gaps when they arise rather than paying for them later on.
6. Better Customer Service
All customers want to feel valued and cared for. By enrolling your staff in sales or customer training they can develop better strategies for dealing with customers. This will help them with identifying customer needs, addressing concerns, and offering personalised assistance. Therefore, your company can build more positive customer experiences and meaningful relationships.
7. Consistency and Standardisation
Training programmes can be an effective way to make sure there are consistent standards and practices across your organisation. When all employees are put on the same course, it’ll ensure there is uniformity in processes, customer service, and procedures. This will ultimately prevent mishaps in your business and present a clear message to your customers.
8. Creativity and Innovation
Sticking to safe strategies and processes can lead to your company missing out. By encouraging regular training you are pushing your staff to accept a creative and innovative environment. Your staff may come back with a fresh new outlook on a recurring problem, come up with creative marketing campaigns, or find better ways to operate internally.
9. Reduce Employee Turnover
As human beings, we are wired to challenge ourselves and find new ways to grow. Therefore, it’s not surprising that your employees want the same. Staff training shows your employees that you care about their growth and career progression. When they see a clear path for development within your organisation, they will be more likely to stay.
10. Improve Company Culture
By fostering a culture of learning and development, you send a powerful message to your employees that their growth and contributions are valued within your company. This approach creates a positive work environment where learning, continuous growth, and improvement are embraced. This will only lead to a thriving and progressive atmosphere.
When should an employee be trained:
There are many situations and reasons why an employee should be trained. Ultimately, this decision should be made based on your unique business needs. However, there are a few common reasons why companies choose to train their employees:
1. Onboarding
This typically takes place when a new employee joins the organisation. It is a form of training that introduces an individual to a specific working environment and makes sure that all employees follow consistent processes. The new recruits will therefore feel more comfortable, familiar, and welcomed to the company.
2. Introduction of new skills or technologies
One vital quality any business should possess is the ability to adapt to change. As companies expand and new technologies are added it’s important to make sure that your employees have the right tools to survive the change. Training should be provided before or during the rollout of these changes to make sure there are minimal disruptions or challenges.
3. Promotions or Transitions
Transitioning from one role to another can often feel intimidating for your employees. Staff training equips them with the right tools to navigate the pressures and protocols of their new job effectively. This cuts down on any setbacks, challenges, or insecurity that might get in the way of their performance.
4. Improving performance
There may come a time when you realise that your employees are not performing like they used to. The drawn-out work year, shifts in management, or forgetting important skills may be some of the contributing factors. Luckily, training programmes are suitable for giving your staff the motivation they need to perform better than ever. After all, we all need a push sometimes.
5. Skills gaps
A vital part of running a successful business is being on the lookout for any skills gaps that may appear. Training helps you give existing employees the opportunities to extend themselves into areas where they are needed. This saves the company by bridging skills gaps and offering development opportunities to staff.
Benefits of management and leadership training:
Taking on a highly influential and often pressurizing role can be a big step for even the most confident employees. You could give your staff the boost they need by showing them practical management techniques, leadership styles, and conflict management tools to take on any management role with ease.
Additionally, management workshops are effective in identifying upcoming talent. You’ll have a guaranteed pool of leaders that are ready and waiting for when the right opportunity arises. Or maybe not. Self-leadership can positively impact the day-to-day operations of any employee, whether they are nominated to a management position or not.
Benefits of Sales training:
It may be easy to assume that anyone that possesses the gift of the gab is an effective salesperson. While these natural abilities may aid in the process, having effective sales strategies and procedures in place might be just what you need to close the deal.
A Successful Selling workshop will give your staff the knowledge to profile your customers, determine their needs and ultimately make a sale. This forms the foundation for knowing how to sell to different personality types and persuade them to want the product
For those that are more seasoned sellers, a sales workshop may feel far from the right antidote to improving sales. However, the needs of consumers are constantly changing. A sales workshop may fill in the gaps of new sales techniques or brush up on knowledge that has been long forgotten.
Benefits of soft skills training:
Soft skills, also known as interpersonal or people skills, may not develop technical abilities but they hold value for how employees function in the workplace. Dealing with conflict, adapting to change, and coming up with innovative solutions are all just as important as getting a task done.
Perhaps the biggest benefit of soft skills training is that there are a variety of workshops to choose from. Therefore you can target specific pain points that may pop up within your business. This may improve communication among teams, defuse clashing personalities, and show employees how to handle angry customers in a respectful way. By dissecting and addressing these issues you are not only improving the output of your business but are creating a more positive work environment for everyone.
How to make the most of your training efforts:
While most training programmes come with added benefits, choosing a learnership programme can add even more value to your training investments. A learnership is a unique blend of both theoretical and work-based learning. This ensures that your staff are given important concepts that they can put into practice in real workplace scenarios. Fortunately, there is a wide range of learnership programmes for you to choose from. This means that you can choose the right learnership to fulfill your specific needs.
As for your company, learnerships can positively impact your pocket. This is because learnerships offer numerous tax breaks and benefits. Additionally, by improving your BBBEE level you can open the doors to more profitable and sustainable business contracts. This includes doing business with government entities and large organisations that are already BBBEE compliant. To find out more about the BBBEE system, read our complete guide here.
Next Steps:
Turn your staff training into long-term value by enrolling your staff in training solutions that are effective for your business needs. Edge Training offers a comprehensive range of learnerships, short courses and soft skills training workshops that can be tailor-made to your specific needs. We have over 24 years of experience in the training industry so you can rest assured that your staff – and money – is in safe hands. As a training provider that is committed to positive change and inclusivity, we have a level 1 BBBEE scorecard and can help you on the journey to achieving or maintaining your compliance. Reach out to one of our representatives today to see how we can help you!