“The only thing worse than training your employees and having them leave is not training them and having them stay”. Henry Ford
“We do not have the money to invest in training” or “we are too busy right now to learn something new” are some of the reasons companies have mentioned to justify not investing in their human capital. Bad past experiences are another justification for neglecting training. “Failed” training, which does not produce results, comes at a high cost and many companies do not want to take this risk. It is a fact that training a team costs time and money. However, non-training has an higher price.
The difficulty in retaining talent remains one of the biggest challenges faced by companies. The involvement of employees, as well as the possibility of them learning and progressing in their work context, are some of the factors that influence in a positive way the retention of talent.
This issue takes special relevance in the younger generation in the labor market, the millennials, whose expectations regarding their employers are quite different from those of previous generations. This generation, which was born between 1980 and 2000 and already represents 1 in 3 workers in the European market (Randstad), clearly shows the need for personal and professional development. According to the PwC study “Millennials at work – Reshaping the workplace”, ‘millennial generation’ favours personal development and work-life balance the most, unlike previous generations, which value wages above all.
Here are 4 reasons why a company should invest in training:
Increases employee satisfaction and confidence
Employees are human. This means that everyone has weaknesses or gaps in their professional skills. If someone feels inadequate or insufficient in their job, probably they also do not feel happy and motivated. By not being satisfied with his work, he tends to care less about his quality of execution. On the other hand, employees with the possibility of updating their knowledge and developing their skills tend to be more satisfied and motivated to stay and grow the company.
Improves employee performance
When employees are not fully or properly trained to perform their duties, they take more time to complete their tasks. The training allows to fill in existing gaps and weaknesses in terms of knowledge and skills, and is therefore one of the most used tools to improve the performance of employees. The participation in quality training also allows employees to perform tasks autonomously, with less guidance and supervision, contributing to an increase in the overall productivity of the company.
Prevents loss of time and money due to mistakes
When an employee without training makes a mistake, it implies that the work has to be redone. This means duplication of time and tasks, and time is money. Mistakes and inefficiencies can lead to inadequate and flawed deliveries of products/projects. Worst case scenario, the company will lose clients.
Increases company competitiveness
Training is a strategic resource that enables organisations to respond more effectively to changing market demands. The value of a company rises significantly when investing in the qualification of its human capital, since the training allows the increase of the global know-how of the company and contributes to the improvement of performance indicators. On the other hand, having motivated and happy employees encourages their proactiveness and creativity and the consequent predisposition for innovation.
With these reasons, we can conclude that investing in the skills of your workforce is investing in the company. When an organisation has a trained and motivated workforce, it means that people have new skills that can help the company to improve productivity, reduce mistakes, build trust, and create a better work environment.
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