The benefits of training can trickle down to every aspect of your company. From improving staff moral to boosting profits, training can improve your business’ performance. Recognising the need and implementing a training strategy in your business could see your profit margins increase by 47%. Training is an investment, not a cost.
Why is training so important for business?
Training enhances your employees’ skills. Any positive changes you want to make for your business will usually transpire through your staff. Trained employees will not only have the correct skills to be able to do their job effectively and efficiently but will also be engaged with the company. If they feel like you are investing in them through training, then they will feel more satisfied with their role and appreciated as an individual. In turn, this has a positive effect on their performance.
Training is also thought to impact staff turnover. Staff retention is much higher within companies that invest in training. Most people want to learn new skills and add to their professional development and are more loyal to companies that offer good training packages. If an individual feels as though they are valued in their role, their work is likely to be more valuable. Around 40% of employees who receive poor job training leave their positions within the first year. The costs of staff turnover are much higher than that of the costs of training. You don’t need to waste money on churning staff when you could be training them instead.
How can training boost profit?
Every other part of your business stems from the people in it. Profits and performance are directly linked to the efforts of the people working towards this. Quality training can improve your team’s communication, increase customer satisfaction and boost profits. According to Craig Hane, the CEO of online training site StaffingTools.com “Training is one of the best, if not the best investment you can make in your company, your people, and your customers”.
Training your staff increases productivity, confidence and communication. It is not just factual knowledge that your employees will learn, they will also upgrade any existing, more general skills. Imagine if all of your employees were as proficient at their role as they could be. Think about how this would impact the bottom line. Your sales team could be closing more deals, your office could be communicating more efficiently and the managers could be leading more effectively. This will increase profits and performance in every aspect of your business.
We provide high quality accessible training and coaching to help businesses like yours improve individual, team and organisational performance. We offer bespoke in-house and one-to-one training as well as open courses all over the UK. Get in touch now to see how we can help your business and boost profits.