Employee turnover costs US businesses a whopping $435 billion per year. And that is only accounting for the employees who have left a company voluntarily, without being asked to leave.
So what does this have to do with training your staff?
Well, training your staff to do their job well is a huge reason why many people stay with companies. It can also help decrease employee turnover, and create better all-around morale in your office space.
In this article, we’ll talk about some of the top benefits of training staff, and why your company should take this investment seriously.
1. It Cuts Down on Employee Turnover
The average company spends nearly $5,000 per position they’re looking to fill.
That includes the expenses incurred training a new employee, finding the new employee and recruitment and advertising.
But like most people who run a company, it’s likely you want to cut down on employee turnover and create workers who are loyal to your brand and your company.
So what can you do?
Training employees is a great way to cut down on this. By investing in your employees’ training, you’re actually investing in your company’s future.
This doesn’t only apply to training an employee once you give them the job, but it also applies to continual training. If you keep giving people incentives to stay in their job by providing training and growth opportunities, they’ll stay with you.
Otherwise, they may look for other companies that can train them on skills they’re interested in learning.
Don’t keep your employees stuck in a rut with the same few tasks.
While some people are happy to remain where they are, many other people like to grow with their companies. As such, you’ll need to find a way to make that a reality. Training does that.
2. Training Staff Can Advance Your Company
Training staff isn’t always about training them to do the job at hand.
It can also be about training them to use new technology, to foster skills and hobbies and anything else that might benefit your company.
For example, if a new technology debuts that is very niche, but could help your company, training someone on staff to use it is a great way to grow your company.
Instead of spending thousands on a new employee, you can send the employee to classes to learn the technology. In some cases, this might even be free.
This way, your company can benefit from new technology right away, instead of waiting to hire a specialist.
3. Training Can Take Your Company to the Next Level
Training isn’t just about technology, but it is also about advancing your company all around. With training courses, you won’t only boost employee retention, but you’ll also get loyal employees who will rise through the ranks.
These individuals, with added training and expertise, may also help you solve infrastructure problems and other issues within your company.
This means that seen from a new angle, and with added training, they can actually help you change your company up so that it is exactly what you’ve always intended it to be.
4. Training Helps Your Company Comply with the Law
In some countries, there is mandatory training that must take place in all companies.
These can include ensuring people are aware of sexual harassment and similar claims, as well as ensuring those working with certain products are kept safe.
In Canada, for example, those who work with chemicals are required to handle chemicals in a certain way. Most companies who handle such corrosives send employees to something known as WHMIS (Workplace Hazardous Materials Information System) training.
You can click here to access a free version of it for your office.
5. Training Helps Co-Workers Bond
While your company likely isn’t about making sure that all of your employees become friends for life, getting along and working harmoniously is beneficial to everyone.
The fewer issues you have to deal with between colleagues the better. And this makes it easier for people to get on with group projects and other things they may be required to do as a team.
Training individuals in groups can not only help them brush up their skills to use for your company but also helps them bond with one another. They can learn their co-workers’ strengths and weaknesses and who to go for to help them with certain problems.
Once employees know one another a little bit better, they won’t be as shy when it comes to asking each other for help.
They’ll also have something to talk about already so that when it comes to speaking to one another during the day, it won’t be so daunting.
By delivering training, you can also learn about your employees’ strengths and weaknesses in a way you might not have without training.
Training Staff is Essential
Training staff is something that can’t be avoided.
But don’t look at it as a necessary evil to run your business. Instead, look at as an investment into your company’s future.
Your staff will definitely appreciate you taking the time out help mold and shape their careers, as well as ensure that your company runs as smoothly as possible.
If you’re reading this article because you’re about to hire a new group of employees, read our section on hiring new staff. Let us help you with everything from tips and tricks to templates of forms to fill out for your new recruits.