In recent years, unexpected numbers of employees are leaving their jobs in different countries. According to a recent report submitted by the United States "Job Openings and Labour Turnover", 4.4 million Americans have quit their jobs in September 2021. With what’s helmed as ‘Great Resignation’ in the business world, concerns are being raised among employers regarding high attrition rates in many global companies.
There can be uncountable reasons to ponder over if we think of why people leave their jobs. Lack of stability, lower wages, poor management, lack of work-life balance, and poor office culture are the few among them. But in recent years, another reason has emerged as a fuelling factor that compels employees to look for a new job and that is, lack of training and development programmes.
Bob Nelson, the author of “1,001 ways to engage employees”, mentions that training and development in organizations are one of the major factors in engaging employees in their work.
In a recent survey conducted by PwC, they revealed that over 50% of millennials agree they go for companies that provide them opportunities for career growth and effective training and development programmes. Nowadays, high incentives and attractive work perks are not enough to keep employees in a company. A well-defined work culture, chances of progress and holistic training and development are getting into top priorities that encourage employees to work for an organisation.
For any business to grow, the job satisfaction of its employees plays a major role. Not just for employees but employers as well, relevant and effective training is crucial for progress. So what are the major reasons training and development are important in any organisation? Let’s take a look.
Training and development ensure employee engagement in any organisation. Employees may feel dissatisfied with their work because of a lack of proper training. Untrained employees develop negative work habits which lead to idleness and loss of productivity in the workplace.
Well-trained employees love their work and feel encouraged to learn and grow in their areas of expertise. Effective training programmes help employers to evaluate existing talent and foster growth and development among the employees.
According to a report published by IBM, employees who feel they are not growing in the company are 12 times more likely to leave the company.
Regular training and development initiatives enforce the notion of personal and professional development among the employees. With re-skilling and upskilling programmes, employees feel more empowered and confident in their work. Additionally, well-trained employees feel more independent and have better decision-making skills, which further helps them to grow and achieve their goals.
Employees get a chance to learn new things that interest them, which further safeguards their job satisfaction.
Retaining employees is one major challenge that employers across the globe are facing today. With a lack of training, employees may feel more frustrated with their jobs and tend to leave the companies.
Training and development of employees will help them feel valued in a company. This will eventually build a sense of loyalty among the new hires and the existing ones. Loyal employees will work for many years in the organization which will ultimately reduce attrition rates
According to LinkedIn’s 2021 Workplace Learning Report, 59% of Learning and Development professionals believe that upskilling and reskilling of employees are the most important areas for increasing productivity in any organisation. It’s not rocket science to understand that well-trained employees will work smartly and produce better results than untrained ones.
To support a company and ensure high-end productivity, employees need regular training and upskilling. With the availability of relevant online training modules, employees can hone their skills and learn new things that will help them grow in their career paths.
In a recent study, HR Magazine suggested that companies that invest a good amount of money in training employees gain more profit than companies that invest less.
Most of the top companies in the world keep the training and development of their employees at top of their priorities. And the reason is simple! Regular training and development bring more job satisfaction to employees and they give their best in performing the tasks. Consequently, the productivity of the workplace improves and companies grow faster.
Customer satisfaction is one major factor that drives the success of any business. Satisfied customers will bring credibility and popularity to brands. To maintain customer satisfaction, employees must possess expert knowledge of their products and services. Regular training and development of employees help them interact well with the customers and solve all their issues. For instance, well-trained sales teams are more likely to bring in new customers and retain them.
Skills are often short-lived. Regular training and development of employees ensures employees are confident and happy with their work. Even though it equips with many advantages, several employers still see training as an extra expense. With time, employers must realise that untrained employees get down to an inferior workforce. Companies that gain the loyalty of the employees will eventually gain more success, more prosperity.
Coconut Learning can help you manage the training and development of your employees by providing the right solution to create and manage online courses. For more information about our online learning platform, contact us here.