Reasons to Invest in Employee Development
Why invest in employee training during economically challenging times?
The short answer is that training and development are critical to your company’s success. In the past, employees were rated on the 3 R’s – Reading, writing, and arithmetic. These abilities are no longer sufficient for success in today’s business environment that is constantly responding to evolving technology as well as a rapidly changing social and economic landscape. As we continue to navigate the constant change, it is critical to develop skills that will prepare economic participants to move from surviving to thriving.
For employees to be efficient, productive, and adaptable, It is important to have or to learn the following key skills:
- Leadership skills in the new “BANI” world;
- Competencies in a “VUCA” climate;
- Creativity and Innovation;
- Communication and Collaboration;
- Digital Literacy;
Effective training tailored to your business’s needs can provide your employees with critical next-generation skills while also bringing a slew of business benefits. Here we outline some critical reasons why you need to invest in employee training:
- Support Succession Planning
By increasing the availability of experienced and capable employees to assume senior roles as they become available, providing ongoing employee training and development aids succession planning. Increasing your talent pool lowers the inherent risk of “irreplaceable” employees leaving the business. Leadership, strategic decision making, effective people management, and role-specific skills are all areas of training that can help with succession planning.
- Increase Employee Value
Effective training can help your employees “up-skill” or “multi-skill.” Upskilling entails expanding an employee’s knowledge of an existing skill and bringing in more experts in a subject area. The process of training employees in new or related work areas to increase their usability within the business is known as multi-skilling. Employees with a wide range of skill sets can perform a wide range of tasks and move more easily into other roles within the business.
- Reduce Attrition Rates
Investing in your employees’ development can help you reduce attrition. Well-planned training can provide career paths for employees, allowing them to stay with the business rather than seeking higher-level opportunities elsewhere. Another advantage is a decrease in recruitment costs.
- Enhance Operational Efficiency
Training your employees can help them become more efficient and productive in their daily work tasks. Training can also assist your business in improving process consistency, making it easier to project outcomes and meet business goals and targets.
- Exceed Industry Standards
Training your employees in industry-standard best practices could also help you build your reputation and outperform your competitors! Many businesses operate in oversaturated markets, so it is often the small details that distinguish your company from the competition.
Acronyms:
“BANI” – Brittle, Anxious, Non-Linear, Incomprehensible;
“VUCA” – Volatility, Uncertainty, Complex, Ambiguity;
Quick Fact
Skills Junction is a SETA accredited training provider and a Level 1 EME with 100% B-BBEE compliance and 135% procurement recognition.
“Your Development is our Driving Force”