In today’s economic climate, with all the pressures of running a business to boot, upskilling your team is probably the last thing on your mind. Parting with an already scant budget to use it for staff training seems like a tall order.
However, a study conducted by the New Zealand Department of Labour indicates that investing in corporate training can have enormous long-term benefits for your organisation
We’ve taken the time to sift through the data and give you three reasons why investing in your workforce is worth the consideration.
1. It increases productivity
One of the most obvious benefits of upskilling your employees is that they are able do more in skilled spaces without you needing to hire an expert to do it. They will also spend less time “figuring” things out and more time actually executing tasks.
Upskilling reduces the error rate in production as well as the time per task, and thus yields a faster turnaround time, increasing performance. This essentially creates room for more work. And more work means more money. It’s a no-brainer, really.
Additionally, once a team member receives training and understands what they need to do, they can spend more time being creative and developing ideas and strategies in that space, because they have a better understanding of what that space is capable of.
2. Your business grows
If you’ve been in business for longer than a year, you will know that things don’t always go the way you thought they would, good and bad. You may have started out only offering Social Media Management services, but due to client demand you need to expand your offering to include content generation.
Or perhaps you started off with just web design services, and now clients are asking you to SEO their web copy. This means that either you need to outsource those services, or someone else in your company needs to do it. If you don’t expand here, you could end up losing valuable business.
Find a candidate amongst your staff with the capacity and aptitude, and train them in the skills they need. This will save you money in the long run and boost your business, not to mention that it will greatly enhance the value of your products.
3. You have happier employees
Investing in employees makes them feel valued and gives them a chance to offer something more than their baseline capabilities. Empowering them with training allows them to see that you acknowledge their worth and appreciate their challenges in the workspace. This acknowledgement increases team morale as well as staff retention.
A study conducted by the Kelly Global Work Index found that 57% of employees would like additional skills training in order to progress further in their current company. That’s a lot of people who are willing to stay with you. In a culture where job turnover is extremely high, loyalty is worth investing in.
Upskilling also cultivates a culture of achievement and healthy competition. If your team notices that you are investing in members who have a strong work ethic and who show an eagerness to learn, they will begin to put in extra effort too. Employees win because when they feel valued, you win because you make more money.
Wins all round.
