4 Benefits of Training in Small Businesses
If you run a business, you understand that growth is difficult to achieve. Sometimes, a business starts out growing leaps and bounds, and other times, you hit a plateau and a business becomes stagnant. Luckily, there’s a simple answer: invest in training.
Training has a way of turning stagnant business into an expanding business. Here are four benefits training gives.
1. Employee Retention
Through all the hassle of sorting through resumes, interviewing potential candidates, and hiring someone, the goal is to keep them. When a company turns to training, employees are much more likely to stick around. One reason is that training builds loyalty.
In the United Kingdom, a Skillsoft survey found that 66% of employees actually expect training to help them improve. In addition, 68% felt training was always relevant regardless of how long they worked or seniority in the company. Not only that, but the Chartered Institute of Personnel and Development found in a study that 95% of hiring managers consider training essential in retention.
When employees know you care about their contribution to the company, they stay.
2. Higher Profits
Every businesses goal is the same: profit. If a company isn’t making money, they won’t be a company much longer. Training helps with that as well.
According to the Association of Talent Development, companies that offer training for employees have a 218% higher income per employee than those who don’t. Furthermore, they also have a 24% higher profit margin. It may seem obvious, but because employees are always improving, the profits improve with them, benefiting both the employee and the employer.
A key way to gain profit is by increasing productivity. If a team normally finishes a project in a week, but after training can finish the same project in half the time, obviously the training is worth the investment.
Additionally, some of the most common training courses deal with productivity like personal time management and team management apps. Over a three-year period, Motorola found that for every dollar spent on training, they gained 30% in productivity. Going through training like this helps teams learn to communicate with each other more effectively and get more done. Moreover, they can learn how to manage their own time more efficiently, getting more work done.
4. Staying ahead of competitors
No matter which market your business is in, we can guarantee it is constantly changing. Innovations and trends come along every day, and keeping up with innovations and industry standards is essential. Training courses can help your company stay up to date on the latest trends. By training consistently, employees also gain more skill in adaptability. When significant changes come to the industry, they will be able to quickly make adjustments.
As you can see, implementing training courses into your company can help retain employees, increase both productivity and profits, and keep you up to date. Who doesn’t want those kinds of benefits for their company?
If these benefits sound like ones you could use to propel your company forward, consider checking out top training company, Pluralsight. They have over 5,000 courses in software development, design, business, and more.
As an affiliate of Pluralsight, we’re excited to offer a special deal. For a limited time, Pluralsight is discounting individual annual subscriptions to $199 from the original $299.
Using training for your company is an investment. Try it out and see if Pluralsight is right for your company. To learn more about this offer, visit our page here.