Numerous scholarly and industry studies have indicated that training is a critical ingredient in the ability of an organization to retain and engage their employees. As someone who has been in the education and training field for 20 years, this does not surprise me in the least. However, during a recent lunch discussion, this was reinforced in a big way.
One male in his mid-30s indicated that when he walked into a well-equipped training room for a job interview, his attitude toward that company was immediately positive. “If they were willing to do that for their staff,” he said, “then they would do the same for me and I could learn so much.” This was a key piece in his accepting the position. Another participant in the conversation was a young man (millennials) who agreed wholeheartedly. As someone entering the workforce, he sees a company that has a well-resourced training program as a key part of where he would like to be working.
A 2016 Udemy study revealed that 44% of respondents cite a lack of learning opportunities as a reason they left their job[i]. This creates significant bottom-line impact for business. According to CPHR Alberta, it cost $21,100 to replace an employee in Manitoba in 2016. That cost would not have decreased since then. This does not include the “hidden costs”—slowed growth, missing revenue targets, client project delays and increased hours for existing staff[ii].
Now, think about the modern workplace. Technology is everywhere and that technology is constantly changing. These changes are only going to accelerate. The eBook “Actionable Insights for Modern SMBs”, available for download on our website, has four pillars of Digital Transformation, all of which relate to training. Who wants to empower untrained employees to make critical business decisions? No one. Can you optimize operations without input from the people actually carrying out those operations? Unlikely.
In short, all employees—from the newest entry-level employee to the experienced executive—need good training to make the best decisions relative to their job. If you invest in your staff, it does pay off.
