Companies are aware of the costs of employee training but what they aren’t aware of is that the cost of not training them is a lot more. Companies usually think of employee training as an unnecessary expense, mainly providing employees with the basics and that’s all. What they fail to realize is that employee training is not an expense, it is an investment. So, it’s worth spending time evaluating this investment and choosing a top provider offering the appropriate kind of training. For instance, if a business needs to train its workforce in compliance, it is optimal to check the best compliance training solutions.
Why companies do not value employee training?
Companies are concerned that if they train an employee and if he decides to leave, he might use that knowledge somewhere else. But is it better not to offer training at all? Below are some of the reasons that limit companies to provide employee training.
What if the employee gets a better offer and decides to leave? Why should the company be responsible for employee training? They can do it themselves. Training will reduce the actual work hours. People can learn while working, training is not important.
What will it cost you to NOT train your employees?
Loss Of Employees
People switching jobs frequently is what worries companies nowadays. It is a challenge that few companies realize and fewer are able to tackle. When an employee leaves, he is carrying all the knowledge, skills, and expertise invested in him. Also, companies have to work hard to find a suitable replacement. Even if they do so, the new person will take time to adjust to the new working environment and be at his best. It is also seen that people with high potential leave organizations for better opportunities.
Better opportunities here don’t only mean better financial compensation. Instead, people now look for opportunities that provide adequate training to enhance their skills.
Failure in Innovation
No company can expect innovation if its highly skilled employees are leaving. Change is the only constant and you have to constantly innovate in this highly competitive market of today. If your employees are not being trained, you cannot expect any innovation from them. Such organizations often see their growth in the downward direction. On the other hand, organizations that offer relevant employee training flourish well. Employees are determined towards the growth of the organization and do not hesitate to go that extra mile if they have to.
Missing Out On Millenials
It is a known fact that the newer generation is tech-savvy because of growing up with the internet. Their minds are very creative, always ready to find shorter and better ways of performing tasks. The millennials want their employers to invest in them and value their potential. They need to know if they are investing their time in the right organization. Hence, training is one of the most important aspects of them.
It is also found that the newest generation looks for more perks than the salary itself, like a learning opportunity. So, if you’re hoping to employ new and younger workers, be ready to invest in them if you want them to optimize effort in your organization.
Losing out to your competition
What if your competitor decides to go for a training program while you’re just unsure whether to go for it or not? This means that his employees will develop new skills while you’re employees will be stuck with the same old knowledge. We’re living in the digital age where change is rapid and you need to keep up with it to survive in the market.
Final Words
Some of the losses may seem to be very irrelevant to you when compared to the cost of training your employees. But, the fact is that the cost of training is very low in comparison to the cost of NOT training your employees.
