Updated: Sep 18, 2019
Employee training and education are important elements of running a successful business. Training is the primary catalyst in building the competencies employees need to know how to leverage available technologies, understand and follow corporate processes, and expand their knowledge on your products or services. In providing corporate training and development, you are investing in the success of your business and demonstrating your commitment to the development of your staff.
While many employers believe that offering corporate training or development opportunities is too expensive, the reality is that (in not offering training opportunities) it ends up costing them more through employee turnover, lower productivity, and decreased efficiency rates. The reality is that corporate training and development provides both the employee and the company with significant benefits that make it an extremely compelling investment.
The Benefits of Corporate Training and Development
The primary benefit in providing corporate training is in building a more efficient, competitive, and engaged workforce. Companies that employ dedicated and actively interested workers can expect lower absenteeism rates, and higher productivity.
Some of the specific and detailed benefits you can expect in offering corporate training can include:
Enhance Employee Retention
Organizations that provide learning and training opportunities have lower employee turnover rates as workers tend to stay with an organization if they believe they are being offered growth and learning opportunities.
Identify and Train Future Leaders
Corporate training provides companies with an opportunity to find and develop those workers who show potential to be future leaders in your organization. Through corporate training, you can select current employees as managerial candidates and guide them through leadership development programs to ensure that your company is always prepared for the future.
Increase Employee Productivity
Effective corporate training can help ensure that your employees are working as efficiently as possible by ensuring that they fully understand their roles and responsibilities as well as the technologies and other resources to help them perform in their job roles.
Ensure Corporate Compliance
If your company operates in healthcare, financial services, construction or some other industry that must adhere to privacy, safety, and other regulations, corporate training will be extremely beneficial (or even required). Through training, your workers can gain an understanding of what is expected of them in their specific job roles to make sure your company is always operating within compliance guidelines.
Five Corporate Training and Development Statistics
What does current research say about the benefits of corporate training and eLearning? Here are five key statistics to know as you consider implementing corporate training and development at your organization.
Billions are Lost Because of Decreased Productivity
One recent study found that more than $500 Billion Is lost every year due to employee disengagement. Disengaged employees are often those who don’t feel they have don’t have growth and learning opportunities with their company and, therefore, don’t work as hard as those who are completely committed to the company and brand.
Employees Want More Training
A long-term research project found that, from a sample of more than 4,000 workers, 74% felt that they couldn’t achieve their full work potential because of a lack of training and development opportunities.
Poorly Trained Employees Tend to Leave their Jobs
Another study found that roughly 40% of employees who receive little or inadequate training leave their Jobs before their first work anniversary. These early exists are often caused by employee dissatisfaction that is fueled by a perception that the company is not supporting the personal and professional growth of its employees.
Employee Training and Development is an Important Company Policy
Nearly 70% of workers now claim that training and development is the most important policy a company can offer. Employees are placing a premium value on their own skill sets. They are eager to learn and grow at the workplace.
Effective Corporate Training and Development Increases Profits
The effective implementation of corporate training and development has proven to increase company profits by an average of 24%. Give this, the creation of a corporate training and development program is one of the most powerful investments a company can make today.
eLearning for Corporate Training and Development
With the continuing evolution of online technologies, many companies now look to online training or “eLearning” as the foundation for their corporate training and development.
If your company is considering the use of eLearning technologies for your corporate training, here are some of the benefits you can expect.
eLearning reduces, or even eliminates, many of the expenses associated with classroom-based training, such as employee and instructor travel costs, catering, venue fees, and the cost of distributing printed training materials. And with eLearning, there is no lost productivity cost as employees can accomplish their training activities after hours.
One of the major challenges associated with classroom-based training is in the need for all students to keep pace with the instructor. With eLearning, on the other hand, students can learn at their own pace and can even revisit important or challenging learning materials multiple times before moving on to the next section.
Unlike classroom-based training, eLearning allows students (as well as instructors and administrators) to work at any time and from any place that is convenient for them. All that is required is an Internet connection (and in fact, many eLearning activities can even be accomplished offline).
Communication and Collaboration
Many eLearning platforms now offer tools for online communication among students and between students and instructors. These tools help to create and support a highly productive learning environment and can provide a streamlined method for collecting user feedback.
eLearning makes it easy to collect data regarding user engagement and success. The analysis of this data can then be used as you look to revise and improve your corporate training and development program over time.
LMS Portals for Corporate Training and Development
LMS Portals offers a cloud-based platform that allows our clients to run their corporate training and development programs on their own branded eLearning portal. Our system streamlines the process for developing and deploying online courses and includes communication, knowledge base, data analysis and other tools to support and enhance your training program.
Contact us to discuss running your Corporate Training and Development program
on your own branded portal. Get started for free!