Five Reasons Your Organization Needs to Invest in Training
An organization’s workforce is its most valuable asset. It’s also the driving factor that shapes how an organization succeeds in the face of challenges or crises. Training is an effective way to build a top-notch workforce with all the right skillsets and its payoffs extend beyond the skills gained.
In addition to the personal payoffs of investing in employees, organizations need to consider five business payoffs as part of any investment in the workforce:
- Increase productivity and efficiency. Whether by raising competency levels or filling competency gaps, a more knowledgeable and skilled employee translates to better job performance. If budgets are cut and you need to do more with less, make the most of each employee’s time and invest in their potential for more productivity.
- Save time and money on recruiting. It is often more cost-effective and faster to train employees to perform new tasks than to transition them out of the organization, recruit, onboard, and train new employees.
- Retain employees who want to learn. Training incentives are valuable to employees with in-demand skills, particularly in fields where there are critical skills gaps, and they support a holistic retention strategy. This saves on recruiting and transition costs, and keeps employees who seek to learn.
- Build on institutional knowledge. Even as the work changes, employees in an organization maintain tremendous institutional knowledge. Training builds on that knowledge and can transform seasoned employees’ experience into new skills and competencies.
- Establish a new baseline. A team in the workplace is like any sports team—everyone needs to know the same playbook. Training streamlines change implementation by establishing a baseline of knowledge and skills to get everyone working from the same playbook.
Whether it’s the need to adapt to new mission objectives or adjust to budget constraints, successful organizations in the public sector identify training as an effective strategy to manage change, according to the Management Concepts 2016 report conducted with Human Capital Media, “Successful Change Management Practices in the Public Sector: How governmental agencies implement organizational change management”
As budget season carries on, assess where training can provide payoffs in your organization. Training can be its own goal or one step in a broader strategic plan that integrates with consulting, process improvement, or other change management strategies. And if the training is on-point for the needs in your organization and well-planned, you’ll be able to see that ROI translate to cost-savings in areas that are strategically important for organizations to manage.
Kim Coelho contributed to this blog post.