One way to set your business apart from competitors and boost your market performance is to create a culture of fully trained and knowledgeable people. In fact, Bersin, a human resources research firm, found that businesses who nurture their team’s desire to learn are at least 30 per cent more likely to be market leaders in their industries over an extended period of time.
A learning culture can only happen if you encourage and support your employees to learn in the workplace. While embarking on that mission may seem overwhelming at first, here are some great reasons to do it.
Better Morale, Less Supervision
Studies have shown investing in employee training can result in higher productivity, improved morale and an employee base that needs less oversight. Employees themselves have also indicated a willingness to learn. LinkedIn’s 2019 Workplace Learning & Development report found 74 per cent of employees surveyed said they want to use spare time at work to learn.
Higher Profits and More Incentive
Some studies even indicate training employees results in higher profits. A 2017 study by Gallup, an analytics and advice firm, found employers who invested in training employees saw profits increase between 14 and 29 per cent.
“Engaged employees are more present and productive; they are more attuned to the needs of customers; and they are more observant of processes, standards and systems,” according to the Gallup State of the Global Workplace report.
Often, employers worry investing in employee training will result in higher turnover should employees choose to use their newly gained knowledge to get another job. But LinkedIn’s 2019 Workplace Learning & Development report found 94 per cent of employees say they would stay at a company longer if it invested in their career development.
Christopher Pappas, founder of eLearning Industry, a knowledge-sharing platform, noted in an article for an Innovation Enterprise publication that “employees who feel valued at the workplace don’t switch employers for trivial stuff.” In fact, the opposite effect may happen when training is lacking.
Cameron Bishop, CEO and president of SkillPath, wrote for Forbes magazine that “employees want to work for organizations that provide personal and professional development, and they consider it a deciding factor when looking for new employment or determining if they should stay with their current employer.”
Whether you start with a few web courses or a full-scale training program, this is a sure-fire culture boost for your workplace.
This article is from the February/March 2020 issue of Douglas.