How can workplace training lead to successful business growth and performance?
Dec 2023
In the dynamic landscape of the modern workplace, the significance of training cannot be overstated. Training is not merely a routine exercise; it is the lifeblood that nourishes the growth and success of businesses. To truly understand its importance, let's look into the various types of training and explore why training is a key driver for business growth.
What is training and why do we do it?
Training is the systematic development of knowledge, skills and competencies through learning activities. It serves as the bridge that connects employees to their roles, ensuring they have the tools and knowledge necessary to contribute effectively to the organisation. We train to empower individuals, enhance their performance and ultimately, drive the success of the business.Different Types of Training
There are various types of training methods, the most effective include:1. Onboarding Training
The initial steps into a new role can be daunting. Onboarding training plays a pivotal role in familiarising new people to the company culture, policies and expectations. According to a recent report by the Society for Human Resource Management, effective onboarding increases employee retention and satisfaction (SHRM, 2010). This helps set up the companies for long-term success.2. On-the-Job Training
Learning by doing is a timeless principle. On-the-job training immerses employees in their roles, providing hands-on experience and real-time learning opportunities. This approach not only accelerates the learning curve but also fosters a culture of continuous improvement. As productivity increases, so does the potential for business growth.3. Online Training
The digital era has brought in a new wave of training methods. Online training offers flexibility and accessibility, enabling employees to enhance their skills at their own pace. The Harvard Business Review suggests that incorporating online training can significantly boost employee engagement (Stein, 2021). This is a critical factor for sustained growth within a competitive market.4. Re-skilling
As industries evolve, so must the skill sets of employees. Re-skilling initiatives ensure that the workforce remains adaptable and capable of meeting emerging challenges. A study by McKinsey & Company reveals that companies actively involved in re-skilling programmes are better positioned for innovation and long-term success (Allas, 2020).5. Workshops
Interactive workshops provide a platform for collaborative learning and skill development. They create an environment where employees can exchange ideas, learn from one another and apply newfound knowledge to real-world scenarios. Workshops help foster a culture of continuous learning and improvement.
Benefits of Training Linked to Business Growth and Success
Training can be directly linked to a business's growth and subsequent success. There are many reasons for this. Some of these key benefits include:1. Improve Employee Engagement
Engaged employees are more likely to go the extra mile. Training opportunities signal to employees that their growth and development matter to the company. The Corporate Leadership Council found that engaged employees are 87% less likely to leave their organisations (CLC, 2004). This greatly contributes to the enhanced stability and growth of a company.2. Attract Top Talent
A commitment to training and professional development is a magnet for talent. Potential employees seek organisations that invest in their growth. A Glassdoor survey reveals that 68% of millennials consider training and development the most important workplace policy (Glassdoor, 2019). By having great training schemes in place, companies may stand out and attract better talent, further aiding business growth.3. Reduce Employee Turnover
High turnover rates can be detrimental to business growth. Training not only equips employees with the skills needed for their current roles but also positions them for future responsibilities. This forward-looking approach reduces turnover, which in turn fosters a stable and experienced workforce for long term success.4. Get new employees up to speed faster
Time is money in the business world. Efficient onboarding and training programmes ensure that new starters quickly become productive contributors. This accelerated integration directly impacts a company's ability to adapt and respond to market demands swiftly.5. Current employees perform better
Continuous learning is a catalyst for peak performance. Training cultivates a culture of excellence, where employees are encouraged to refine their skills and stay abreast of industry advancements. The International Journal of Human Resource Management affirms that ongoing training positively correlates with improved job performance (Mudor, 2011). Through creating a talented workforce, businesses can improve their growth and success.
Conclusion
From onboarding to continuous development, each aspect of training contributes to the resilience and adaptability of an organisation. As businesses navigate the complexities of an ever-evolving landscape, the investment in employee training stands as a strategic imperative. In the words of Richard Branson, "Train people well enough so they can leave, treat them well enough so they don't want to." The symbiotic relationship between employee development and organisational success is not merely a theory; it is a proven reality that echoes across industries. As we recognise training for the catalyst it is, businesses can harness its transformative power to drive growth, nurture talent, and build a foundation for sustained success.Reading List
1. 75 Ways for Managers to Hire, Develop, and Keep Great Employees by Paul Falcone
75 Ways for Managers to Hire, Develop, and Keep Great Employees by Paul Falcone teaches readers how to manage every stage of the employee lifecycle from the first interview to the exit interview, and every possible situation in between. The book lays out strategies for dealing with various scenarios like performance evaluations, terminations, underperformance, and burnout. Paul Falcone explains techniques to motivate and educate staff through strategic leadership.2. Bridging the Soft Skills Gap: How to Teach the Missing Basics to Today’s Young Talent by Bruce Tulgan
Bridging the Soft Skills Gap presents time and research tested methods for teaching millennials and Gen-Zers abilities like interpersonal communication and stress management. The book includes activities and exercises to help readers teach these crucial capabilities.3. The Six Disciplines of Breakthrough Learning: How to Turn Training and Development into Business Results Roy Pollock
The Six Disciplines of Breakthrough Learning provides a framework for professional training. By following these core principles, leaders can create successful corporate learning programs that result in meeting business objectives.4. The Art and Science of Training by Elaine Biech
The Art and Science of Training explores the creative and logical aspects of professional development. Training expert Elaine Biech breaks down instruction into core components like designing lessons around students, mastering technology, and aligning content with organisational standards.Links Used:
- Allas, F. F. (2020, November 16). The economic case for reskilling in the UK: How employers can thrive by boosting workers’ skills.
- Corporate Leadership Council. (2004). Driving Performance. Corporate Leadership Council, 31-38.
- Glassdoor. (2019, July 11). New Survey: Company Mission & Culture Matter More Than Salary. Retrieved from Glassdoor: https://www.glassdoor.co.uk/blog/mission-culture-survey/
- Kwan, P. N. (2020). Surveying the Talent Paradox from. Talent 2020, 23-41.
- Mudor, T. (2011). Conceptual framework on the relationship between human resource management practices. Journal of Economics and Behavioral Studies, 41-49.
- SHRM. (2010). Onboarding New Employees. Society for Human Resource Management, 34-41.
- Stein, H. W. (2021, October 13). How Companies Can Improve Employee Engagement Right Now. Retrieved from Harvard Business Review: https://hbr.org/2021/10/how-companies-can-improve-employee-engagement-right-now