Why Training and Development is Great for Business
Whether you are a business leader, a nation, a team, or an individual, knowing and playing to your strengths inevitably yields high performance, and gives you an edge.
Today’s business environment has changed following the post-pandemic era. As such, both the employer and employee are forced to adapt to the new world in order to be relevant and thrive.
To help the current workforce navigate change and keep up with the future of work demands—the digital age, machine learning, AI, virtual and hybrid work arrangements; many organizations find it necessary to train and develop their workforce in order to mitigate high rates of attrition while remaining competitive.
According to MIT research, toxic culture, job insecurities, failure to recognize employee performance, high levels of innovation, and poor response to COVID-19 are some of the telltale signs indicating high rates of attrition that business leaders need to address.
Although training and developing employees has always been a great way to boost overall business performance; today’s workers are demanding better pay, autonomy at work, career growth, and regular feedback in exchange for their loyalty, many quit their work when they couldn’t no longer find their work meaningful.
Employees who use their skills and strengths daily in their line of work are said to be happier, more engaged, add to an organization’s bottom line, and are also less likely to quit.
According to Harvard Business School, organizations that train and develop their workforce, reported that 98% improved their negotiation skills, 84% have more confidence in making business decisions, and 87% acquired new skills that were immediately applicable.
Training and development are critical to harnessing your overall workforce strengths. Technical reskilling focuses on filling the knowledge skill gap on a specific job function, hence the term technical. While development encompasses the overall growth of the individual—where the focus is behavioral and aims at strengthening the whole person beyond job performance to improving their overall well-being.
Investing in your team is a win-win for the stakeholders. Not only do companies improve the quality of life by delivering superior customer service or products to those they serve; but they also enhance job satisfaction, boost earnings and improve employee retention.
For example, Seattle Genetics offers tuition reimbursement, onsite training courses to enhance job-related skills, and access to job-related conferences and seminars. The company belief is that “Developing our employees’ careers is an investment for both our employees and the future of Seattle Genetics,” says Cline. They assert that training and developing their employees help attract talents who are constantly striving to attain individual goals while recognizing the power of working collaboratively.”
Benefits of Training Your Employees
Training and developing your workforce has a multiplier effect—meaning that your overall gains are proportionally greater than your initial investment. Beyond the organizational benefits, your team enjoys job satisfaction and is likely to be loyal thereby improving employee retention.
Other benefits include Increased productivity, performance, innovations, boosted organizational brand as well attract top talent in your industry.
Organizations that factor training and development as part of their business strategy also tend to have superior results in this regard.
How To Train and Develop Your Talent’s Strength
There are many ways to empower your talents. However, the most effective means is to ensure that your organizational training and development align with your strategy and the business objectives you seek.
You may offer training programs either through…
- Talks: Often delivered by experts in a specific field of interest. Best suited for larger audiences and effective for delivering general, easy-to-understand information.
- On-the-job training: Skills training is specific to certain job functions and delivered in real-time.
- Group discussions: Interactive engagement where open discussion and questions are encouraged.
- Games and quizzes: Fun and interactive ways to incorporate competition in the learning and retention process.
- Videos: Effective training tools for visual learners that can be repurposed and viewed multiple times.
- Simulations: Realistic scenarios presented in a safe environment allow individuals to apply to learn and make improvements before implementation.
Finding the right balance of different training types takes time and communication with all levels throughout the organization, but the investment is well worth the effort.
If your team needs are relational or leadership types of skills, deploying coaching and or mentoring strategies is most efficacious.
Coaching is a process that helps your employees improve their performance and focus on the here and now rather than on the past or future. The goal here is to empower your people to think differently and as a leader.
Mentoring on the other hand involves skills and knowledge sharing where the more experienced employee offers lessons learned and insight on a specific agreed-upon topic.
In conclusion, businesses that invest in their talent’s strengths training, and development will reap incredible business results, and harness employee loyalty and well-being. Additionally, employees who know and deploy their strengths at work are more alive—and fulfilled at work and in life.
What are your thoughts on this topic? How did skills and strength training and development elevate your career or empower your employees? Share your thoughts in the comment below. If you have a need to train and develop your workforce, we’d love to help. Reach us at carolyne@vpfstrategies.com.
