ROI on Training your Employees
Put yourself in your employees shoes, it’s your first week.
What are you looking for? Are you feeling excited, or maybe inspired? And more importantly, are there opportunities for growth within the organisation?
Did you know as many as 1 in 3 people leave their organisation within the first year, either voluntarily or involuntarily. And, an incredible 22% of staff turnover happen with the first six weeks of employment. So, there are a number of reasons why this happens but contributing factors can be poor company culture, unhealthy work-life balance, or inability to grow / upskill within the company.
An investment in knowledge always pays the interest. – Benjamin Franklin
As business owners and Employers, can we do then?
The answer is… upskilling.
Upskilling is the process of teaching your employees new skills, there are many proven benefits to having upskilled workforce. And aside from safety practices and legislative requirements, demonstrating to your workforce that you are willing to invest in them will improve staff retention and productivity. So the better your employees are at their job, the easier it is for your organisation to attain the level of productivity and skills required.
The result then, is workers who hold nationally recognised training can offer more skills, diversification and sustainability to your organisation and introduce more accountability and expectation to the individual in their role.
And the statistics speak for themselves
According to LinkedIn’s 2018 Workforce Learning Report, 93% of employees would stay at a company longer if it invested in their careers.
The lesson here: invest in retaining your present employees.
After all, the cost of retaining present employees is much less than the cost of replacing them. Help employees expand their knowledge, offer more training options, help pay for studies and training etc.
So, demonstrating that you are willing to invest in your workforce will improve staff retention and productivity, offer more skills diversification and sustainability to your organisation and introduces more accountability and expectations to the individual in their role.
2019 Survey of employers and use and views of the VET system
Recent results from 7000 employers who participated in the 2019 Survey of employers’ use and views of the VET system show a decline in nationally accredited vocational education and training. More than ever, there’s funding opportunities and business incentives readily available to help you invest in your people and support them to attain nationally recognised outcomes.
Satisfaction and positive work culture
Skills and knowledge to do jobs safely
Compliance, regulatory and licencing requirements
Improvements in work performance and productivity
Staying abreast of continuing industry and technology changes