Simon Sinek once said “ The responsibility of a company is to serve the customer. The responsibility of leadership is to serve their people so that their people may better serve the customer. If leaders fail to serve their people first, both customer and company will suffer.”
The above quote holds true when it comes to ongoing training and career development in the workplace. According to Ottawa University, 93% of employees will stay longer when a company invests in career development. Aside from this static, Ottawa University also states ongoing training and development results in 41% lower absenteeism & 17% higher productivity.
What is the difference between training and development? Training refers to the process that companies use to teach employees skills they need for their current job. Development focuses on the career progression of every employee. Although they are different concepts, they go hand in hand. Below are key benefits to implementing training and development programs in the workplace.
- Opportunity is a key factor in in retaining employees. It helps individuals establish a sense of value within the company and fosters loyalty. Studies show adequate training lowers turnover rate by 59%.
- Offering training and career development will give your employees a greater sense of autonomy, value, and confidence in their work performance. Boosting their confidence will then result in higher productivity/outcomes. In 2019 a report published in The International Journal of Business and Management Research indicates that 90% of employees surveyed agreed or strongly agreed that training and development programs improved their job performance.
Reduces the Need for Constant Supervision:
- Along with the above point, boosting an employee’s confidence helps to familiarize themselves with the work required of both them and others on their team. This improved training can help all parties feel comfortable and confident in each other so that management does not feel the need for close oversight all of the time.
Boosts Workplace Engagement:
- Keeps your employees from getting complacent in their specific job role. It will also help establish regular re-evaluation of employees, skills, and processes. With new training and development, your company has the opportunity to always be improving where possible.
Build Workplace Relationships:
- Providing opportunities for individuals to discover new topics, enhance their skills and expand their expertise can help teammates bond with each other. During training, colleagues can engage in new challenges, lean on and work in partnership with each other. It is good to not only learn from others’ strengths, but also weaknesses.