3 Unexpected Benefits of Employee Training and Development

Over the past few years, one of the biggest buzz phrases to emerge in professional circles is “skills gap.” Skills gap refers to the difference between the skills employees have and the skills employers need. While a new graduate may apply with fantastic credentials and a diploma, it simply isn’t enough. Even top-notch universities are not fully preparing their students to take roles in the workforce. In some cases, this may mean they lack basic skills, like using Microsoft Word or Excel, while in others, they lack the project management abilities necessary to perform well. According to Business Insider, it now takes 26 days for a company to fill a position, compared to 23 in 2006, and experts say the trend will continue due to the skills gap.

In general industries, it may be easy enough to wait it out and hope that a solid candidate will come along, but specialized positions likely benefit more from internal training and hiring. The obvious benefit to training and developing your existing employees is that you’ll always have people ready to fill vacant positions, so you won’t need to worry about positions going unfilled due to the skills gap.

An Investment in Training and Development May Be the Answer:

  • Development Boosts Employee Morale
    When you invest in employee development, you’re telling that person that they matter to the company. You’re also giving them a skill they can be proud of. This boosts morale, which leads to a happier, more productive environment.

  • Training Packages are Motivators for New and Existing Employees
    The skills gap is no secret to today’s employee. They want to have the additional skills because it makes them more marketable, to the point where they’re often willing to invest in the training themselves. Additional certifications and coursework look good on resumes and help the employee keep up with demands. If an employee is choosing between your position and another, and you have a benefit package that includes training, your position looks better to him A development package can also help you keep skilled employees who might consider taking their extensive skill set elsewhere.

  • Well-Trained Employees Boost Your Bottom Line
    Between the improved productivity and morale, more gets done around the workplace. You’ll also spend less time looking for good candidates and employees spend more time working. Moreover, all the cross-training helps the team achieve more together and boosts loyalty. You’re literally investing in your company’s future by investing in training.

In a perfect world, every office would have an unlimited training and development budget, but we don’t all have this luxury. Even still, it’s well worth the time to develop a training process or package with the funds you do have, and perhaps even define a reward scheme for employees to seek external development. At the HR Source, we offer many services, from HR help to staffing. If you’d like help taking your team to the next level, contact us today.

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