On the job training, meaning training that is acquired by just doing your job, interacting with clients, and talking with colleagues is hardly enough to create productive and engaged employees that are on the cutting edge of their disciplines. Many leaders and managers struggle with training programs because they are often tasked with reducing costs. So training programs are often the first to go.
Consider this though, Workers who have good training and professional development paths average 12% turnover; workers who don’t have learning and growth opportunities average 41% turnover. That is not even the worst of it; consider additionally that the average cost of replacing an employee is 150% of their salary.
Those numbers mean that eliminating a training budget will probably cost you much more than you can save. To support that statement, Motorola has discovered that, “…for every $1 spent on training, there will be $30 in productivity gains in 3 years.” Why then would anyone cut training?
There is a lot of hidden meaning in these numbers that whisper of leadership, culture, productivity, cost savings, and innovation; but they all point to the fact that an organization will be less successful if they operate without formal training and coaching opportunities for their employees.
There are a lot of different training programs available that can train employees on a multitude of things, such as: Leadership, Execution, Productivity, Customer Service, Management, Teamwork, Collaboration, Innovation, Social Media, Financial Management, Technology, Six Sigma, etc…
These programs are not always expensive and really could just involve reading a book in a quiet room of the office to hone a specific skill.
I challenge you, before the year is out, to put together a training program for next year, for your employees that will make them, and you, more successful in building the organization. Don’t make your employees “stupid” by failing to give them proper training.
If you are interested in execution and leadership training, be sure to check out my book and programs I offer.