Training and Coaching
The Importance of Training
By Seismic On February 28, 2022
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Training and Coaching
By Seismic On February 28, 2022
From enhancing employee engagement to driving workplace productivity, it's clear that training pays dividends. Keep reading to learn more about the importance of training employees.
In today's ever-changing market, the importance of on-the-job training has never been greater. Training is a foundational step to ensure employees can do their jobs correctly and efficiently. It's also a way to keep your employees up-to-date with the latest and greatest company information, trends, and best practices for their roles. This article takes a closer look at why training is important for employees and how your organization can deliver effective and engaging training that positively impacts your bottom line.
The importance of training goes far beyond checking off a to-do task for your employees. A high-quality, comprehensive training program provides employees a greater understanding of your organization's processes, procedures, and goals. It also enables them with the knowledge and skills they need to be effective in their roles.
Equipping employees with relevant and ongoing training is one of the best ways to increase productivity and performance. Organizations that invest in employee training experience 11% greater profitability than organizations that don't.
In today's ever-changing and competitive job market, employees also note that they're eager for ongoing training that helps them stay up-to-date in their role and make progress in their career. A study by Glint found that ongoing training and development is one of the top factors employees say defines an exceptional work environment.
Employee training can positively impact your company's culture because it improves job satisfaction, engagement, and retention. By embracing training and development, organizations can dramatically reduce employee turnover and increase their talent ROI.
It's easy to use the terms training and development interchangeably. So before we jump into the specific benefits of training, it's important to understand the main differences between training and development.
Training
Refers to the process that companies use to teach employees skills they need for their current job. Training also focuses on specific areas of knowledge that employees need to fulfill day-to-day tasks.
Development
Focuses on the career progression of every employee. Development activities are based on each individual’s career goals and areas of improvement that help them take the next step in their career.
While training and development aren't the same, they go hand-in-hand because they help employees develop the skills they need for their jobs today, as well as tomorrow.
Some organizations only rely on training during periods of employee turnover or when there is a significant change to the business. Top-performing companies, on the other hand, understand that it's important to deliver consistent and ongoing training. Let's take a look at some of the most common training objectives.
Deliver essential knowledge: Training is one of the most effective ways to equip employees with the knowledge they need to be successful. This includes company and role-specific training.
Equip and improve skills: Skill development is an important aspect of every training program because new employees need to learn technical and soft skills. Additionally, seasoned employees need ongoing training to improve — and keep — their skills up-to-par over time. LinkedIn found that the top skills cited by professionals are:
Meet compliance standards: If your organization is part of a highly regulated industry such as financial services, asset management, or healthcare, your employees must complete mandatory compliance training. This ensures that employees understand the laws, policies, and regulations they must adhere to.
Navigating digital transformation: Digital transformation has driven fundamental changes across nearly every industry. It's important to provide technology training for employees so they understand how new tools work and how they help them do their jobs better. This can unlock greater levels of efficiency, agility, and value for your organization.
Keep teams up-to-speed with changes and updates: Organizations grow and evolve, and your employees need a way to keep up with these changes. Ongoing training ensures that everyone is in the know about new products, services, best practices, and more.
50%of employees are considering leaving their company due to a lack of training?
There are countless benefits to training employees. Often, they're easy to overlook because it seems like training takes too much time and effort. Organizations that don't invest in formalized training programs may overlook the importance of training and development for their employees. But, those that do, can measure the impact of their training programs and see the benefits of training and development in the workplace. If you need to make a clear case for investing in training and development, consider these benefits of training to employers and employees.
Research from IBM found that an employee's skills generally have a "half-life" of about 5 years, with more technical skills needing improvement after just 2.5 years.IBM also found that nearly 30% of skills are lost annually because they aren't performed regularly or reinforced through training. This means that employees continuously need to complete training that improves their business, technical, and soft skills.
Training has a direct impact on your organization's productivity and performance. As mentioned earlier, training gives employees a better understanding of their responsibilities and the knowledge and skills they need to do that job. This will improve their confidence which can positively impact performance. Seismic's 2023 Value of Enablement Report found that more than 80% of respondents believe that more training would help them close more deals and meet their goals.
New hire training is important because it teaches new employees about your organization's values, missions, and goals. And to ramp new employees quickly, they need to complete training that covers the skills, knowledge, and tools they'll need to hit the ground running.
By investing in training, companies show employees that they are valued. Because training gives employees access to information they wouldn't otherwise have, they're more likely to feel confident and prepared to do their jobs. This goes a long way in making employees feel appreciated and satisfied with their careers with 80% of respondents noting that more training would help them feel more satisfied in their job.
Our report also found that 50% of employees are considering leaving their company due to a lack of training. Additionally, IBM found that only 21% of new hires intend to stay at an organization that doesn't offer training for their current role compared to 62% of new employees who do have access to ongoing training.
More than 90% of buyers report buying from sellers who can provide them with the right information and content throughout the sales process. Instead of reps struggling to deliver the right knowledge and resources, proper training enables them with the right skills, information, and content to better serve buyers.
Training increases lifetime customer satisfaction, loyalty, and revenue for your company. Customers who feel they receive great service from knowledgeable and friendly agents spend 140% more money than those who had a poor experience with a brand.
An effective training program delivers a consistent learning experience and level of knowledge to every employee. Consistency is important when understanding processes, products, or services. For example, a robust customer service training program increases the likelihood that your agents will deliver a consistent experience to customers. Or, for a sales team, this means that everyone knows how to deliver a great first demo.
A strong training program is a great way to improve your company's brand and reputation. Employees want to have access to ongoing training and development opportunities. So, by offering different types of training, your company is likely to attract new talent.
Just as there are many benefits of training, there are also a variety of different types of training organizations should consider based on their industry and business goals. Let's take a closer look at some of the most common types of training for today's organizations.
Training is only impactful if it's delivered effectively and engagingly, so it's best to consider what type of training method is best for your organization's training needs. Popular and beneficial training methods include:
If you need help selecting the best training method for your organization, consider the following:
At the end of the day, the importance of training and development can't be overstated. If you're ready to deliver the training that your employees need to be successful, we can help. Organizations ramp new hires quickly, hone essential skills, stay up-to-date with best practices, and reach performance goals more often with our online training software. Click here to read how one customer saw a 50% reduction in ramp time and earned an average employee training satisfaction score of 95%. Or, get a demo today and we'll show you how to deliver training at scale to your team.
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