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training and develpoment.docx - Employee Training and...

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Employee Training andDevelopment: The Benefitsand Why it’s ImportantEmployees are a company’s biggest asset, and investing in talent is vital tosustainable business growth and success. Businesses go through lengthyprocesses to recruit and hire qualified and suitable staff, but often theemphasis on caring about employees stops there. According to a Gallupstudy, workgroups that engaged in employee development saw a salesincrease and profits double compared to workgroups that didn’t engage atall.1Dedicated training and development fosters employee engagement, andengagement is critical to your company’s financial performance.Workgroups that engaged in employee development saw a sales increaseand profits double compared to workgroups that didn’t engage at all.Investing in your staff’s professional development is vital for team retentionto the point that 94% of employees would stay at a company longer if itinvested in their career development.2Replacing talent can cost more thanretaining the employees you originally had.3A report from Gallup revealedthat 38% of the US workforce is powered by millennials, and in 2025 it isestimated to grow to 75%.4However the rate of turnover amongst millennialsis high – only 50% plan to be with the company one year from now. Gallupestimated that employee replacement costs can be 150% of the worker’sannual salary, or more. Caused by a lack of workplace engagement, turnovercosts the US economy $30.5 billion a year.5The internal economic detrimentcould be brutal, for both small and large organisations. It’s a costly mistake,and one that can be easily mitigated.As the business landscape becomes increasingly competitive, improving yourteam’s performance is imperative within evolving markets. Employeedevelopment and training is no longer an additional perk reserved for the C-suite, it’s essential for the growth of your business and the workforce thatpropels it.What is employee development?Employee training and development is a term often used interchangeably,across sectors, and encompasses various employee learning practices. More
specifically, training involves programmes which enable employees to learnprecise skills or knowledge to improve performance. Developmentprogrammes involve a more expansive employee growth plan, for futureperformance rather than immediate career role improvement.6Now, morethan ever, learning and development are taking top priority, with 27% oforganisations preparing for budget increases within developmentinitiatives.

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Term
Spring
Professor
calvin

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